Patterns of Speculation A Study in Observational Econophysics Bertrand M Roehner 9780511613494 Books
Download As PDF : Patterns of Speculation A Study in Observational Econophysics Bertrand M Roehner 9780511613494 Books
The main objective of this book is to show that behind the bewildering diversity of historical speculative episodes, it is possible to find hidden regularities. Speculative bubbles require the study of various episodes in order for a comparative perspective to be obtained and the analysis developed in this book follows a few simple but unconventional ideas. To that end, the author demonstrates how some of the basic concepts of dynamical system theory, such as the notions of impulse response, reaction times and frequency analysis, play an instrumental role in describing and predicting speculative behavior.
Patterns of Speculation A Study in Observational Econophysics Bertrand M Roehner 9780511613494 Books
This book is very technical and has good information, but it is not up to date as it was written in 2002.Product details
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Patterns of Speculation A Study in Observational Econophysics Bertrand M Roehner 9780511613494 Books Reviews
Econophysics a relative, new and exciting field often (and justifiably?) suffers from bad press, as this definition taken from [...] points out
"It is the application of the principles of mathematical physics to the study of financial markets. Experts are beginning to discover that the world economy behaves like a collection of electrons or a group of water molecules that interact with each other. With new tools of statistical analysis, like the recent breakthroughs in understanding chaotic systems, it is beginning to be possible to make sense of these hugely complicated systems (one year of the world's financial markets produces about 24 CD-ROMs' worth of data, so there's no shortage of material to number-crunch). As a result, specialists are addressing a variety of questions that are difficult or impossible to understand using conventional economic principles Is the market random, or is there any underlying order? In particular, are there any long-term trends that can be foretold? Are financial crashes inevitable? Someone who is an expert in this arcane field is an econophysicist."
Here in lies its weakness, eoconphysics is percieved not only as mathematically, but also as conceptually non intutive and difficult for anyone but the the seasoned physicsist or mathematician who has had years of prior experience in statistics and mathematical physics in order to grasp both the qualitative and quantative flavor of the burgeoning filed!
Perhaps this was true until the advent of books like this, it is simple, straightforward approach not only captures the essence of the field but also provides useful history on the evolution of the field as a new sub discipline.
The text is remarkably readable and is accessible not only to graduate and undergraduate students in Physics and Economics but perhaps even to a good high school student with a working knowledge of statistics and calculus, with its focus on comparative empirical studies and the construction of models that reflect data as opposed to theory.
Each chapter presents plenty of data and the author at each step explains not only economically but also physically what is occurring as he builds his models and explains his methods of analysis.
This is an excellent self contained book and a joy to read.
This book is very technical and has good information, but it is not up to date as it was written in 2002.
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