Due to the strong complexity of financial markets, economics does not have a unified theory of price formation in financial markets. The most common assumption is the Efficient-Market Hypothesis, which has been attacked by a number of researchers, using different tools. There were varying...

Market data for financial studies typically derives from either historical transactions or contemporaneous surveys of sentiment and perceptions. The research communities analyzing data from these opposing categories of source data see themselves as distinct, with advantages not shared by the...

This study investigates uncertainty levels of various industries and tries to determine financial ratios having the greatest information content in determining the set of industry characteristics. It then uses these ratios to develop industry specific financial distress models. First, we employ...

This text was written as part of the project Modelling of Complex Systems for Public Policy. It reviews the classical authors who jointly contributed to establish the elements of what could constitute a "science of complexity". Based on the original writings of these authors, the text discusses...

This paper explores the foundations and properties of the quantal response statistical equilibrium (QRSE) model developed by Scharfenaker and Foley (2017). The QRSE model provides a behavioral foundation for the formation of aggregate economic outcomes in social systems characterized by negative...

Economic systems produce robust statistical patterns in key sate variables including prices and incomes. Statistical equilibrium methods explain the distributional proper- ties of state variables as arising from specific institutional and behavioral postulates. Two traditions have developed in...

This paper develops a new methodology in order to study the role of dynamic expectations. Neither reference-point theories nor feedback models are sufficient to describe human expectations in a dynamic market environment. We use an interdisciplinary approach and demonstrate that expectations of...

Valid and reliable individual time use data in connection with an appriate set of socio-economic background variables are essential elements of an empirical foundation and evaluation of existing time use theories and for the search of new empirical-based hypotheses about individual behavior....

Purpose – The purpose is to reflect on writing a PhD proposal. Design/methodology/approach – The paper is a poem based on the author's experience. Findings – This is meditation on how the topic, theory and method for a research project all need to be fine‐tuned, so they are in balance....

Purpose – The paper seeks to outline an approach to a unified framework for understanding the concept of “information” in the physical, biological and human domains, and to see what links and interactions may be found between them. It also aims to re‐examine the information science...