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<li id="toc-Quantum_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Quantum_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Quantum finance</span> </div> </a> <ul id="toc-Quantum_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Quantum_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Quantum_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Quantum economics</span> </div> </a> <ul id="toc-Quantum_economics-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Main_results" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Main_results"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Main results</span> </div> </a> <ul id="toc-Main_results-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Criticism</span> </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <button aria-controls="toc-External_links-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle External links subsection</span> </button> <ul id="toc-External_links-sublist" class="vector-toc-list"> <li id="toc-Lectures" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Lectures"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.1</span> <span>Lectures</span> </div> </a> <ul id="toc-Lectures-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " 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interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%98%D0%BA%D0%BE%D0%BD%D0%BE%D1%84%D0%B8%D0%B7%D0%B8%D0%BA%D0%B0" title="Иконофизика – Bulgarian" lang="bg" hreflang="bg" data-title="Иконофизика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Ekonofyzika" title="Ekonofyzika – Czech" lang="cs" hreflang="cs" data-title="Ekonofyzika" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/%C3%98konofysik" title="Økonofysik – Danish" lang="da" hreflang="da" data-title="Økonofysik" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/%C3%96konophysik" title="Ökonophysik – German" lang="de" hreflang="de" data-title="Ökonophysik" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Econof%C3%ADsica" title="Econofísica – Spanish" lang="es" hreflang="es" data-title="Econofísica" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%DA%A9%D9%88%D9%86%D9%88%D9%81%DB%8C%D8%B2%DB%8C%DA%A9" title="اکونوفیزیک – Persian" lang="fa" hreflang="fa" data-title="اکونوفیزیک" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/%C3%89conophysique" title="Éconophysique – French" lang="fr" hreflang="fr" data-title="Éconophysique" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Econof%C3%ADsica" title="Econofísica – Galician" lang="gl" hreflang="gl" data-title="Econofísica" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B2%BD%EC%A0%9C%EB%AC%BC%EB%A6%AC%ED%95%99" title="경제물리학 – Korean" lang="ko" hreflang="ko" data-title="경제물리학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Ekonofisika" title="Ekonofisika – Indonesian" lang="id" hreflang="id" data-title="Ekonofisika" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Econofisica" title="Econofisica – Italian" lang="it" hreflang="it" data-title="Econofisica" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BB%80%E0%BA%AA%E0%BA%94%E0%BA%96%E0%BA%B0%E0%BA%A7%E0%BA%B1%E0%BA%94%E0%BA%96%E0%BA%B8%E0%BA%AA%E0%BA%B2%E0%BA%94" title="ເສດຖະວັດຖຸສາດ – Lao" lang="lo" hreflang="lo" data-title="ເສດຖະວັດຖຸສາດ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%95%D0%BA%D0%BE%D0%BD%D0%BE%D1%84%D0%B8%D0%B7%D0%B8%D0%BA%D0%B0" title="Еконофизика – Macedonian" lang="mk" hreflang="mk" data-title="Еконофизика" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Ekonofizik" title="Ekonofizik – Malay" lang="ms" hreflang="ms" data-title="Ekonofizik" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Econofysica" title="Econofysica – Dutch" lang="nl" hreflang="nl" data-title="Econofysica" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%B5%8C%E6%B8%88%E7%89%A9%E7%90%86%E5%AD%A6" title="経済物理学 – Japanese" lang="ja" hreflang="ja" data-title="経済物理学" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Ekonofizyka" title="Ekonofizyka – Polish" lang="pl" hreflang="pl" data-title="Ekonofizyka" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Econof%C3%ADsica" title="Econofísica – Portuguese" lang="pt" hreflang="pt" data-title="Econofísica" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Econofizic%C4%83" title="Econofizică – Romanian" lang="ro" hreflang="ro" data-title="Econofizică" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%AD%D0%BA%D0%BE%D0%BD%D0%BE%D1%84%D0%B8%D0%B7%D0%B8%D0%BA%D0%B0" title="Эконофизика – Russian" lang="ru" hreflang="ru" data-title="Эконофизика" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%95%D0%BA%D0%BE%D0%BD%D0%BE%D1%84%D0%B8%D0%B7%D0%B8%D0%BA%D0%B0" title="Еконофизика – Serbian" lang="sr" hreflang="sr" data-title="Еконофизика" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Ekonofysiikka" title="Ekonofysiikka – Finnish" lang="fi" hreflang="fi" data-title="Ekonofysiikka" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Ekonofysik" title="Ekonofysik – Swedish" lang="sv" hreflang="sv" data-title="Ekonofysik" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link 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class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Application of physics to the study of economics</div> <p><b>Econophysics</b> is a <a href="/wiki/Heterodox_economics" title="Heterodox economics">non-orthodox</a> (in economics) interdisciplinary research field, applying theories and methods originally developed by <a href="/wiki/Physicist" title="Physicist">physicists</a> in order to solve problems in <a href="/wiki/Economics" title="Economics">economics</a>, usually those including uncertainty or <a href="/wiki/Stochastic_process" title="Stochastic process">stochastic processes</a> and <a href="/wiki/Chaos_theory" title="Chaos theory">nonlinear dynamics</a>. Some of its application to the study of financial markets has also been termed <a href="/wiki/Statistical_finance" title="Statistical finance">statistical finance</a> referring to its roots in <a href="/wiki/Statistical_physics" class="mw-redirect" title="Statistical physics">statistical physics</a>. Econophysics is closely related to <a href="/wiki/Social_physics" title="Social physics">social physics</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Physicists' interest in the <a href="/wiki/Social_sciences" class="mw-redirect" title="Social sciences">social sciences</a> is not new (see e.g.,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup>); <a href="/wiki/Daniel_Bernoulli" title="Daniel Bernoulli">Daniel Bernoulli</a>, as an example, was the originator of <a href="/wiki/Utility" title="Utility">utility</a>-based preferences. One of the founders of <a href="/wiki/Neoclassical_economic_theory" class="mw-redirect" title="Neoclassical economic theory">neoclassical economic theory</a>, former Yale University Professor of Economics <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a>, was originally trained under the renowned Yale <a href="/wiki/Physicist" title="Physicist">physicist</a>, <a href="/wiki/Josiah_Willard_Gibbs" title="Josiah Willard Gibbs">Josiah Willard Gibbs</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Likewise, <a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Jan Tinbergen</a>, who won the first <a href="/wiki/Nobel_Memorial_Prize_in_Economic_Sciences" title="Nobel Memorial Prize in Economic Sciences">Nobel Memorial Prize in Economic Sciences</a> in 1969 for having developed and applied dynamic models for the analysis of economic processes, studied physics with <a href="/wiki/Paul_Ehrenfest" title="Paul Ehrenfest">Paul Ehrenfest</a> at <a href="/wiki/Leiden_University" title="Leiden University">Leiden University</a>. In particular, Tinbergen developed the <a href="/wiki/Gravity_model_of_trade" title="Gravity model of trade">gravity model of international trade</a> that has become the workhorse of <a href="/wiki/International_economics" title="International economics">international economics</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2024)">citation needed</span></a></i>]</sup> </p><p>Econophysics was started in the mid-1990s by several physicists working in the subfield of <a href="/wiki/Statistical_mechanics" title="Statistical mechanics">statistical mechanics</a>. Unsatisfied with the traditional explanations and approaches of economists – which usually prioritized simplified approaches for the sake of soluble theoretical models over agreement with empirical data – they applied tools and methods from physics, first to try to match financial data sets, and then to explain more general economic phenomena.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2024)">citation needed</span></a></i>]</sup> </p><p>One driving force behind econophysics arising at this time was the sudden availability of large amounts of financial data, starting in the 1980s. It became apparent that traditional methods of analysis were insufficient – standard economic methods dealt with homogeneous agents and equilibrium, while many of the more interesting phenomena in financial markets fundamentally depended on <a href="/wiki/Heterogeneous_agents#Social_and_human_science" class="mw-redirect" title="Heterogeneous agents">heterogeneous agents</a> and far-from-equilibrium situations.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2024)">citation needed</span></a></i>]</sup> </p><p>The term "econophysics" was coined by <a href="/wiki/H._Eugene_Stanley" title="H. Eugene Stanley">H. Eugene Stanley</a>, to describe the large number of papers written by physicists in the problems of (stock and other) markets, in a conference on statistical physics in <a href="/wiki/Kolkata" title="Kolkata">Kolkata</a> (erstwhile <a href="/wiki/Calcutta" class="mw-redirect" title="Calcutta">Calcutta</a>) in 1995 and first appeared in its proceedings publication in <a href="/wiki/Physica_A" class="mw-redirect" title="Physica A">Physica A</a> 1996.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The inaugural meeting on econophysics was organised in 1998 in Budapest by <a href="/wiki/J%C3%A1nos_Kert%C3%A9sz" title="János Kertész">János Kertész</a> and Imre Kondor. The first book on econophysics was by R. N. Mantegna & H. E. Stanley in 2000.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The almost regular meeting series on the topic include: Econophys-Kolkata (held in Kolkata & Delhi),<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Econophysics Colloquium, ESHIA/ WEHIA. </p><p>In recent years <a href="/wiki/Network_science" title="Network science">network science</a>, heavily reliant on analogies from <a href="/wiki/Statistical_mechanics" title="Statistical mechanics">statistical mechanics</a>, has been applied to the study of productive systems. That is the case with the works done at the <a href="/wiki/Santa_Fe_Institute" title="Santa Fe Institute">Santa Fe Institute</a> in European Funded Research Projects as Forecasting Financial Crises and the Harvard-MIT <a href="/wiki/The_Observatory_of_Economic_Complexity" title="The Observatory of Economic Complexity">Observatory of Economic Complexity</a> </p> <div class="mw-heading mw-heading2"><h2 id="Basic_tools">Basic tools</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=2" title="Edit section: Basic tools"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Basic tools of econophysics are <a href="/wiki/Probability" title="Probability">probabilistic</a> and <a href="/wiki/Statistics" title="Statistics">statistical</a> methods often taken from statistical physics. </p><p>Physics models that have been applied in economics include the <a href="/wiki/Kinetic_theory_of_gas" class="mw-redirect" title="Kinetic theory of gas">kinetic theory of gas</a> (called the <a href="/wiki/Kinetic_exchange_models_of_markets" title="Kinetic exchange models of markets">kinetic exchange models of markets</a><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup>), <a href="/wiki/Percolation" title="Percolation">percolation</a> models, <a href="/wiki/Chaos_theory" title="Chaos theory">chaotic</a> models developed to study cardiac arrest, and models with <a href="/wiki/Self-organizing_criticality" class="mw-redirect" title="Self-organizing criticality">self-organizing criticality</a> as well as other models developed for <a href="/wiki/Earthquake_prediction" title="Earthquake prediction">earthquake prediction</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Moreover, there have been attempts to use the mathematical theory of <a href="/wiki/Complexity" title="Complexity">complexity</a> and <a href="/wiki/Information_theory" title="Information theory">information theory</a>, as developed by many scientists among whom are <a href="/wiki/Murray_Gell-Mann" title="Murray Gell-Mann">Murray Gell-Mann</a> and <a href="/wiki/Claude_E._Shannon" class="mw-redirect" title="Claude E. Shannon">Claude E. Shannon</a>, respectively. </p><p>For <a href="/wiki/Potential_game#Bounded_Rational_Models" title="Potential game">potential games</a>, it has been shown that an emergence-producing equilibrium based on information via Shannon information entropy produces the same equilibrium measure (<a href="/wiki/Gibbs_measure" title="Gibbs measure">Gibbs measure</a> from statistical mechanics) as a stochastic dynamical equation which represents noisy decisions, both of which are based on <a href="/wiki/Bounded_rationality" title="Bounded rationality">bounded rationality</a> models used by economists.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The fluctuation-dissipation theorem connects the two to establish a concrete correspondence of "temperature", "entropy", "free potential/energy", and other physics notions to an economics system. The statistical mechanics model is not constructed a-priori - it is a result of a boundedly rational assumption and modeling on existing neoclassical models. It has been used to prove the "inevitability of collusion" result of <a href="/wiki/Huw_Dixon" title="Huw Dixon">Huw Dixon</a><sup id="cite_ref-HD_10-0" class="reference"><a href="#cite_note-HD-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> in a case for which the neoclassical version of the model does not predict collusion.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Here the demand is increasing, as with <a href="/wiki/Veblen_good" title="Veblen good">Veblen goods</a>, stock buyers with the <a href="/wiki/Hot-hand_fallacy#Consumers" class="mw-redirect" title="Hot-hand fallacy">"hot hand"</a> fallacy preferring to buy more successful stocks and sell those that are less successful,<sup id="cite_ref-Johnson2005_12-0" class="reference"><a href="#cite_note-Johnson2005-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> or among short traders during a <a href="/wiki/Short_squeeze" title="Short squeeze">short squeeze</a> as occurred with the <a href="/wiki/R/wallstreetbets" title="R/wallstreetbets">WallStreetBets</a> group's collusion to <a href="/wiki/GameStop_short_squeeze" title="GameStop short squeeze">drive up GameStop stock price in 2021</a>.<sup id="cite_ref-Bloomberg2021_13-0" class="reference"><a href="#cite_note-Bloomberg2021-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Nobel laureate and founder of experimental economics <a href="/wiki/Vernon_L._Smith" title="Vernon L. Smith">Vernon L. Smith</a> has used econophysics to model sociability via implementation of ideas in Humanomics. There, noisy decision making and interaction parameters that facilitate the social action responses of reward and punishment result in spin glass models identical to those in physics. <sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>Quantifiers derived from <a href="/wiki/Information_theory" title="Information theory">information theory</a> were used in several papers by econophysicist Aurelio F. Bariviera and coauthors in order to assess the degree in the informational efficiency of stock markets.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Zunino et al. use an innovative statistical tool in the financial literature: the complexity-entropy causality plane. This Cartesian representation establish an efficiency ranking of different markets and distinguish different bond market dynamics. It was found that more developed countries have stock markets with higher entropy and lower complexity, while those markets from emerging countries have lower entropy and higher complexity. Moreover, the authors conclude that the classification derived from the complexity-entropy causality plane is consistent with the qualifications assigned by major rating companies to the sovereign instruments. A similar study developed by Bariviera et al.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> explore the relationship between credit ratings and informational efficiency of a sample of corporate bonds of US oil and energy companies using also the complexity–entropy causality plane. They find that this classification agrees with the credit ratings assigned by Moody's. </p><p>Another good example is <a href="/wiki/Random_matrix_theory" class="mw-redirect" title="Random matrix theory">random matrix theory</a>, which can be used to identify the noise in financial correlation matrices. One paper has argued that this technique can improve the performance of portfolios, e.g., in applied in <a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">portfolio optimization</a>.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>The ideology of econophysics is embodied in a new probabilistic economic theory and, on its basis, a unified theory of stock markets. <sup id="cite_ref-AK_18-0" class="reference"><a href="#cite_note-AK-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-AK2_19-0" class="reference"><a href="#cite_note-AK2-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>There are also analogies between finance theory and <a href="/wiki/Diffusion" title="Diffusion">diffusion</a> theory. For instance, the <a href="/wiki/Black%E2%80%93Scholes_equation" title="Black–Scholes equation">Black–Scholes equation</a> for <a href="/wiki/Option_(finance)" title="Option (finance)">option</a> pricing is a <a href="/wiki/Diffusion_equation" title="Diffusion equation">diffusion</a>-<a href="/wiki/Advection" title="Advection">advection</a> equation (see however <sup id="cite_ref-autogenerated2003_20-0" class="reference"><a href="#cite_note-autogenerated2003-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> for a critique of the Black–Scholes methodology). The Black–Scholes theory can be extended to provide an analytical theory of main factors in economic activities.<sup id="cite_ref-:0_22-0" class="reference"><a href="#cite_note-:0-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Subfields">Subfields</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=3" title="Edit section: Subfields"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Various other tools from physics that have so far been used, such as <a href="/wiki/Fluid_dynamics" title="Fluid dynamics">fluid dynamics</a>, <a href="/wiki/Classical_mechanics" title="Classical mechanics">classical mechanics</a> and <a href="/wiki/Quantum_mechanics" title="Quantum mechanics">quantum mechanics</a> (including so-called <a href="/wiki/Classical_economy" class="mw-redirect" title="Classical economy">classical economy</a>, <a href="/wiki/Quantum_economics" class="mw-redirect" title="Quantum economics">quantum economics</a> and <a href="/wiki/Quantum_finance" title="Quantum finance">quantum finance</a>),<sup id="cite_ref-AK_18-1" class="reference"><a href="#cite_note-AK-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> and the <a href="/wiki/Feynman%E2%80%93Kac_formula" title="Feynman–Kac formula">Feynman–Kac formula</a> of statistical mechanics.<sup id="cite_ref-:0_22-1" class="reference"><a href="#cite_note-:0-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 44">: 44 </span></sup><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Statistical_mechanics">Statistical mechanics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=4" title="Edit section: Statistical mechanics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Feynman%E2%80%93Kac_formula" title="Feynman–Kac formula">Feynman–Kac formula</a></div> <p>When mathematician <a href="/wiki/Mark_Kac" title="Mark Kac">Mark Kac</a> attended a lecture by <a href="/wiki/Richard_Feynman" title="Richard Feynman">Richard Feynman</a> he realized their work overlapped.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Together they worked out a new approach to solving stochastic differential equations.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Their approach is used to efficiently calculate solutions to the <a href="/wiki/Black%E2%80%93Scholes_equation" title="Black–Scholes equation">Black–Scholes equation</a> to <a href="/wiki/Valuation_of_options" title="Valuation of options">price options</a> on stocks.<sup id="cite_ref-Brandimarte2013_26-0" class="reference"><a href="#cite_note-Brandimarte2013-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Quantum_finance">Quantum finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=5" title="Edit section: Quantum finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Quantum_finance" title="Quantum finance">Quantum finance</a></div> <p>Quantum statistical models have been successfully applied to finance by several groups of econophysicists using different approaches, but the origin of their success may not be due to quantum analogies.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 668">: 668 </span></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 969">: 969 </span></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Quantum_economics">Quantum economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=6" title="Edit section: Quantum economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><span class="anchor" id="Quantum_economics"></span> The editorial in the inaugural issue of the journal <i>Quantum Economics and Finance</i> says: "Quantum economics and finance is the application of probability based on projective geometry—also known as quantum probability—to modelling in economics and finance. It draws on related areas such as quantum cognition, quantum game theory, quantum computing, and quantum physics."<sup id="cite_ref-QEFpaper_29-0" class="reference"><a href="#cite_note-QEFpaper-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> In his overview article in the same issue, David Orrell outlines how <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a> benefited from the concepts of <a href="/wiki/Classical_mechanics" title="Classical mechanics">classical mechanics</a>, and yet concepts of <a href="/wiki/Quantum_mechanics" title="Quantum mechanics">quantum mechanics</a> "apparently left economics untouched".<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> He reviews different avenues for quantum economics, some of which he notes are contradictory, settling on "quantum economics therefore needs to take a different kind of leaf from the book of quantum physics, by adopting quantum methods, not because they appear natural or elegant or come pre-approved by some higher authority or bear resemblance to something else, but because they capture in a useful way the most basic properties of what is being studied." </p> <div class="mw-heading mw-heading2"><h2 id="Main_results">Main results</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=7" title="Edit section: Main results"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Econophysics is having some impacts on the more applied field of <a href="/wiki/Quantitative_finance" class="mw-redirect" title="Quantitative finance">quantitative finance</a>, whose scope and aims significantly differ from those of economic theory. Various econophysicists have introduced models for price fluctuations in <a href="/wiki/Physics_of_financial_markets" title="Physics of financial markets">physics of financial markets</a> or original points of view on established models.<sup id="cite_ref-autogenerated2003_20-1" class="reference"><a href="#cite_note-autogenerated2003-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>Presently, one of the main results of econophysics comprises the explanation of the <a href="/wiki/Fat-tailed_distribution" title="Fat-tailed distribution">"fat tails"</a> in the distribution of many kinds of financial data as a <a href="/wiki/Universality_class" title="Universality class">universal</a> self-similar <a href="/wiki/Scaling_invariance" class="mw-redirect" title="Scaling invariance">scaling</a> property (i.e. scale invariant over many orders of magnitude in the data),<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> arising from the tendency of individual market competitors, or of aggregates of them, to exploit systematically and optimally the prevailing "microtrends" (e.g., rising or falling prices). These "fat tails" are not only mathematically important, because they comprise the <a href="/wiki/Risk" title="Risk">risks</a>, which may be on the one hand, very small such that one may tend to neglect them, but which - on the other hand - are not negligible at all, i.e. they can never be made exponentially tiny, but instead follow a measurable algebraically decreasing power law, for example with a <i>failure probability</i> of only <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle P\propto x^{-4}\,,}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>P</mi> <mo>∝</mo> <msup> <mi>x</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>−</mo> <mn>4</mn> </mrow> </msup> <mspace width="thinmathspace" /> <mo>,</mo> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle P\propto x^{-4}\,,}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/700a2dcf952847e86fc8ea729d6dc29fb3c9952f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:9.54ex; height:3.009ex;" alt="{\displaystyle P\propto x^{-4}\,,}"></span> where <i>x</i> is an increasingly large variable in the tail region of the distribution considered (i.e. a price statistics with much more than 10<sup>8</sup> data). I.e., the events considered are not simply "outliers" but must really be taken into account and cannot be "insured away".<sup id="cite_ref-Preis_34-0" class="reference"><a href="#cite_note-Preis-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> It appears that it also plays a role that near a change of the tendency (e.g. from falling to rising prices) there are typical "panic reactions" of the selling or buying agents with algebraically increasing bargain rapidities and volumes.<sup id="cite_ref-Preis_34-1" class="reference"><a href="#cite_note-Preis-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>As in quantum field theory the "fat tails" can be obtained by complicated "<a href="/wiki/Nonperturbative" class="mw-redirect" title="Nonperturbative">nonperturbative</a>" methods, mainly by numerical ones, since they contain the deviations from the usual <a href="/wiki/Gaussian_distribution" class="mw-redirect" title="Gaussian distribution">Gaussian approximations</a>, e.g. the <a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes</a> theory. Fat tails can, however, also be due to other phenomena, such as a random number of terms in the central-limit theorem, or any number of other, non-econophysics models. Due to the difficulty in testing such models, they have received less attention in traditional economic analysis. </p> <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=8" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2006 economists <a href="/wiki/Mauro_Gallegati" title="Mauro Gallegati">Mauro Gallegati</a>, <a href="/wiki/Steve_Keen" title="Steve Keen">Steve Keen</a>, Thomas Lux, and <a href="/wiki/Paul_Ormerod" title="Paul Ormerod">Paul Ormerod</a>, published a critique of econophysics.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> They cite important empirical contributions primarily in the areas of finance and industrial economics, but list four concerns with work in the field: lack of awareness of economics work, resistance to rigor, a misplaced belief in universal empirical regularity, and inappropriate models. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=9" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output 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class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://cambridgescholars.com/product/978-1-5275-3757-6">Kishore Chandra Dash, Story of Econophysics, Cambridge Scholars Press (UK, 2019)</a></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.yaleeconomicreview.com/issues/2006_spring/financephysical.html">Yale Economic Review, Retrieved October-25-09</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080508025252/http://www.yaleeconomicreview.com/issues/2006_spring/financephysical.html">Archived</a> 2008-05-08 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.saha.ac.in/cmp/camcs/Stanley-interview.pdf">K. Gangopadhyay, Interview of H. E. Stanley on Econophysics (Published in "IIM Kozhikode Society & Management Review", Sage publication (USA), Vol. 2 Issue 2 (July), pp. 73-78 (2013))</a></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://arxiv.org/abs/1308.2191">A. Ghosh, Econophysics Research in India in the last two Decades (1993-2013) (Published in "IIM Kozhikode Society & Management Review", Sage publication (USA), Vol. 2 Issue 2 (July), pp. 135-146 (2013))</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">"An Introduction to Econophysics", Cambridge University Press, Cambridge (2000)</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">"Econophysics of Wealth Distributions", Eds. A. Chatterjee et al., New Economic Windows, Springer, Milan (2005), & the subsequent eight Econophys-Kolkata Conf. Proc. Volumes published in 2006, 2007, 2010, 2011, 2013, 2014, 2015 & 2019 in the New Economic Windows series of Springer</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription 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Cambridge University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780521819169" title="Special:BookSources/9780521819169"><bdi>9780521819169</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Theory+of+Financial+Risk+and+Derivative+Pricing&rft.pub=Cambridge+University+Press&rft.date=2003&rft.isbn=9780521819169&rft.au=Jean-Philippe+Bouchaud&rft.au=Marc+Potters&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Ftheoryoffinancia0000bouc&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBouchaudPotters2001" class="citation journal cs1">Bouchaud, J-P.; Potters, M. (2001). "Welcome to a non-Black-Scholes world". <i>Quantitative Finance</i>. <b>1</b> (5): 482–483. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F713665871">10.1080/713665871</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154368053">154368053</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Quantitative+Finance&rft.atitle=Welcome+to+a+non-Black-Scholes+world&rft.volume=1&rft.issue=5&rft.pages=482-483&rft.date=2001&rft_id=info%3Adoi%2F10.1080%2F713665871&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154368053%23id-name%3DS2CID&rft.aulast=Bouchaud&rft.aufirst=J-P.&rft.au=Potters%2C+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-:0-22"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_22-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_22-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChen2015" class="citation book cs1">Chen, Jing (2015). <a rel="nofollow" class="external text" href="https://www.springer.com/us/book/9781493934645"><i>The Unity of Science and Economics: A New Foundation of Economic Theory</i></a>. Springer. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-1-4939-3466-9">10.1007/978-1-4939-3466-9</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4939-3464-5" title="Special:BookSources/978-1-4939-3464-5"><bdi>978-1-4939-3464-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Unity+of+Science+and+Economics%3A+A+New+Foundation+of+Economic+Theory&rft.pub=Springer&rft.date=2015&rft_id=info%3Adoi%2F10.1007%2F978-1-4939-3466-9&rft.isbn=978-1-4939-3464-5&rft.aulast=Chen&rft.aufirst=Jing&rft_id=https%3A%2F%2Fwww.springer.com%2Fus%2Fbook%2F9781493934645&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">Oksendal, Bernt. Stochastic differential equations: an introduction with applications. Springer Science & Business Media, 2013.</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKac1987" class="citation book cs1">Kac, Mark (1987). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=1ZWl39UJWycC&pg=PA115"><i>Enigmas of Chance: An Autobiography</i></a>. University of California Press. pp. 115–16. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-520-05986-7" title="Special:BookSources/0-520-05986-7"><bdi>0-520-05986-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Enigmas+of+Chance%3A+An+Autobiography&rft.pages=115-16&rft.pub=University+of+California+Press&rft.date=1987&rft.isbn=0-520-05986-7&rft.aulast=Kac&rft.aufirst=Mark&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D1ZWl39UJWycC%26pg%3DPA115&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">Oksendal, Bernt. Stochastic differential equations: an introduction with applications. Springer Science & Business Media, 2013.</span> </li> <li id="cite_note-Brandimarte2013-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-Brandimarte2013_26-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaolo_Brandimarte2013" class="citation book cs1">Paolo Brandimarte (6 June 2013). "Chapter 1. Motivation". <a rel="nofollow" class="external text" href="https://books.google.com/books?id=iH9ltZtOsM4C"><i>Numerical Methods in Finance and Economics: A MATLAB-Based Introduction</i></a>. John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-62557-6" title="Special:BookSources/978-1-118-62557-6"><bdi>978-1-118-62557-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Chapter+1.+Motivation&rft.btitle=Numerical+Methods+in+Finance+and+Economics%3A+A+MATLAB-Based+Introduction&rft.pub=John+Wiley+%26+Sons&rft.date=2013-06-06&rft.isbn=978-1-118-62557-6&rft.au=Paolo+Brandimarte&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DiH9ltZtOsM4C&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArioliValente2021" class="citation journal cs1">Arioli, Gianni; Valente, Giovanni (October 2021). <a rel="nofollow" class="external text" href="https://www.cambridge.org/core/journals/philosophy-of-science/article/abs/what-is-really-quantum-in-quantum-econophysics/72BD63D409B4B073EC0076CAA2267643">"What Is Really Quantum in Quantum Econophysics?"</a>. <i>Philosophy of Science</i>. <b>88</b> (4): 665–685. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F713921">10.1086/713921</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0031-8248">0031-8248</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Philosophy+of+Science&rft.atitle=What+Is+Really+Quantum+in+Quantum+Econophysics%3F&rft.volume=88&rft.issue=4&rft.pages=665-685&rft.date=2021-10&rft_id=info%3Adoi%2F10.1086%2F713921&rft.issn=0031-8248&rft.aulast=Arioli&rft.aufirst=Gianni&rft.au=Valente%2C+Giovanni&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fjournals%2Fphilosophy-of-science%2Farticle%2Fabs%2Fwhat-is-really-quantum-in-quantum-econophysics%2F72BD63D409B4B073EC0076CAA2267643&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRickles2007" class="citation journal cs1">Rickles, Dean (December 2007). <a rel="nofollow" class="external text" href="https://linkinghub.elsevier.com/retrieve/pii/S1355219807000202">"Econophysics for philosophers"</a>. <i>Studies in History and Philosophy of Science Part B: Studies in History and Philosophy of Modern Physics</i>. <b>38</b> (4): 948–978. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2007SHPMP..38..948R">2007SHPMP..38..948R</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.shpsb.2007.01.003">10.1016/j.shpsb.2007.01.003</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Studies+in+History+and+Philosophy+of+Science+Part+B%3A+Studies+in+History+and+Philosophy+of+Modern+Physics&rft.atitle=Econophysics+for+philosophers&rft.volume=38&rft.issue=4&rft.pages=948-978&rft.date=2007-12&rft_id=info%3Adoi%2F10.1016%2Fj.shpsb.2007.01.003&rft_id=info%3Abibcode%2F2007SHPMP..38..948R&rft.aulast=Rickles&rft.aufirst=Dean&rft_id=https%3A%2F%2Flinkinghub.elsevier.com%2Fretrieve%2Fpii%2FS1355219807000202&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-QEFpaper-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-QEFpaper_29-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOrrellHavenHawkins2024" class="citation journal cs1">Orrell, David; Haven, Emmanuel; Hawkins, Raymond J. (2024-01-17). <a rel="nofollow" class="external text" href="http://journals.sagepub.com/doi/10.1177/29767032231210519">"What is Quantum Finance and Economics?"</a>. <i>Quantum Economics and Finance</i>. <b>1</b>: 3–4. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F29767032231210519">10.1177/29767032231210519</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/2976-7032">2976-7032</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Quantum+Economics+and+Finance&rft.atitle=What+is+Quantum+Finance+and+Economics%3F&rft.volume=1&rft.pages=3-4&rft.date=2024-01-17&rft_id=info%3Adoi%2F10.1177%2F29767032231210519&rft.issn=2976-7032&rft.aulast=Orrell&rft.aufirst=David&rft.au=Haven%2C+Emmanuel&rft.au=Hawkins%2C+Raymond+J.&rft_id=http%3A%2F%2Fjournals.sagepub.com%2Fdoi%2F10.1177%2F29767032231210519&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOrrell2024" class="citation journal cs1">Orrell, David (2024-03-08). <a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F29767032241237547">"Quantum Economics and Physics"</a>. <i>Quantum Economics and Finance</i>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F29767032241237547">10.1177/29767032241237547</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/2976-7032">2976-7032</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Quantum+Economics+and+Finance&rft.atitle=Quantum+Economics+and+Physics&rft.date=2024-03-08&rft_id=info%3Adoi%2F10.1177%2F29767032241237547&rft.issn=2976-7032&rft.aulast=Orrell&rft.aufirst=David&rft_id=https%3A%2F%2Fdoi.org%2F10.1177%252F29767032241237547&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEnrico_Scalas2006" class="citation journal cs1">Enrico Scalas (2006). "The application of continuous-time random walks in finance and economics". <i>Physica A</i>. <b>362</b> (2): 225–239. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2006PhyA..362..225S">2006PhyA..362..225S</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.physa.2005.11.024">10.1016/j.physa.2005.11.024</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Physica+A&rft.atitle=The+application+of+continuous-time+random+walks+in+finance+and+economics&rft.volume=362&rft.issue=2&rft.pages=225-239&rft.date=2006&rft_id=info%3Adoi%2F10.1016%2Fj.physa.2005.11.024&rft_id=info%3Abibcode%2F2006PhyA..362..225S&rft.au=Enrico+Scalas&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFY._ShapiraY._BermanE._Ben-Jacob2014" class="citation journal cs1">Y. Shapira; Y. Berman; E. Ben-Jacob (2014). <a rel="nofollow" class="external text" href="https://doi.org/10.1088%2F1367-2630%2F16%2F5%2F053040">"Modelling the short term herding behaviour of stock markets"</a>. <i>New Journal of Physics</i>. <b>16</b> (5): 053040. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2014NJPh...16e3040S">2014NJPh...16e3040S</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1088%2F1367-2630%2F16%2F5%2F053040">10.1088/1367-2630/16/5/053040</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=New+Journal+of+Physics&rft.atitle=Modelling+the+short+term+herding+behaviour+of+stock+markets&rft.volume=16&rft.issue=5&rft.pages=053040&rft.date=2014&rft_id=info%3Adoi%2F10.1088%2F1367-2630%2F16%2F5%2F053040&rft_id=info%3Abibcode%2F2014NJPh...16e3040S&rft.au=Y.+Shapira&rft.au=Y.+Berman&rft.au=E.+Ben-Jacob&rft_id=https%3A%2F%2Fdoi.org%2F10.1088%252F1367-2630%252F16%252F5%252F053040&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text">The physicists noted the scaling behaviour of "fat tails" through a letter to the scientific journal <i><a href="/wiki/Nature_(journal)" title="Nature (journal)">Nature</a></i> by Rosario N. Mantegna and H. Eugene Stanley: <i>Scaling behavior in the dynamics of an economic index</i>, Nature Vol. 376, pages 46-49 (1995)</span> </li> <li id="cite_note-Preis-34"><span class="mw-cite-backlink">^ <a href="#cite_ref-Preis_34-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Preis_34-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">See for example Preis, Mantegna, 2003.</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGallegatiKeenLuxOrmerod2006" class="citation journal cs1">Gallegati, Mauro; Keen, Steve; Lux, Thomas; Ormerod, Paul (2006-10-01). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0378437106004420">"Worrying trends in econophysics"</a>. <i>Physica A: Statistical Mechanics and Its Applications</i>. Econophysics Colloquium. <b>370</b> (1): 1–6. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2006PhyA..370....1G">2006PhyA..370....1G</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.physa.2006.04.029">10.1016/j.physa.2006.04.029</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0378-4371">0378-4371</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Physica+A%3A+Statistical+Mechanics+and+Its+Applications&rft.atitle=Worrying+trends+in+econophysics&rft.volume=370&rft.issue=1&rft.pages=1-6&rft.date=2006-10-01&rft.issn=0378-4371&rft_id=info%3Adoi%2F10.1016%2Fj.physa.2006.04.029&rft_id=info%3Abibcode%2F2006PhyA..370....1G&rft.aulast=Gallegati&rft.aufirst=Mauro&rft.au=Keen%2C+Steve&rft.au=Lux%2C+Thomas&rft.au=Ormerod%2C+Paul&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0378437106004420&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPhilip_Ball2006" class="citation journal cs1">Philip Ball (2006). "Econophysics: Culture Crash". <i>Nature</i>. <b>441</b> (7094): 686–688. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2006Natur.441..686B">2006Natur.441..686B</a>. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.188.8120">10.1.1.188.8120</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1038%2F441686a">10.1038/441686a</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/16760949">16760949</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:4319192">4319192</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Nature&rft.atitle=Econophysics%3A+Culture+Crash&rft.volume=441&rft.issue=7094&rft.pages=686-688&rft.date=2006&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A4319192%23id-name%3DS2CID&rft_id=info%3Abibcode%2F2006Natur.441..686B&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.188.8120%23id-name%3DCiteSeerX&rft_id=info%3Apmid%2F16760949&rft_id=info%3Adoi%2F10.1038%2F441686a&rft.au=Philip+Ball&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconophysics" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=11" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Emmanual Farjoun and Moshé Machover, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111109211142/http://staffnet.kingston.ac.uk/~ku32530/PPE/PPEindex.html"><i>Laws of Chaos: a probabilistic approach to political economy</i></a>, Verso (London, 1983) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0%2B86091%2B768%2B1" title="Special:BookSources/0+86091+768+1">0 86091 768 1</a></li> <li><a href="/wiki/Philip_Mirowski" title="Philip Mirowski">Philip Mirowski</a>, <i>More Heat than Light - Economics as Social Physics, Physics as Nature's Economics</i>, <a rel="nofollow" class="external text" href="http://www.cambridge.org/catalogue/catalogue.asp?isbn=0521426898">Cambridge University Press (Cambridge, UK, 1989)</a></li> <li><a rel="nofollow" class="external text" href="https://en.wiki.topitalianscientists.org/Rosario_Nunzio_Mantegna">Rosario N. Mantegna</a>, <a href="/wiki/H._Eugene_Stanley" title="H. Eugene Stanley">H. Eugene Stanley</a>, <i>An Introduction to Econophysics: Correlations and Complexity in Finance</i>, <a rel="nofollow" class="external text" href="http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=0521620082">Cambridge University Press (Cambridge, UK, 1999)</a></li> <li><a href="/w/index.php?title=Bertrand_Roehner&action=edit&redlink=1" class="new" title="Bertrand Roehner (page does not exist)">Bertrand Roehner</a>, <i>Patterns of Speculation - A Study in Observational Econophysics</i>, <a rel="nofollow" class="external text" href="http://www.cambridge.org/catalogue/catalogue.asp?isbn=0521675731">Cambridge University Press (Cambridge, UK, 2002)</a></li> <li><a href="/wiki/Joseph_McCauley" class="mw-redirect" title="Joseph McCauley">Joseph McCauley</a>, <i>Dynamics of Markets, Econophysics and Finance</i>, <a rel="nofollow" class="external text" href="http://www.cambridge.org/catalogue/catalogue.asp?isbn=0521824478">Cambridge University Press (Cambridge, UK, 2004)</a></li> <li><a href="/wiki/Yohanes_Surya" title="Yohanes Surya">Surya Y.</a>, <a href="/wiki/Hokky_Situngkir" title="Hokky Situngkir">Situngkir, H.</a>, Dahlan, R. M., Hariadi, Y., Suroso, R. (2004). <i>Aplikasi Fisika dalam Analisis Keuangan (Physics Applications in Financial Analysis</i>. Bina Sumber Daya MIPA. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9793073527" title="Special:BookSources/9793073527">9793073527</a></li> <li>Anatoly V. Kondratenko. <i>Physical Modeling of Economic Systems. Classical and Quantum Economies.</i> Novosibirsk, Nauka (Science) (2005), <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/5-02-032479-5" title="Special:BookSources/5-02-032479-5">5-02-032479-5</a></li> <li>Arnab Chatterjee, Sudhakar Yarlagadda, <a href="/wiki/Bikas_K_Chakrabarti" class="mw-redirect" title="Bikas K Chakrabarti">Bikas K Chakrabarti</a>, <i>Econophysics of Wealth Distributions</i>, <a rel="nofollow" class="external text" href="https://www.springer.com/sgw/cda/frontpage/0,,5-165-72-52121089-0,00.html">Springer-Verlag Italia (Milan, 2005)</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged August 2019">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></li> <li><a href="/wiki/Bikas_K_Chakrabarti" class="mw-redirect" title="Bikas K Chakrabarti">Bikas K Chakrabarti</a>, Anirban Chakraborti, Arnab Chatterjee, <i>Econophysics and Sociophysics : Trends and Perspectives</i>, <a rel="nofollow" class="external text" href="http://www.wiley-vch.de/publish/en/books/bySubjectPH00/bySubSubjectPH95/3-527-40670-0/?sID=d05b">Wiley-VCH, Berlin (2006)</a></li> <li>Sitabhra Sinha, Arnab Chatterjee, Anirban Chakraborti, <a href="/wiki/Bikas_K_Chakrabarti" class="mw-redirect" title="Bikas K Chakrabarti">Bikas K Chakrabarti</a>. <i>Econophysics: An Introduction</i>, <a rel="nofollow" class="external text" href="http://www.wiley.com/WileyCDA/WileyTitle/productCd-3527408150,descCd-authorInfo.html">Wiley-VCH (2010)</a></li> <li>Ubaldo Garibaldi and Enrico Scalas, <i>Finitary Probabilistic Methods in Econophysics</i>, <a rel="nofollow" class="external text" href="http://www.cambridge.org/gb/knowledge/isbn/item2708018/?site_locale=en_GB">Cambridge University Press (Cambridge, UK, 2010)</a>.</li> <li>Mark Buchanan, <i>What has econophysics ever done for us?</i>, <a rel="nofollow" class="external text" href="http://www.nature.com/nphys/journal/v9/n6/full/nphys2648.html">Nature 2013 </a></li> <li>Nature Physics Focus issue: Complex networks in finance March 2013 Volume 9 No 3 pp 119–128</li> <li><a href="/wiki/Martin_Shubik" title="Martin Shubik">Martin Shubik</a> and Eric Smith, <i>The Guidance of an Enterprise Economy</i>, MIT Press, <a rel="nofollow" class="external autonumber" href="https://mitpress.mit.edu/books/guidance-enterprise-economy">[1]</a> MIT Press (2016)</li> <li>Abergel, F., Aoyama, H., Chakrabarti, B.K., Chakraborti, A., Deo, N., Raina, D., Vodenska, I. (Eds.), <i>Econophysics and Sociophysics: Recent Progress and Future Directions</i>, <a rel="nofollow" class="external autonumber" href="https://www.springer.com/in/book/9783319477046">[2]</a>, New Economic Windows Series, Springer (2017)</li> <li>Marcelo Byrro Ribeiro, <a rel="nofollow" class="external text" href="https://www.cambridge.org/9781107092532"><i>Income Distribution Dynamics of Economic Systems: An Econophysical Approach</i></a>, <a rel="nofollow" class="external text" href="https://www.cambridge.org/core/books/income-distribution-dynamics-of-economic-systems/F765B2DB8D01548FE87B6C196E5AD8A2">Cambridge University Press (Cambridge, UK, 2020)</a>.</li> <li>Max Greenberg and H. Oliver Gao, "Twenty-five years of random asset exchange modeling"<a rel="nofollow" class="external autonumber" href="https://doi.org/10.1140/epjb/s10051-024-00695-3">[3]</a> European Physical Journal B, vol. 97 art. 69 (2024).</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=12" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.scientificamerican.com/article/is-inequality-inevitable/">Is Inequality Inevitable?; Scientific American, November 2019</a></li> <li><a rel="nofollow" class="external text" href="https://www.repository.cam.ac.uk/bitstream/handle/1810/279683/Chris_Thesis_FINAL.pdf?sequence=5&isAllowed=y%22">When Physics Became Undisciplined (& Fathers of Econophysics): Cambridge University Thesis (2018)</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20111109211142/http://staffnet.kingston.ac.uk/~ku32530/PPE/PPEindex.html">Conference to mark 25th anniversary of Farjoun and Machover's book</a></li> <li><a rel="nofollow" class="external text" href="http://www.econophysics-colloquium.org/">Econophysics Colloquium</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Lectures">Lectures</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Econophysics&action=edit&section=13" title="Edit section: Lectures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Economic Fluctuations and Statistical Physics: Quantifying Extremely Rare and Much Less Rare Events, <a href="/wiki/Eugene_Stanley" class="mw-redirect" title="Eugene Stanley">Eugene Stanley</a>, <a rel="nofollow" class="external text" href="http://videolectures.net/ccss09_stanley_efasp/">Videolectures.net</a></li> <li>Applications of Statistical Physics to Understanding Complex Systems, <a href="/wiki/Eugene_Stanley" class="mw-redirect" title="Eugene Stanley">Eugene Stanley</a>, <a rel="nofollow" class="external text" href="http://videolectures.net/eccs08_stanley_aosptucs/">Videolectures.net</a></li> <li>Financial Bubbles, Real Estate Bubbles, Derivative Bubbles, and the Financial and Economic Crisis, <a href="/wiki/Didier_Sornette" title="Didier Sornette">Didier Sornette</a>, <a rel="nofollow" class="external text" href="http://videolectures.net/ccss09_sornette_fbreb/">Videolectures.net</a></li> <li>Financial crises and risk management, <a href="/wiki/Didier_Sornette" title="Didier Sornette">Didier Sornette</a>, <a rel="nofollow" class="external text" href="http://videolectures.net/risc08_sornette_fcrm/">Videolectures.net</a></li> <li>Bubble trouble: how physics can quantify stock-market crashes, <a href="/wiki/Tobias_Preis" title="Tobias Preis">Tobias Preis</a>, <a rel="nofollow" class="external text" href="http://physicsworld.com/cws/article/multimedia/45725">Physics World Online Lecture Series</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111230024540/http://physicsworld.com/cws/article/multimedia/45725">Archived</a> 2011-12-30 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl 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economics">Pluralism in economics</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Empirical_research" title="Economics">Empirical</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a> <ul><li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li></ul></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Economic history</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Major_branches_of_physics" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Branches_of_physics" title="Template:Branches of physics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Branches_of_physics" title="Template talk:Branches of physics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Branches_of_physics" title="Special:EditPage/Template:Branches of physics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Major_branches_of_physics" style="font-size:114%;margin:0 4em">Major <a href="/wiki/Branches_of_physics" title="Branches of physics">branches of physics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Divisions</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Basic_research" title="Basic research">Pure</a></li> <li><a href="/wiki/Applied_physics" title="Applied physics">Applied</a> <ul><li><a href="/wiki/Engineering_physics" title="Engineering physics">Engineering</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Approaches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Experimental_physics" title="Experimental 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