Financial Systems: A New Kind of Science | Online by Stephen Wolfram [Page 429]

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href="/nks/p17--the-personal-story-of-the-science-in-this-book/"> <span>4</span> <span>The Personal Story of the Science in This Book</span> </a> </li> </ul> </li> <li class="chapter chapter-2"> <a href="/nks/chap-2--the-crucial-experiment/"> <span>2</span> <span>The Crucial Experiment</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p23--how-do-simple-programs-behave/"> <span>1</span> <span>How Do Simple Programs Behave?</span> </a> </li> <li class="section section-2"> <a href="/nks/p39--the-need-for-a-new-intuition/"> <span>2</span> <span>The Need for a New Intuition</span> </a> </li> <li class="section section-3"> <a href="/nks/p42--why-these-discoveries-were-not-made-before/"> <span>3</span> <span>Why These Discoveries Were Not Made Before</span> </a> </li> </ul> </li> <li class="chapter chapter-3"> <a href="/nks/chap-3--the-world-of-simple-programs/"> <span>3</span> <span>The World of Simple Programs</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p51--the-search-for-general-features/"> <span>1</span> <span>The Search for General Features</span> </a> </li> <li class="section section-2"> <a href="/nks/p53--more-cellular-automata/"> <span>2</span> <span>More Cellular Automata</span> </a> </li> <li class="section section-3"> <a href="/nks/p71--mobile-automata/"> <span>3</span> <span>Mobile Automata</span> </a> </li> <li class="section section-4"> <a href="/nks/p78--turing-machines/"> <span>4</span> <span>Turing Machines</span> </a> </li> <li class="section section-5"> <a href="/nks/p82--substitution-systems/"> <span>5</span> <span>Substitution Systems</span> </a> </li> <li class="section section-6"> <a href="/nks/p88--sequential-substitution-systems/"> <span>6</span> <span>Sequential Substitution Systems</span> </a> </li> <li class="section section-7"> <a href="/nks/p93--tag-systems/"> <span>7</span> <span>Tag Systems</span> </a> </li> <li class="section section-8 selected"> <a href="/nks/p95--cyclic-tag-systems/"> <span>8</span> <span>Cyclic Tag Systems</span> </a> </li> <li class="section section-9"> <a href="/nks/p97--register-machines/"> <span>9</span> <span>Register Machines</span> </a> </li> <li class="section section-10"> <a href="/nks/p102--symbolic-systems/"> <span>10</span> <span>Symbolic Systems</span> </a> </li> <li class="section section-11"> <a href="/nks/p105--some-conclusions/"> <span>11</span> <span>Some Conclusions</span> </a> </li> <li class="section section-12"> <a href="/nks/p108--how-the-discoveries-in-this-chapter-were-made/"> <span>12</span> <span>How the Discoveries in This Chapter Were Made</span> </a> </li> </ul> </li> <li class="chapter chapter-4"> <a href="/nks/chap-4--systems-based-on-numbers/"> <span>4</span> <span>Systems Based on Numbers</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p115--the-notion-of-numbers/"> <span>1</span> <span>The Notion of Numbers</span> </a> </li> <li class="section section-2"> <a href="/nks/p117--elementary-arithmetic/"> <span>2</span> <span>Elementary Arithmetic</span> </a> </li> <li class="section section-3"> <a href="/nks/p128--recursive-sequences/"> <span>3</span> <span>Recursive Sequences</span> </a> </li> <li class="section section-4"> <a href="/nks/p132--the-sequence-of-primes/"> <span>4</span> <span>The Sequence of Primes</span> </a> </li> <li class="section section-5"> <a href="/nks/p136--mathematical-constants/"> <span>5</span> <span>Mathematical Constants</span> </a> </li> <li class="section section-6"> <a href="/nks/p145--mathematical-functions/"> <span>6</span> <span>Mathematical Functions</span> </a> </li> <li class="section section-7"> <a href="/nks/p149--iterated-maps-and-the-chaos-phenomenon/"> <span>7</span> <span>Iterated Maps and the Chaos Phenomenon</span> </a> </li> <li class="section section-8 selected"> <a href="/nks/p155--continuous-cellular-automata/"> <span>8</span> <span>Continuous Cellular Automata</span> </a> </li> <li class="section section-9"> <a href="/nks/p161--partial-differential-equations/"> <span>9</span> <span>Partial Differential Equations</span> </a> </li> <li class="section section-10"> <a href="/nks/p167--continuous-versus-discrete-systems/"> <span>10</span> <span>Continuous Versus Discrete Systems</span> </a> </li> </ul> </li> <li class="chapter chapter-5"> <a href="/nks/chap-5--two-dimensions-and-beyond/"> <span>5</span> <span>Two Dimensions and Beyond</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p169--introduction/"> <span>1</span> <span>Introduction</span> </a> </li> <li class="section section-2"> <a href="/nks/p170--cellular-automata/"> <span>2</span> <span>Cellular Automata</span> </a> </li> <li class="section section-3"> <a href="/nks/p184--turing-machines/"> <span>3</span> <span>Turing Machines</span> </a> </li> <li class="section section-4"> <a href="/nks/p187--substitution-systems-and-fractals/"> <span>4</span> <span>Substitution Systems and Fractals</span> </a> </li> <li class="section section-5"> <a href="/nks/p193--network-systems/"> <span>5</span> <span>Network Systems</span> </a> </li> <li class="section section-6"> <a href="/nks/p204--multiway-systems/"> <span>6</span> <span>Multiway Systems</span> </a> </li> <li class="section section-7"> <a href="/nks/p210--systems-based-on-constraints/"> <span>7</span> <span>Systems Based on Constraints</span> </a> </li> </ul> </li> <li class="chapter chapter-6"> <a href="/nks/chap-6--starting-from-randomness/"> <span>6</span> <span>Starting from Randomness</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p223--the-emergence-of-order/"> <span>1</span> <span>The Emergence of Order</span> </a> </li> <li class="section section-2"> <a href="/nks/p231--four-classes-of-behavior/"> <span>2</span> <span>Four Classes of Behavior</span> </a> </li> <li class="section section-3"> <a href="/nks/p250--sensitivity-to-initial-conditions/"> <span>3</span> <span>Sensitivity to Initial Conditions</span> </a> </li> <li class="section section-4"> <a href="/nks/p255--systems-of-limited-size-and-class-2-behavior/"> <span>4</span> <span>Systems of Limited Size and Class 2 Behavior</span> </a> </li> <li class="section section-5"> <a href="/nks/p261--randomness-in-class-3-systems/"> <span>5</span> <span>Randomness in Class 3 Systems</span> </a> </li> <li class="section section-6"> <a href="/nks/p266--special-initial-conditions/"> <span>6</span> <span>Special Initial Conditions</span> </a> </li> <li class="section section-7"> <a href="/nks/p275--the-notion-of-attractors/"> <span>7</span> <span>The Notion of Attractors</span> </a> </li> <li class="section section-8 selected"> <a href="/nks/p281--structures-in-class-4-systems/"> <span>8</span> <span>Structures in Class 4 Systems</span> </a> </li> </ul> </li> <li class="chapter chapter-7"> <a href="/nks/chap-7--mechanisms-in-programs-and-nature/"> <span>7</span> <span>Mechanisms in Programs and Nature</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p297--universality-of-behavior/"> <span>1</span> <span>Universality of Behavior</span> </a> </li> <li class="section section-2"> <a href="/nks/p299--three-mechanisms-for-randomness/"> <span>2</span> <span>Three Mechanisms for Randomness</span> </a> </li> <li class="section section-3"> <a href="/nks/p301--randomness-from-the-environment/"> <span>3</span> <span>Randomness from the Environment</span> </a> </li> <li class="section section-4"> <a href="/nks/p304--chaos-theory-and-randomness-from-initial-conditions/"> <span>4</span> <span>Chaos Theory and Randomness from Initial Conditions</span> </a> </li> <li class="section section-5"> <a href="/nks/p315--the-intrinsic-generation-of-randomness/"> <span>5</span> <span>The Intrinsic Generation of Randomness</span> </a> </li> <li class="section section-6"> <a href="/nks/p327--the-phenomenon-of-continuity/"> <span>6</span> <span>The Phenomenon of Continuity</span> </a> </li> <li class="section section-7"> <a href="/nks/p337--origins-of-discreteness/"> <span>7</span> <span>Origins of Discreteness</span> </a> </li> <li class="section section-8 selected"> <a href="/nks/p342--the-problem-of-satisfying-constraints/"> <span>8</span> <span>The Problem of Satisfying Constraints</span> </a> </li> <li class="section section-9"> <a href="/nks/p351--origins-of-simple-behavior/"> <span>9</span> <span>Origins of Simple Behavior</span> </a> </li> </ul> </li> <li class="chapter chapter-8 selected"> <a href="/nks/chap-8--implications-for-everyday-systems/"> <span>8</span> <span>Implications for Everyday Systems</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p363--issues-of-modelling/"> <span>1</span> <span>Issues of Modelling</span> </a> </li> <li class="section section-2"> <a href="/nks/p369--the-growth-of-crystals/"> <span>2</span> <span>The Growth of Crystals</span> </a> </li> <li class="section section-3"> <a href="/nks/p374--the-breaking-of-materials/"> <span>3</span> <span>The Breaking of Materials</span> </a> </li> <li class="section section-4"> <a href="/nks/p376--fluid-flow/"> <span>4</span> <span>Fluid Flow</span> </a> </li> <li class="section section-5"> <a href="/nks/p383--fundamental-issues-in-biology/"> <span>5</span> <span>Fundamental Issues in Biology</span> </a> </li> <li class="section section-6"> <a href="/nks/p400--growth-of-plants-and-animals/"> <span>6</span> <span>Growth of Plants and Animals</span> </a> </li> <li class="section section-7"> <a href="/nks/p422--biological-pigmentation-patterns/"> <span>7</span> <span>Biological Pigmentation Patterns</span> </a> </li> <li class="section section-8 selected"> <a href="/nks/p429--financial-systems/"> <span>8</span> <span>Financial Systems</span> </a> </li> </ul> </li> <li class="chapter chapter-9"> <a href="/nks/chap-9--fundamental-physics/"> <span>9</span> <span>Fundamental Physics</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p433--the-problems-of-physics/"> <span>1</span> <span>The Problems of Physics</span> </a> </li> <li class="section section-2"> <a href="/nks/p435--the-notion-of-reversibility/"> <span>2</span> <span>The Notion of Reversibility</span> </a> </li> <li class="section section-3"> <a href="/nks/p441--irreversibility-and-the-second-law-of-thermodynamics/"> <span>3</span> <span>Irreversibility and the Second Law of Thermodynamics</span> </a> </li> <li class="section section-4"> <a href="/nks/p458--conserved-quantities-and-continuum-phenomena/"> <span>4</span> <span>Conserved Quantities and Continuum Phenomena</span> </a> </li> <li class="section section-5"> <a href="/nks/p465--ultimate-models-for-the-universe/"> <span>5</span> <span>Ultimate Models for the Universe</span> </a> </li> <li class="section section-6"> <a href="/nks/p472--the-nature-of-space/"> <span>6</span> <span>The Nature of Space</span> </a> </li> <li class="section section-7"> <a href="/nks/p475--space-as-a-network/"> <span>7</span> <span>Space as a Network</span> </a> </li> <li class="section section-8 selected"> <a href="/nks/p481--the-relationship-of-space-and-time/"> <span>8</span> <span>The Relationship of Space and Time</span> </a> </li> <li class="section section-9"> <a href="/nks/p486--time-and-causal-networks/"> <span>9</span> <span>Time and Causal Networks</span> </a> </li> <li class="section section-10"> <a href="/nks/p497--the-sequencing-of-events-in-the-universe/"> <span>10</span> <span>The Sequencing of Events in the Universe</span> </a> </li> <li class="section section-11"> <a href="/nks/p504--uniqueness-and-branching-in-time/"> <span>11</span> <span>Uniqueness and Branching in Time</span> </a> </li> <li class="section section-12"> <a href="/nks/p508--evolution-of-networks/"> <span>12</span> <span>Evolution of Networks</span> </a> </li> <li class="section section-13"> <a href="/nks/p516--space-time-and-relativity/"> <span>13</span> <span>Space, Time and Relativity</span> </a> </li> <li class="section section-14"> <a href="/nks/p525--elementary-particles/"> <span>14</span> <span>Elementary Particles</span> </a> </li> <li class="section section-15"> <a href="/nks/p530--the-phenomenon-of-gravity/"> <span>15</span> <span>The Phenomenon of Gravity</span> </a> </li> <li class="section section-16"> <a href="/nks/p537--quantum-phenomena/"> <span>16</span> <span>Quantum Phenomena</span> </a> </li> </ul> </li> <li class="chapter chapter-10"> <a href="/nks/chap-10--processes-of-perception-and-analysis/"> <span>10</span> <span>Processes of Perception and Analysis</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p547--introduction/"> <span>1</span> <span>Introduction</span> </a> </li> <li class="section section-2"> <a href="/nks/p548--what-perception-and-analysis-do/"> <span>2</span> <span>What Perception and Analysis Do</span> </a> </li> <li class="section section-3"> <a href="/nks/p552--defining-the-notion-of-randomness/"> <span>3</span> <span>Defining the Notion of Randomness</span> </a> </li> <li class="section section-4"> <a href="/nks/p557--defining-complexity/"> <span>4</span> <span>Defining Complexity</span> </a> </li> <li class="section section-5"> <a href="/nks/p560--data-compression/"> <span>5</span> <span>Data Compression</span> </a> </li> <li class="section section-6"> <a href="/nks/p572--irreversible-data-compression/"> <span>6</span> <span>Irreversible Data Compression</span> </a> </li> <li class="section section-7"> <a href="/nks/p577--visual-perception/"> <span>7</span> <span>Visual Perception</span> </a> </li> <li class="section section-8 selected"> <a href="/nks/p585--auditory-perception/"> <span>8</span> <span>Auditory Perception</span> </a> </li> <li class="section section-9"> <a href="/nks/p588--statistical-analysis/"> <span>9</span> <span>Statistical Analysis</span> </a> </li> <li class="section section-10"> <a href="/nks/p598--cryptography-and-cryptanalysis/"> <span>10</span> <span>Cryptography and Cryptanalysis</span> </a> </li> <li class="section section-11"> <a href="/nks/p606--traditional-mathematics-and-mathematical-formulas/"> <span>11</span> <span>Traditional Mathematics and Mathematical Formulas</span> </a> </li> <li class="section section-12"> <a href="/nks/p620--human-thinking/"> <span>12</span> <span>Human Thinking</span> </a> </li> <li class="section section-13"> <a href="/nks/p632--higher-forms-of-perception-and-analysis/"> <span>13</span> <span>Higher Forms of Perception and Analysis</span> </a> </li> </ul> </li> <li class="chapter chapter-11"> <a href="/nks/chap-11--the-notion-of-computation/"> <span>11</span> <span>The Notion of Computation</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p637--computation-as-a-framework/"> <span>1</span> <span>Computation as a Framework</span> </a> </li> <li class="section section-2"> <a href="/nks/p638--computations-in-cellular-automata/"> <span>2</span> <span>Computations in Cellular Automata</span> </a> </li> <li class="section section-3"> <a href="/nks/p642--the-phenomenon-of-universality/"> <span>3</span> <span>The Phenomenon of Universality</span> </a> </li> <li class="section section-4"> <a href="/nks/p644--a-universal-cellular-automaton/"> <span>4</span> <span>A Universal Cellular Automaton</span> </a> </li> <li class="section section-5"> <a href="/nks/p656--emulating-other-systems-with-cellular-automata/"> <span>5</span> <span>Emulating Other Systems with Cellular Automata</span> </a> </li> <li class="section section-6"> <a href="/nks/p664--emulating-cellular-automata-with-other-systems/"> <span>6</span> <span>Emulating Cellular Automata with Other Systems</span> </a> </li> <li class="section section-7"> <a href="/nks/p674--implications-of-universality/"> <span>7</span> <span>Implications of Universality</span> </a> </li> <li class="section section-8 selected"> <a href="/nks/p675--the-rule-110-cellular-automaton/"> <span>8</span> <span>The Rule 110 Cellular Automaton</span> </a> </li> <li class="section section-9"> <a href="/nks/p690--the-significance-of-universality-in-rule-110/"> <span>9</span> <span>The Significance of Universality in Rule 110</span> </a> </li> <li class="section section-10"> <a href="/nks/p691--class-4-behavior-and-universality/"> <span>10</span> <span>Class 4 Behavior and Universality</span> </a> </li> <li class="section section-11"> <a href="/nks/p694--the-threshold-of-universality-in-cellular-automata/"> <span>11</span> <span>The Threshold of Universality in Cellular Automata</span> </a> </li> <li class="section section-12"> <a href="/nks/p706--universality-in-turing-machines-and-other-systems/"> <span>12</span> <span>Universality in Turing Machines and Other Systems</span> </a> </li> </ul> </li> <li class="chapter chapter-12"> <a href="/nks/chap-12--the-principle-of-computational-equivalence/"> <span>12</span> <span>The Principle of Computational Equivalence</span> </a> <ul class="sections"> <li class="section section-1"> <a href="/nks/p715--basic-framework/"> <span>1</span> <span>Basic Framework</span> </a> </li> <li class="section section-2"> <a href="/nks/p716--outline-of-the-principle/"> <span>2</span> <span>Outline of the Principle</span> </a> </li> <li class="section section-3"> <a href="/nks/p719--the-content-of-the-principle/"> <span>3</span> <span>The Content of the Principle</span> </a> </li> <li class="section section-4"> <a href="/nks/p726--the-validity-of-the-principle/"> <span>4</span> <span>The Validity of the Principle</span> </a> </li> <li class="section section-5"> <a href="/nks/p735--explaining-the-phenomenon-of-complexity/"> <span>5</span> <span>Explaining the Phenomenon of Complexity</span> </a> </li> <li class="section section-6"> <a href="/nks/p737--computational-irreducibility/"> <span>6</span> <span>Computational Irreducibility</span> </a> </li> <li class="section section-7"> <a href="/nks/p750--the-phenomenon-of-free-will/"> <span>7</span> <span>The Phenomenon of Free Will</span> </a> </li> <li class="section section-8 selected"> <a href="/nks/p753--undecidability-and-intractability/"> <span>8</span> <span>Undecidability and Intractability</span> </a> </li> <li class="section section-9"> <a href="/nks/p772--implications-for-mathematics-and-its-foundations/"> <span>9</span> <span>Implications for Mathematics and Its Foundations</span> </a> </li> <li class="section section-10"> <a href="/nks/p822--intelligence-in-the-universe/"> <span>10</span> <span>Intelligence in the Universe</span> </a> </li> <li class="section section-11"> <a href="/nks/p840--implications-for-technology/"> <span>11</span> <span>Implications for Technology</span> </a> </li> <li class="section section-12"> <a href="/nks/p844--historical-perspectives/"> <span>12</span> <span>Historical Perspectives</span> </a> </li> </ul> </li> <li class="chapter notes"> <a href="/nks/notes-for-chapters/"> <span></span> <span>Notes</span> </a> </li> </ul> <div class="search"> </div> </div> </div> </nav> </div> </div> </div> <div id="search"> <div class="text-align-c__600"> <div class="inline-grid cols-3 cols-1__600"> <form id="search-index-form" action="/nks/index/"><div><label for="search-index-input">Look up in index</label><input type="search" id="search-index-input" name="search-index-input"></div></form> <form id="search-all-form" action="/nks/search/"><div><label for="search-all-input">Text search</label><input type="search" id="search-all-input" name="search-all-input"></div></form> <form id="search-jump-form"><div><label for="search-jump-input">Jump to page</label><input type="search" id="search-jump-input" name="search-jump-input"></div></form> </div> </div> </div> </header>  <main id="main"> <div class="wide-wrapper"> <div id="previous"><a href="/nks/p428--biological-pigmentation-patterns/"><span>‹</span></a></div> <div id="next"><a href="/nks/p430--financial-systems/"><span>›</span></a></div> <div id="content" class="ribbon-top"> <div class="ribbon-wrapper top"> </div> <div class="side-tabs"> <ul> <li class="page-img"><a href="/nks/p429--financial-systems/">Page Image</a></li> <li class="web-view"><a href="/nks/p429--financial-systems--webview/">eBook View</a></li> <li class="notes"><a href="#related-notes">Notes</a></li> <li class="resources hide"><a href="#resources">Resources</a></li> </ul> </div> <div class="xlarge"> <img src="/nks/pages/p429--financial-systems/image-xlarge.png" alt="" width="1000" height="1205" class="fill"><div class="c2c-template c2c-xlarge" data-hyperlink='null' data-file-name="page0429a" data-inline-text="" data-area="2000,2420" data-coords="280,258,1670,717" data-code="show" data-graphics="show" data-png-1200="show" data-png-900="show" data-png-600="show" data-pdf="show"></div> </div> <div class="large"> <img src="/nks/pages/p429--financial-systems/image-large.png" alt="" width="850" height="1025" class="fill"><div class="c2c-template c2c-xlarge" data-hyperlink='null' data-file-name="page0429a" data-inline-text="" data-area="850,1025" data-coords="119,110,711,303" data-code="show" data-graphics="show" data-png-1200="show" data-png-900="show" data-png-600="show" data-pdf="show"></div> </div> <div class="medium"> <img src="/nks/pages/p429--financial-systems/image-medium.png" alt="" width="750" height="904" class="fill"><div class="c2c-template c2c-xlarge" data-hyperlink='null' data-file-name="page0429a" data-inline-text="" data-area="750,904" data-coords="106,95,628,270" data-code="show" data-graphics="show" data-png-1200="show" data-png-900="show" data-png-600="show" data-pdf="show"></div> </div> <div class="small"> <img src="/nks/pages/p429--financial-systems/image-small.png" alt="" width="650" height="784" class="fill"><div class="c2c-template c2c-xlarge" data-hyperlink='null' data-file-name="page0429a" data-inline-text="" data-area="650,784" data-coords="89,80,545,236" data-code="show" data-graphics="show" data-png-1200="show" data-png-900="show" data-png-600="show" data-pdf="show"></div> </div><div class="text-content wide-padding"><h2 class="text-section-heading">Financial Systems</h2><p class="text">During the development of the ideas in this book I have been asked many times whether they might apply to financial systems. There is no doubt that they do, and as one example I will briefly discuss here what is probably the most obvious feature of essentially all financial markets: the apparent randomness with which prices tend to fluctuate.</p><p class="text">Whether one looks at stocks, bonds, commodities, currencies, derivatives or essentially any other kind of financial instrument, the sequences of prices that one sees at successive times show some overall trends, but also exhibit varying amounts of apparent randomness.</p><p class="text">So what is the origin of this randomness?</p><p class="text">In the most naive economic theory, price is a reflection of value, and the value of an asset is equal to the total of all future earnings—such as dividends—which will be obtained from it, discounted for the interest that will be lost from having to wait to get these earnings.</p><p class="text">With this view, however, it seems hard to understand why there should be any significant fluctuations in prices at all. What is usually said is that prices are in fact determined not by true value, but rather by the best estimates of that value that can be obtained at any given time. And it is then assumed that these estimates are ultimately affected by all sorts of events that go on in the world, making random movements</p><hr class="caphr"><p class="capimg-wrapper"><div class="c2c-image" data-class="capimg" data-file-name="page0429a" data-src="/nks/img/inline/page0429a.png" data-width="794" data-height="240" data-alt="Patterns generated by rules shown on previous page" data-code="show" data-graphics="show" data-png-1200="show" data-png-900="show" data-png-600="show" data-pdf="show"></div></p><p class="captext">Patterns generated by rules of the type shown on the <a href="/nks/p427--biological-pigmentation-patterns--webview/">previous page</a>, with a range of choices for the weights of cells at distances 2 and 3. Weights vary from -0.9 to 0 down the page for distance 2, and from -0.7 to 0.4 across the page for distance 3. In all cases the evolution starts from the same random initial condition, and is continued until it stabilizes. Note that pigmentation patterns for actual animals may contain either larger or smaller numbers of elements than the patterns shown here.</p></div> <div class="ribbon-wrapper stripe"> </div> <footer id="footer" class="wide-padding"> <section id="related-notes" class="width-full max-width-900 center"> <h2>Notes In the Book Related To This Page:</h2> <div> <div class="thumbnails cf"> <a href="/nks/notes-8-8--laws-of-human-behavior/"><img src="/nks/img/thumbnails/notes-8-8--laws-of-human-behavior--textonly.png" alt="Laws of human behavior" title="Laws of human behavior" width="76" height="62"></a> <a href="/nks/notes-8-8--zipfs-law/"><img src="/nks/img/thumbnails/notes-8-8--zipfs-law--textonly.png" alt="Zipf's law" title="Zipf's law" width="76" height="62"></a> <a href="/nks/notes-8-8--motion-of-people-and-cars/"><img src="/nks/img/thumbnails/notes-8-8--motion-of-people-and-cars--textonly.png" alt="Motion of people and cars" title="Motion of people and cars" width="76" height="62"></a> <a href="/nks/notes-8-8--growth-of-cities/"><img src="/nks/img/thumbnails/notes-8-8--growth-of-cities--textonly.png" alt="Growth of cities" title="Growth of cities" width="76" height="62"></a> <a href="/nks/notes-8-8--randomness-in-markets/"><img src="/nks/img/thumbnails/notes-8-8--randomness-in-markets--textonly.png" alt="Randomness in markets" title="Randomness in markets" width="76" height="62"></a> <a href="/nks/notes-8-8--speculative-markets/"><img src="/nks/img/thumbnails/notes-8-8--speculative-markets--textonly.png" alt="Speculative markets" title="Speculative markets" width="76" height="62"></a> <a href="/nks/notes-8-8--properties-of-markets/"><img src="/nks/img/thumbnails/notes-8-8--properties-of-markets--textonly.png" alt="Properties of markets" title="Properties of markets" width="76" height="62"></a> <a href="/nks/notes-8-8--efficient-markets/"><img src="/nks/img/thumbnails/notes-8-8--efficient-markets--textonly.png" alt="Efficient markets" title="Efficient markets" width="76" height="62"></a> <a href="/nks/notes-8-8--details-of-trading/"><img src="/nks/img/thumbnails/notes-8-8--details-of-trading--textonly.png" alt="Details of trading" title="Details of trading" width="76" height="62"></a> </div> <ul class="cols-2 cols-1__600 heirs-width-full__600"> <li><span><a href="/nks/notes-8-8--laws-of-human-behavior/"><span><img src="/nks/img/thumbnails/notes-8-8--laws-of-human-behavior--textonly.png" alt="" width="76" height="62"></span><span>Laws of human behavior</span></a></span></li> <li><span><a href="/nks/notes-8-8--zipfs-law/"><span><img src="/nks/img/thumbnails/notes-8-8--zipfs-law--textonly.png" alt="" width="76" height="62"></span><span>Zipf's law</span></a></span></li> <li><span><a href="/nks/notes-8-8--motion-of-people-and-cars/"><span><img src="/nks/img/thumbnails/notes-8-8--motion-of-people-and-cars--textonly.png" alt="" width="76" height="62"></span><span>Motion of people and cars</span></a></span></li> <li><span><a href="/nks/notes-8-8--growth-of-cities/"><span><img src="/nks/img/thumbnails/notes-8-8--growth-of-cities--textonly.png" alt="" width="76" height="62"></span><span>Growth of cities</span></a></span></li> <li><span><a href="/nks/notes-8-8--randomness-in-markets/"><span><img src="/nks/img/thumbnails/notes-8-8--randomness-in-markets--textonly.png" alt="" width="76" height="62"></span><span>Randomness in markets</span></a></span></li> <li><span><a href="/nks/notes-8-8--speculative-markets/"><span><img src="/nks/img/thumbnails/notes-8-8--speculative-markets--textonly.png" alt="" width="76" height="62"></span><span>Speculative markets</span></a></span></li> <li><span><a href="/nks/notes-8-8--properties-of-markets/"><span><img src="/nks/img/thumbnails/notes-8-8--properties-of-markets--textonly.png" alt="" width="76" height="62"></span><span>Properties of markets</span></a></span></li> <li><span><a href="/nks/notes-8-8--efficient-markets/"><span><img src="/nks/img/thumbnails/notes-8-8--efficient-markets--textonly.png" alt="" width="76" height="62"></span><span>Efficient markets</span></a></span></li> <li><span><a href="/nks/notes-8-8--details-of-trading/"><span><img src="/nks/img/thumbnails/notes-8-8--details-of-trading--textonly.png" alt="" width="76" height="62"></span><span>Details of trading</span></a></span></li> <li><span><a href="/nks/notes-8-8--models-of-markets/"><span><img src="/nks/img/thumbnails/notes-8-8--models-of-markets--textonly.png" alt="" width="76" height="62"></span><span>Models of markets</span></a></span></li> <li><span><a href="/nks/notes-8-7--animal-coloration/"><span><img src="/nks/img/thumbnails/notes-8-7--animal-coloration--textonly.png" alt="" width="76" height="62"></span><span>Animal coloration</span></a></span></li> <li><span><a href="/nks/notes-8-7--features-of-the-patterning-model/"><span><img src="/nks/img/thumbnails/notes-8-7--features-of-the-patterning-model--textonly.png" alt="" width="76" height="62"></span><span>Features of the [patterning] model</span></a></span></li> <li><span><a href="/nks/notes-8-7--reaction-diffusion-processes/"><span><img src="/nks/img/thumbnails/notes-8-7--reaction-diffusion-processes--textonly.png" alt="" width="76" height="62"></span><span>Reaction-diffusion processes</span></a></span></li> <li><span><a href="/nks/notes-10-12--game-theory/"><span><img src="/nks/img/thumbnails/notes-10-12--game-theory--textonly.png" alt="" width="76" height="62"></span><span>Game theory</span></a></span></li> <li><span><a href="/nks/notes-10-12--games-between-programs/"><span><img src="/nks/img/thumbnails/notes-10-12--games-between-programs--textonly.png" alt="" width="76" height="62"></span><span>Games between programs</span></a></span></li> </ul> </div> </section> <section id="resources"> <section id="exportable-images" class="width-full max-width-900 center hide"> <hr class="even"> <h2>Exportable Images for This Page:</h2> <div> <ul class="grid width-full"> 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Financial Systems: A New Kind of Science | Online by Stephen Wolfram [Page 429]