Econophysics, Thermoeconomics and Phynance

Bali, Selçuk

doi:10.17719/jisr.20111811038

Cited by 8 publications

(5 citation statements)

References 9 publications

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“…It is the exchange between the countries where both sides have the exponential growth in living standards and are dependent on trade with the EU as a dominant affiliation. 2 Serbian interest is to increase the exchange with these countries, and simultaneously to seek for partner countries with the temperature difference in its favour.…”

Section: Resultsmentioning

confidence: 99%

The Role of Temperature in Economic Exchange - An Empirical Analysis

Dimitrijević

Lovre

2015

Journal of Central Banking Theory and Practice

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As a synthesis of economics and physics and an attempt to apply the methods and models of statistical physics to economics, econophysics is presently a new, growing and very dynamic branch of modern science. Therefore, the subject of this paper is to analyse the relationship and interdependence between thermodynamics and economics, and it aims to show similarities, analogies and correspondence between the main categories, methods and models of thermodynamics on one hand, and economics on the other. The paper analyses the relation between economics and thermodynamics, as well as the probability distribution in the kinetic theory of gases corresponding to money, income and wealth distribution, connects entropy with utility and the principle of operation of the thermal engine with economic exchange. The final part of the paper empirically analyzes temperature differences in the exchange between Serbia and the selected EU countries. There are differences in temperature between Serbia and the group of selected countries. Results of the empirical analysis shows that the exchange between countries is based on principles of thermodynamics and that developed countries generate more profits and benefits from exchange.

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Section: Resultsmentioning

confidence: 99%

The Role of Temperature in Economic Exchange - An Empirical Analysis

Dimitrijević

Lovre

2015

Journal of Central Banking Theory and Practice

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“…Bali (2011) [17], Schafer (2012) [18], and Kakarot-Handtke (2013) [19] developed various studies about the importance of econophysics applied to stock markets within several features and characteristics in terms of criticisms and opportunities.…”

Section: Literature Reviewmentioning

confidence: 99%

Econophysics Techniques and Their Applications on the Stock Market

2022

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Exact sciences have achieved many results, validated in practice. Although their application in economics is difficult due to the human factor involved, the lack of conservation laws, and experimental difficulties, it must be highlighted that the consistent bibliography gathered in recent years in this field encourages the econophysics approach. The objective of this article is to validate and/or define a few stock strategies, based on known results from mathematics, physics, and chemistry. The scope of this research demonstrates that statistics (in portfolio theory), geometry (in technical analysis), or financial mathematics can be used in the capital market. Many of the exact science results corresponded to strategies applicable to investors. Unlike the material world, financial markets have additional components that must be considered: human psychology, sociology at the firm level, and behavioral unpredictability. The findings obtained in this research enable the enormous vastness of the exact science results that can be a fertile source for new investment strategies. This article concludes that in order for mathematical theories to be applied to the stock market, it is essential that the start-up conditions (initial assumptions) are validated in the market.

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“…Мантенья и Г.Ю. Стенли назвали эконофизикой приложения статистической физики к анализу финансовых временных рядов [62], стало понятно, что к эконофизике прямо относятся и приложения нелинейной динамики в экономике (хотя была попытка обозначить это направление как «термоэкономика» [48]). Выделяются два направления эконофизики [33]: статистическая эконофизика (изучение финансовых временных рядов методами статистической физики, к которой можно отнести и квантовую эконофизику В.П.…”

Section: истоки эконофизикиunclassified

Econophysics: From Finance Analysis to the Fate of Mankind

Khavinson¹

2015

Spatial Economics

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Настоящая статья посвящена обзору ключевых идей и результатов нового междисциплинарного направления-эконофизики. Появление эконофизики есть закономерное явление, связанное со становлением новой парадигмы познания-синергетики. Первое и наиболее важное в эконофизике-это применение феноменологического подхода в экономических исследованиях, заключающегося в описании характера явления, но не претендующего на исчерпывающее объяснение его механизмов. В рамках эконофизики на основе методов квантовой и статистической физики были спрогнозированы национальные и мировые кризисы (распад СССР, крахи на китайском фондовом рынке в 2005-2009 гг., мировой финансовый кризис). В результате применения нелинейных динамических моделей описаны циклические и сложные режимы динамики социально-экономических систем (численности народонаселения, развития города, торговли между странами и др.).

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Econophysics, Thermoeconomics and Phynance

Cited by 8 publications

References 9 publications

The Role of Temperature in Economic Exchange - An Empirical Analysis

The Role of Temperature in Economic Exchange - An Empirical Analysis

Econophysics Techniques and Their Applications on the Stock Market

Econophysics: From Finance Analysis to the Fate of Mankind

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