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Knightian uncertainty and the limitations of the Savage Heuristic

Foss, Nicolai J. - In: European management review : EMR 20 (2023) 4, pp. 626-631

Persistent link: https://www.econbiz.de/10014468114

Efficiency assessment of regional social and demographic process management : global trends and regional specifics : general theme C. demography, migration and population

Vasilyeva, Elena - 2013

management of regional social and demographic process is assessed. This paper presents methodology for assessment of efficiency … of the social and demographic processes management on a regional level. The methodology is based on indicative analysis … understanding of the nature of social and demographic processes in the region, this methodology also addresses the task of …

Persistent link: https://www.econbiz.de/10011570871

Stochastic behavioral asset pricing models and the stylized facts

Lux, Thomas - 2008

High-frequency financial data are characterized by a set of ubiquitous statistical properties that prevail with surprising uniformity. While these 'stylized facts' have been well-known for decades, attempts at their behavioral explanation have remained scarce. However, recently a new branch of...

Persistent link: https://www.econbiz.de/10010295122

Applications of statistical physics in finance and economics

Lux, Thomas - 2007

economics and nance. The bulk of what has recently become known as 'econophysics' in broader circles draws its motivation from … applications of statistical physics methodology in nance and attempts to evaluate the impact they have had so far on nancial … the recent inception of new strands of research on this topic both within econophysics and the neoclassical economics …

Persistent link: https://www.econbiz.de/10010295154

Power-Law and Log-Normal Distributions in Firm Size Displacement Data

Ishikawa, Atushi - 2008

We have shown that firm size signed displacement data follow not only power-law in the large scale region but also the log-normal distribution in the middle scale one. In the analyses, we employ three databases: high-income data, high-sales data and positive-profits data of Japanese firms. It is...

Persistent link: https://www.econbiz.de/10010298581

Power-Law and Log-Normal Distributions in Temporal Changes of Firm-Size Variables

Ishikawa, Atushi - In: Economics: The Open-Access, Open-Assessment E-Journal 3 (2009) 2009-11, pp. 1-25

In this paper the author shows that signed temporal changes of firm size variables follow the power-law for large changes; while, for middle changes a log-normal distribution is found. In the analyses, the author employed three databases: highincome data, high-sales data and positive-profits...

Persistent link: https://www.econbiz.de/10010298630

Efficiency and stability in complex financial markets

Caccioli, Fabio; Marsili, Matteo - 2010

The authors study a simple model of an asset market with informed and non-informed agents. In the absence of non-informed agents, the market becomes information efficient when the number of traders with different private information is large enough. Upon introducing non-informed agents, the...

Persistent link: https://www.econbiz.de/10010299740

Financial markets as a complex system: A short time scale perspective

Marschinski, Robert; Matassini, Lorenzo - 2001

In this paper we want to discuss macroscopic and microscopic properties of financial markets. By analyzing quantitatively a database consisting of 13 minute per minute recorded financial time series, we identify some macroscopic statistical properties of the corresponding markets, with a special...

Persistent link: https://www.econbiz.de/10010301759

A new method for measuring tail exponents of firm size distributions

Fujimoto, Shouji; Ishikawa, Atushi; Mizuno, Takayuki; … - 2011

We propose a new method for estimating the power-law exponent of a firm size variable, such as annual sales. Our focus is on how to empirically identify a range in which a firm size variable follows a power-law distribution. As is well known, a firm size variable follows a power-law distribution...

Persistent link: https://www.econbiz.de/10010305976

Income tax evasion dynamics: Evidence from an agent-based econophysics model

Pickhardt, Michael; Seibold, Goetz - 2011

We analyze income tax evasion dynamics in a standard model of statistical mechanics, the Ising model of ferromagnetism. However, in contrast to previous research, we use an inhomogeneous multi-dimensional Ising model where the local degrees of freedom (agents) are subject to a specific social...

Persistent link: https://www.econbiz.de/10010307606