Experimental Econophysics: Properties and Mechanisms of by Ji-Ping Huang PDF

By Ji-Ping Huang

ISBN-10: 3662442337

ISBN-13: 9783662442333

ISBN-10: 3662442345

ISBN-13: 9783662442340

Experimental Econophysics describes the tactic of managed human experiments, that is constructed through physicists to check a few difficulties in economics or finance, specifically, stylized evidence, fluctuation phenomena, herd habit, contrarian behavior,
hedge habit, cooperation, company cycles, partial details, threat administration, and inventory prediction. Experimental econophysics including empirical econophysics are branches of the sphere of econophysics. The latter one has been
extensively mentioned within the current books, whereas the previous one has been seldom touched. during this publication, the writer will concentrate on the department of experimental econophysics.

Empirical econophysics is predicated at the research of information in genuine markets by utilizing a few statistical instruments borrowed from conventional statistical physics. otherwise, encouraged through the function of managed experiments and procedure modelling (for machine simulations and/or analytical thought) in constructing smooth physics, experimental econophysics especially depends on managed human experiments within the laboratory (producing information for research) including agent-based modelling (for machine simulations and/or analytical theory), with an goal at revealing the general
cause-effect dating among particular parameters and emergent homes of actual economic/financial markets. This booklet covers the fundamental thoughts, experimental equipment, modelling techniques, and newest growth within the box of experimental

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But what strategies should be adopted by agents so that the real-world phenomena in financial markets can be regenerated? What kind of payoff function is able to reflect the investment demands properly? Do the time scales at which agents make decisions impact on global information? All these questions are still waiting to be answered in the future. 3 How to Test the Reliability of Agent-Based Models Whether the agent-based model is successful or not depends on whether it can stand empirical and experimental tests.

1 Initial Remarks In books on statistical mechanics, information theory is a chapter that cannot be ignored. At first look, you may wonder how information theory is linked to statistical physics. They seem like two totally different scientific fields. In this section, I give a brief introduction to the theory. Through it, you can see how information theory borrowed the concept of entropy from physics and then how physicists used information theory to reinterpret their statistical researches and further developed information theory.

5) and letting M = n1 , we obtain f 1 n C A = − ln(n) + . 12) Now we should try to find the values of the two constants, A and C. On the boundary condition n = 1, the experiment only has one sure outcome. Therefore, now the uncertainty should be zero. From Eqs. 12), we have H (1) = f (1) = C = 0. , n n n = −Aln(n). 13) Now, let us turn to the second property of H . It is said that H should increase with n monotonically, hence ddnH = − nA ≥ 0, which means A ≤ 0. It is obvious that A = 0. So, we let K = −A with K being a positive constant.

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Experimental Econophysics: Properties and Mechanisms of Laboratory Markets by Ji-Ping Huang

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