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This book provides a guide to the analysis of complex systems through the lens of data science.
This book presents the latest findings on network theory and agent-based modeling of economic and financial phenomena. In this context, the economy is depicted as a complex system consisting of heterogeneous agents that interact through evolving networks; the aggregate behavior of the economy arises out of billions of small-scale interactions that take place via countless economic agents. The book focuses on analytical modeling, and on the econometric and statistical analysis of the properties emerging from microscopic interactions. In particular, it highlights the latest empirical and theoretical advances, helping readers understand economic and financial networks, as well as new work on mo...
This book provides a multidisciplinary analysis of the many socio-economic challenges posed by COVID-19 pandemic across international boundaries, disrupting the economic system and life styles globally. It starts by setting the historical context of the pandemic and proceeds to describe the impact on the Indian economy, how certain sections of the population have become economically and psychologically vulnerable. International experts from diverse fields—development economics, macroeconomics, corporate finance, history, sociology, psychology, public policy, and urban studies—contribute to this exciting analysis of an Indian and global society at the crossroads. The book examines emergin...
One of the key issues the world grappled with during COVID-19 was the distributional implications of lockdowns globally. The shadow of lockdown policies continues when nations still try to emerge out of the pandemic. Heterogeneity herein over time, country and even within nations in policy making resulted in unintended consequences and debates between citizens, scientists, policy makers and civil society. Responses to COVID-19 meanwhile tried to balance a long run approach which involved the health sector, built on an innovation-oriented mindset and kept in mind the broader economic implications of policy decisions for the future.Flattening the Curve is an effort to summarize these learnings...
The primary goal of this book is to present the research findings and conclusions of physicists, economists, mathematicians and financial engineers working in the field of "Econophysics" who have undertaken agent-based modelling, comparison with empirical studies and related investigations. Most standard economic models assume the existence of the representative agent, who is “perfectly rational” and applies the utility maximization principle when taking action. One reason for this is the desire to keep models mathematically tractable: no tools are available to economists for solving non-linear models of heterogeneous adaptive agents without explicit optimization. In contrast, multi-agent models, which originated from statistical physics considerations, allow us to go beyond the prototype theories of traditional economics involving the representative agent. This book is based on the Econophys-Kolkata VII Workshop, at which many such modelling efforts were presented. In the book, leading researchers in their fields report on their latest work, consider recent developments and review the contemporary literature.
This book provides the first comprehensive introduction to multi-agent, multi-choice repetitive games, such as the Kolkata Restaurant Problem and the Minority Game. It explains how the tangible formulations of these games, using stochastic strategies developed by statistical physicists employing both classical and quantum physics, have led to very efficient solutions to the problems posed. Further, it includes sufficient introductory notes on information-processing strategies employing both classical statistical physics and quantum mechanics. Games of this nature, in which agents are presented with choices, from among which their goal is to make the minority choice, offer effective means of modeling herd behavior and market dynamics and are highly relevant to assessing systemic risk. Accordingly, this book will be of interest to economists, physicists, and computer scientists alike.
This book presents the latest perspectives and challenges within the interrelated fields of econophysics and sociophysics, which have emerged from the application of statistical physics to economics and sociology. Economic and financial markets appear to be in a permanent state of flux. Billions of agents interact with each other, giving rise to complex dynamics of economic quantities at the micro and macro levels. With the availability of huge data sets, researchers can address questions at a much more granular level than was previously possible. Fundamental questions regarding the aggregation of actions and information and the coordination, complexity, and evolution of economic and financial networks are currently receiving much attention in the econophysics research agenda. In parallel, the sociophysics literature has focused on large-scale social data and their interrelations. In this book, leading researchers from different communities – economists, sociologists, financial analysts, mathematicians, physicists, statisticians, and others – report on their recent work and their analyses of economic and social behavior.
This book presents the proceedings from ECONOPHYS-2015, an international workshop held in New Delhi, India, on the interrelated fields of “econophysics” and “sociophysics”, which have emerged from the application of statistical physics to economics and sociology. Leading researchers from varied communities, including economists, sociologists, financial analysts, mathematicians, physicists, statisticians, and others, report on their recent work, discuss topical issues, and review the relevant contemporary literature. A society can be described as a group of people who inhabit the same geographical or social territory and are mutually involved through their shared participation in diff...
This book presents the works and research findings of physicists, economists, mathematicians, statisticians, and financial engineers who have undertaken data-driven modelling of market dynamics and other empirical studies in the field of Econophysics. During recent decades, the financial market landscape has changed dramatically with the deregulation of markets and the growing complexity of products. The ever-increasing speed and decreasing costs of computational power and networks have led to the emergence of huge databases. The availability of these data should permit the development of models that are better founded empirically, and econophysicists have accordingly been advocating that on...