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UNIVERSITY OF BUCHAREST
FACULTY OF PHYSICS Guest
2024-11-22 1:29 |
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Conference: Bucharest University Faculty of Physics 2005 Meeting
Section: Optics, Spectroscopy, Plasma and Lasers
Title:
Econophysics – the bridge between economics and physics -
a “chaotic link”?
Authors:
Mircea Bulinski
Affiliation:
Bucharest University, Faculty of Physics, P.O. Box MG-11, Bucharest – Magurele, RO – 077125
E-mail
Keywords:
Abstract:
In the last decade more and more physicists have attempted to analyze and model financial markets and economic systems. A lot of conferences have been organized, new journals have been published, and a set of scientific problems has been identified to be solved by the new interdisciplinary “econophysics”. The approach of physicists is complementary to the traditional, financial and economical one, especially because they put the accent to the empirical analysis of economic and social data. The background of theories and methods in physics, the statistical physics, the concepts of scaling, universality, self-organized systems, etc, should be helpful in the analysis and modeling of financial and economic systems.
To exemplify such a possible “transfer” we briefly present some data about the control of the chaotic emission of a laser diode driven by the Lang-Kobayashi type rate equations, related to the possibility of controlling the chaotic evolutions in economy. For a simple micro-economical model, we use a known method of controlling chaos by time-delayed feedback. Even if chaos (nonlinear deterministic dynamics) is widely found in the fields of physics and other natural sciences; the existence of chaos in economic data is still an open question. But more and more evidence, identify the chaotic trace in complex economic behavior, are come every day. In this perspective the nonlinear models and methods have a major role to play in economics.
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