Financial economic models often assume that investors know (or agree on) the fundamental value of the shares of the firm, easing the passage from the individual to the collective dimension of the financial system generated by the Share Exchange over time. Our model relaxes that heroic assumption...

The substantial turmoil created by both 2000 dot-com crash and 2008 subprime crisis has fueled the belief that the two classical paradigms of economics, which are the invisible hand and the rational agent, are not appropriate to describe market dynamics and should be abandoned at the benefit of...

Since the attribution of the Nobel prize in 2002 to Kahneman for prospect theory, behavioral finance has become an increasingly important subfield of finance. However the main parts of behavioral finance, prospect theory included, understand financial markets through individual investment...

Public debates driven by incomplete scientific data where nobody can claim absolute certainty, due to the current state of scientific knowledge, are studied. The cases of evolution theory, global warming and H1N1 pandemic influenza are investigated. The first two are of controversial impact...

Some universal features are independent of both the social nature of the individuals making the decision and the nature of the decision itself. On this basis a simple magnet like model is built. Pair interactions are introduced to measure the degree of exchange among individuals while...

A modified version of a finite random field Ising ferromagnetic model in an external magnetic field at zero temperature is presented to describe group decision making. Fields may have a non-zero average. A postulate of minimum inter-individual conflicts is assumed. Interactions then produce a...

The origins of Sociophysics are discussed from a personal testimony. I trace back its history to the late 1970s. My 20 years of activities and research to establish and promote the field are reviewed. In particular, the conflicting nature of Sociophysics with the physics community is revealed...

Behavioral finance has become an increasingly important subfield of finance. However the main parts of behavioral finance, prospect theory included, understand financial markets through individual investment behavior. Behavioral finance thereby ignores any interaction between participants. We...

We study the effect of inflexible agents on two state opinion dynamics. The model operates via repeated local updates of random grouping of agents. While floater agents do eventually flip their opinion to follow the local majority, inflexible agents keep their opinion always unchanged. It is a...