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By Rosario N. Mantegna

Statistical physics ideas reminiscent of stochastic dynamics, brief- and long-range correlations, self-similarity and scaling, let an realizing of the worldwide habit of financial platforms with no first having to determine an in depth microscopic description of the process. This pioneering textual content explores using those recommendations within the description of monetary platforms, the dynamic new strong point of econophysics. The authors illustrate the scaling techniques utilized in chance conception, serious phenomena, and fully-developed turbulent fluids and practice them to monetary time sequence. in addition they current a brand new stochastic version that screens numerous of the statistical houses saw in empirical facts. Physicists will locate the applying of statistical physics ideas to monetary structures interesting. Economists and different monetary pros will enjoy the book's empirical research tools and well-formulated theoretical instruments that would let them describe structures composed of a big variety of interacting subsystems.

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Extra resources for An introduction to econophysics: correlations and complexity in finance

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10') An arbitrary solution of Eq. nt in the entire cone over Co until X = o. M. SCHIFFER: Analytical Theory of Subsonic and Supersonic Flows. 40 Sect. 16. 1) is determined in the above cone by its gradient on the basis Co up to an additive constant. In fact, if there were two solutions of Eq. 1), say WI and W2 , with the same values of the gradient on Co' then the difference function W= WI - W2 would also be a solution of Eq. 1) but with vanishing gradient on Co. Hence, W must be a constant in the cone by our preceding result.

15) Since J7ep is the local velocity vector and J7 g the normal vector on E and since the vector ~; lies in the surface, Eq. 15) has a simple geometric interpretation. The bi-characteristics on E have at every point of E the direction of the tangential velocity vector. This defines a direction field on E and the bi-characteristics are its integral curves. II. Linearized theory. 10. Linearization of the fundamental equation. 27) for the velocity potential. While various explicit solutions for this equation can be found, and some have been discussed in Chap.

23) s, The following remark is useful in various applications. Suppose that the function gT(X, y, z) depends on a parameter T; let Dr be its domain of positiveness. If a fixed surface S is given in the (x, y, z)-space, let Sr denote its part which lies in Dr. Finally, let hr(x, y, z) depend likewise on T and in analogy to Eq. l. 24) Thus we may interchange the processes of taking finite parts and differentiation. 17. Application to thin supersonic wings. We illustrate the general initial value theory of the preceding section by considering an important special case.

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