Empirical laws are rare in economics. This book describes efforts to anchor economic knowledge to invariant empirical laws. It links 17th and 18th century Galilean monetary economists to econophysics, a field that emerged in the mid-1990s. This virtual journey from past to present is charted by...

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...

This book rehabilitates beta as a definition of systemic risk by using particle physics to evaluate discrete components of financial risk. Much of the frustration with beta stems from the failure to disaggregate its discrete components; conventional beta is often treated as if it were "atomic"...

This book describes a system of mathematical models and methods that can be used to analyze real economic and managerial decisions and to improve their effectiveness. Application areas include: management of development and operation budgets, assessment and management of economic systems using...

This book contains high-quality multi-disciplinary research contributions addressing theoretical and computational aspects of interaction and coordination of economic agents. It focuses on emergent phenomena and collective behavior in economic activities as well as on the development of...

The proceedings of the international conference "SMSEC2014", a joint conference of the first "Social Modeling and Simulations" and the 10th "Econophysics Colloquium", held in Kobe in November 2014 with 174 participants, are gathered herein. Cutting edge scientific researches on various social...

Mit der Finanzkrise ist auch die klassische ökonomische Theoriebildung in eine Krise geraten: In effizienten Märkten sollte es eigentlich keine Asset-Blasen und Börsencrashs geben. Als interdisziplinärer Ansatz der Wirtschaftswissenschaften und der Physik besteht der Anspruch der...

Understanding the distribution of income and wealth in an economy has been a classic problem in economics for the last hundred years. Apart from the rapidly decaying number density of people with their income crossing over to a robust power law for the very rich, known as the Pareto power-law,...

Econophysics of Games and Social Choices -- Kolkata Paise Restaurant Problem in Some Uniform Learning Strategy Limits -- Cycle Monotonicity in Scheduling Models -- Reinforced Learning in Market Games -- Mechanisms Supporting Cooperation for the Evolutionary Prisoner’s Dilemma Games -- Economic...

The book provides an overview of the policy frameworks that have been employed to support offshore wind power, and their efficacy in nurturing sustainable cost reductions across the industry.A growing number of countries are increasingly receptive to the prospect of implementing policies to...