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Econophysics And Economic Complexity

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Author Info

  • J. BARKLEY ROSSER

    ()
    (James Madison University, USA)

Abstract

This paper discusses the debate between those advocating a computational and those advocating a dynamic definition of complexity, and how this relates to issues in econophysics. It then reviews the criticisms that have been raised about ways in which econophysics has been done, noting that many of these are now being dealt with. Finally, it argues that while an obvious way to resolve many of these matters is to have economists and physicists work together, the physicists should be sure to work with economists who understand the complexity critique of conventional economic theory and are thus not led astray into building models that have some of the problems of standard economics models that most econophysicists have striven to overcome.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Advances in Complex Systems.

Volume (Year): 11 (2008)
Issue (Month): 05 ()
Pages: 745-760

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Handle: RePEc:wsi:acsxxx:v:11:y:2008:i:05:p:745-760

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Related research

Keywords: Bubbles and crashes; complexity; econophysics; emergence;

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Cited by:
  1. Vladimir Filimonov & Didier Sornette, 2011. "A Stable and Robust Calibration Scheme of the Log-Periodic Power Law Model," Science & Finance (CFM) working paper archive 1108.0099, Science & Finance, Capital Fund Management, revised Jun 2013.
  2. Zhi-Qiang Jiang & Wei-Xing Zhou & D. Sornette & Ryan Woodard & Ken Bastiaensen & Peter Cauwels, . "Bubble Diagnosis and Prediction of the 2005-2007 and 2008-2009 Chinese stock market bubbles," Working Papers CCSS-09-008, ETH Zurich, Chair of Systems Design.
  3. Orlando Gomes, 2012. "Endogenous Heterogeneity, the Propagation of Information and Macroeconomic Complexity," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 6(1), pages 38-58, March.
  4. Pawe{\l} Fiedor, 2013. "Structural Changes on Warsaw's Stock Exchange: the end of Financial Crisis," Science & Finance (CFM) working paper archive 1311.4230, Science & Finance, Capital Fund Management.
  5. Giorgio Fagiolo, 2009. "The International-Trade Network: Gravity Equations and Topological Properties," LEM Papers Series 2009/08, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  6. Schinckus, C., 2013. "Between complexity of modelling and modelling of complexity: An essay on econophysics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(17), pages 3654-3665.
  7. Filimonov, V. & Sornette, D., 2013. "A stable and robust calibration scheme of the log-periodic power law model," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(17), pages 3698-3707.
  8. Jiang, Zhi-Qiang & Zhou, Wei-Xing & Sornette, Didier & Woodard, Ryan & Bastiaensen, Ken & Cauwels, Peter, 2010. "Bubble diagnosis and prediction of the 2005-2007 and 2008-2009 Chinese stock market bubbles," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 149-162, June.
  9. Pawe{\l} Fiedor, 2013. "Frequency Effects on Predictability of Stock Returns," Science & Finance (CFM) working paper archive 1310.5540, Science & Finance, Capital Fund Management, revised Nov 2013.

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