Econophysics and Sociophysics: Trends and Perspectives

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Bikas K. Chakrabarti, Anirban Chakraborti, Arnab Chatterjee
John Wiley & Sons, Feb 27, 2007 - Science - 648 pages
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Using tricks to handle coupled nonlinear dynamical many-body systems, several advancements have already been made in understanding the behavior of markets/economic/social systems and their dynamics. The book intends to provide the reader with updated reviews on such major developments in both econophysics and sociophysics, by leading experts in the respective fields. This is the first book providing a panoramic view of these developments in the last decade.

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1 A Thermodynamic Formulation of Economics
2 Zerointelligence Models of Limitorder Markets
3 Understanding and Managing the Future Evolution of a Competitive Multiagent Population
4 Growth of Firms and Networks
5 A Review of Empirical Studies and Models of Income Distributions in Society
6 Models of Wealth Distributions A Perspective
7 The Contribution of Moneytransfer Models to Economics
8 Fluctuations in Foreign Exchange markets
13 Opinion Dynamics Minority Spreading and Heterogeneous Beliefs
14 Global Terrorism versus Social Permeability to Underground Activities
15 How a Hit is Born The Emergence of Popularity from the Dynamics of Collective Choice
16 Crowd Dynamics
17 Complexities of Social Networks A Physicists Perspective
18 Emergence of Memory in Networks of Nonlinear Units From Neurons to Plant Cells
19 Selforganization Principles in Supply Networks and Production Systems
20 Can we Recognize an Innovation? Perspective from an Evolving Network Model

9 Econophysics of Stock and Foreign Currency Exchange Markets
10 A Thermodynamic Formulation of Social Science
11 Computer Simulation of Language Competition by Physicists
12 Social Opinion Dynamics
Color Plates
Subject Index
Author Index

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About the author (2007)

Bikas K Chakrabarti is a senior professor of theoretical condensed matter physics at the Saha Institute of Nuclear Physics, Kolkata, India. He received his doctorate in physics from Calcutta University in 1979. Following postdoctoral positions at Oxford University and Cologne University, he joined the Saha Institute of Nuclear Physics, Kolkata in 1983. Among others, his key research interests are statistical physics of linear polymers in disordered media and physics of quantum glasses and annealing and, recently, applications of statistical physics to interdisciplinary areas of geoscience (earthquake models) and economics (wealth distribution in societies). He has written and edited several books on these topics. Professor Chakrabarti is a fellow of the Indian Academy of Sciences (Bangalore) and the Indian National Science Academy (New Delhi).

Anirban Chakraborti is a lecturer in theoretical physics at Banaras Hindu University (BHU), Banaras, India. He received his doctorate in physics from Jadavpur University in 2003. Following postdoctoral positions at Helsinki University of Technology, Brookhaven National Laboratory and Saha Institute of Nuclear Physics, he moved back to India to work at BHU. Statistical physics of the traveling salesman problem, models of trading markets, stock market correlations and portfolio optimization, adaptive minority games and bioinformatics have been his major research interests.

Arnab Chatterjee is a graduate student of theoretical condensed matter physics at the Saha Institute of Nuclear Physics, Kolkata, India. He has worked on dynamic transitions in Ising models, while also taking an interest in the application of statistical physics to varied interdisciplinary fields such as complex networks and econophysics. He has studied structural properties of the transport networks and is now into developing the ideal-gas models of markets.

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