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Econophysics/Mathematical Finance - Trends
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They decided to tackle the complex problems posed by economics, especially by financial markets. Unsatisfied with the traditional explanations of economists, they applied tools and methods from physics - first to try to match financial data sets, and then to explain more general economic phenomena. One driving force behind econophysics arising at this time was the availability of huge amounts of financial data, starting in the 1980s. It became apparent that traditional methods of analysis were insufficient - standard economic methods dealt with homogeneous agents and equilibrium, while many of the more interesting phenomena in ...
The striking feature is how little most of those present seem to know about complexity theory and agent based modelling. Much of the difference between those here and the mainstream is dispute about policy. That said, Soros himself this morning referred constantly to his own theory of ‘reflexivity’, by which he essentially means interacting agents, the feedback which takes place between such agents the session last night was on Keynes and Hayek. A bit strange at a conference on NEW thinking to go back to the works of someone who died in 1946 (K) and someone whose major ... Read More
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