By Rosario N. Mantegna
Statistical physics innovations akin to stochastic dynamics, brief- and long-range correlations, self-similarity and scaling, enable an figuring out of the worldwide habit of financial platforms with out first having to see a close microscopic description of the approach. This pioneering textual content explores using those thoughts within the description of monetary platforms, the dynamic new distinctiveness of econophysics. The authors illustrate the scaling thoughts utilized in likelihood conception, serious phenomena, and fully-developed turbulent fluids and observe them to monetary time sequence. additionally they current a brand new stochastic version that monitors numerous of the statistical homes saw in empirical information. Physicists will locate the applying of statistical physics innovations to financial platforms interesting. Economists and different monetary execs will enjoy the book's empirical research equipment and well-formulated theoretical instruments that may let them describe platforms composed of an incredible variety of interacting subsystems.