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By Franck Jovanovic, Christophe Schinckus

"Econophysics and monetary Economics offers the 1st vast analytic comparability among types and effects from econophysics and fiscal economics in an available and customary vocabulary. Jovanovic and Schinckus stream past disciplinary frontiers to start up the improvement of a standard theoretical framework that is sensible for either commonly educated monetary economists and econophysicists. The major

"This e-book strikes past the disciplinary frontiers with a purpose to begin the improvement of a standard theoretical framework that is smart for either characteristically knowledgeable monetary economists and econophysicists. not like different guides devoted to econophysics, this publication is written through monetary economists and it situates econophysics within the evolution of monetary economics. the foremost matters that situation the collaboration among the 2 fields are analyzed intimately. extra particularly, this ebook explains the theoretical and methodological foundations of those fields in an available vocabulary supplying the 1st broad analytic comparability among types and effects from either fields. The publication additionally identifies the most important conceptual gate-keepers that complicate discussion among the 2 groups whereas it offers parts to beat them. by means of blending conceptual, historic, theoretical and formal arguments our research bridges the present deaf discussion among monetary economists and econophysicists. This e-book info the hot leads to econophysics that deliver it in the direction of monetary economics. So doing, it identifies what is still performed for econophysicists to give a contribution considerably to monetary economics. past the explanation of the present state of affairs, this e-book additionally proposes a commonly used version suitable with the 2 fields, defining minimum stipulations for universal types. eventually, this booklet presents a study schedule for a extra fruitful collaboration among econophysicists and monetary economists, developing new examine possibilities. during this standpoint, it lays the principles for universal theoretical framework and models"-- Read more...

summary: "Econophysics and fiscal Economics presents the 1st broad analytic comparability among types and effects from econophysics and fiscal economics in an obtainable and customary vocabulary. Jovanovic and Schinckus circulation past disciplinary frontiers to start up the improvement of a standard theoretical framework that is smart for either normally informed monetary economists and econophysicists. the main matters that restrict and impede collaboration among the 2 fields are analyzed intimately. The publication explains the theoretical and methodological foundations of those fields in an obtainable vocabulary supplying the 1st wide analytic comparability among types and effects from either fields. via blending conceptual, old, theoretical and formal arguments and research, the e-book information the new ends up in econophysics that deliver it in the direction of monetary economics. past the clarifying the present scenario of 2 camps, this booklet additionally proposes a accepted version suitable with the 2 fields that during flip is helping outline minimum stipulations for universal types. It additionally identifies what continues to be performed for econophysicists to give a contribution considerably to monetary economics. ultimately, this booklet offers a examine schedule for a extra fruitful collaboration among econophysicists and monetary economists, growing new examine possibilities. Econophysics and monetary Economics is a vital step in making a ecocnomic discussion among monetary economists and econophysicists. It does so via picking out a typical theoretical framework permitting the production of extra effective types for the monetary industry."--

"This ebook strikes past the disciplinary frontiers for you to begin the advance of a typical theoretical framework that is smart for either normally proficient monetary economists and econophysicists. not like different guides devoted to econophysics, this e-book is written by means of monetary economists and it situates econophysics within the evolution of monetary economics. the main concerns that difficulty the collaboration among the 2 fields are analyzed intimately. extra particularly, this publication explains the theoretical and methodological foundations of those fields in an obtainable vocabulary offering the 1st vast analytic comparability among types and effects from either fields. The publication additionally identifies the main conceptual gate-keepers that complicate discussion among the 2 groups whereas it presents parts to beat them. via blending conceptual, ancient, theoretical and formal arguments our research bridges the present deaf discussion among monetary economists and econophysicists. This ebook info the hot leads to econophysics that convey it towards monetary economics. So doing, it identifies what continues to be performed for econophysicists to give a contribution considerably to monetary economics. past the explanation of the present scenario, this ebook additionally proposes a established version suitable with the 2 fields, defining minimum stipulations for universal types. eventually, this publication presents a study schedule for a extra fruitful collaboration among econophysicists and monetary economists, developing new examine possibilities. during this viewpoint, it lays the rules for universal theoretical framework and types"

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Extra resources for Econophysics and financial economics : an emerging dialogue

Example text

Here again, except for the work of Cowles and Jones (1937),3 research was not focused on the distribution but aimed at confirming the independence of stock price variations. Paradoxically, the first analyses of the distribution of stock market fluctuations were not developed by these authors, but by macroeconomists and statisticians whose research was conducted independently of early research dedicated to financial markets. 4 As Morgan and Klein (2001) showed, this “age of economic measurement” involved the use of various instruments to describe empirical phenomena.

This is 16 Econophysics and Financial Economics what the efficient-​market hypothesis should be, but this hypothesis does not really reach this goal. To establish this link, Fama extended the early theoretical thinking of the 1960s and transposed onto financial markets the concept of free competitive equilibrium on which rational agents would act (1965b, 56). Such a market would be characterized by the equalization of stock prices with their equilibrium value. 45 The latter considers that the equilibrium model valued stocks using all available information in accordance with the idea of competitive markets.

Financial economists are generally aware that empirical examples contradict the ideal of freely competitive stock markets. However, despite these empirical contradictions, most financial economists hold onto this theoretical ideal. Faced with these contradictions, they try to adopt rules for going through a more free, competitive market. Such apriorism is well documented in the economics literature, where several authors have studied its potential consequences on the financial industry 20╇ Econophysics and Financial Economics (Schinckus 2008, 2012; McGoun 1997; Macintosh 2003; Macintosh et al.

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