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Econophysics: A New Challenge For Financial Economics?

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  • JOVANOVIC, FRANCK
  • SCHINCKUS, CHRISTOPHE

Abstract

Financial economics was born in the 1960s. It took less than two decades for the new discipline’s main theoretical results to become established, creating what is considered to be mainstream financial economics. Less than thirty years later, a new field of research called “econophysics” was created. This field aims to reinvent modern financial theory and, indirectly, financial economics.This article proposes to study, by an historical analysis, to what extent econophysics today could constitute one of the major theoretical challenges to financial economics. It shows how these two fields have historical similarities, and analyzes how these similarities call the future evolution of financial theory into question.

Suggested Citation

  • Jovanovic, Franck & Schinckus, Christophe, 2013. "Econophysics: A New Challenge For Financial Economics?," Journal of the History of Economic Thought, Cambridge University Press, vol. 35(3), pages 319-352, September.
    • Handle: RePEc:cup:jhisec:v:35:y:2013:i:03:p:319-352_00
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    Citations

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    Cited by:

    1. Boris Salazar, 2016. "Mandelbrot, Fama and the emergence of econophysics," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 35(69), pages 637-662, April.
    2. Paulo Ferreira & Éder J.A.L. Pereira & Hernane B.B. Pereira, 2020. "From Big Data to Econophysics and Its Use to Explain Complex Phenomena," JRFM, MDPI, vol. 13(7), pages 1-10, July.
    3. Nikolaos Th. Chatzarakis, 2021. "Revisiting the role and consequences of Econophysics from a Marxian perspective," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(1), pages 45-68, June.
    4. Brisset, Nicolas, 2017. "On Performativity: Option Theory And The Resistance Of Financial Phenomena," Journal of the History of Economic Thought, Cambridge University Press, vol. 39(4), pages 549-569, December.
    5. 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.
    6. Poitras, Geoffrey & Heaney, John, 2015. "Classical Ergodicity and Modern Portfolio Theory," MPRA Paper 113952, University Library of Munich, Germany.
    7. Subhendu Bhattacharyya, 2021. "A small step towards unification of economics and physics," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 20(1), pages 69-84, June.
    8. de Area Leão Pereira, Eder Johnson & da Silva, Marcus Fernandes & Pereira, H.B.B., 2017. "Econophysics: Past and present," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 473(C), pages 251-261.

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