Join Amazon Prime and get unlimited Free One-Day Delivery. Already a member? Sign in.

 

or
Sign in to turn on 1-Click ordering.
 
   
More Buying Choices
9 used & new from £35.95
Have one to sell? Sell yours here
 
   
Introduction to Econophysics: Correlations and Complexity in Finance
 
 
Share your own customer images
Search inside this book

Introduction to Econophysics: Correlations and Complexity in Finance (Hardcover)

by Rosario N. Mantegna (Author), H. Eugene Stanley (Author) "Since the 1970s, a series of significant changes has taken place in the world of finance ..." (more)
5.0 out of 5 stars See all reviews (1 customer review)
RRP: £45.00
Price: £42.75 & this item Delivered FREE in the UK with Super Saver Delivery. See details and conditions
You Save: £2.25 (5%)
o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o
Temporarily out of stock.
Order now and we'll deliver when available. We'll e-mail you with an estimated delivery date as soon as we have more information. Your account will only be charged when we ship the item.
Dispatched from and sold by Amazon.co.uk. Gift-wrap available.

5 new from £42.75 4 used from £35.95
Other Editions: RRP: Our Price: Other Offers:
Paperback (1) £19.99 £16.99 22 used & new from £16.99

Frequently Bought Together

Introduction to Econophysics: Correlations and Complexity in Finance + Why Stock Markets Crash: Critical Events in Complex Financial Systems + The (Mis)Behaviour of Markets: A Fractal View of Risk, Ruin and Reward
Price For All Three: £66.23

Some of these items ship sooner than the others. Show details

Customers Who Bought This Item Also Bought

The (Mis)Behaviour of Markets: A Fractal View of Risk, Ruin and Reward

The (Mis)Behaviour of Markets: A Fractal View of Risk, Ruin and Reward

by Benoit B. Mandelbrot
3.8 out of 5 stars (10)  £5.99
Why Stock Markets Crash: Critical Events in Complex Financial Systems

Why Stock Markets Crash: Critical Events in Complex Financial Systems

by Didier Sornette
4.0 out of 5 stars (1)  £17.49
Patterns of Speculation: A Study in Observational Econophysics

Patterns of Speculation: A Study in Observational Econophysics

by Bertrand M. Roehner
£20.89
The Statistical Mechanics of Financial Markets (Theoretical and Mathematical Physics)

The Statistical Mechanics of Financial Markets (Theoretical and Mathematical Physics)

by Johannes Voit
4.0 out of 5 stars (1)  £43.99
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

by Nassim Nicholas Taleb
3.0 out of 5 stars (33)  £6.26
› Explore similar items

Product details

  • Hardcover: 158 pages
  • Publisher: Cambridge University Press (13 Nov 1999)
  • Language English
  • ISBN-10: 0521620082
  • ISBN-13: 978-0521620086
  • Product Dimensions: 24.9 x 17.5 x 1.8 cm
  • Average Customer Review: 5.0 out of 5 stars See all reviews (1 customer review)
  • Amazon.co.uk Sales Rank: 667,075 in Books (See Bestsellers in Books)

    Popular in this category:

    #34 in  Books > Scientific, Technical & Medical > Mathematics > Applied Mathematics > Non-linear Science

    •  Would you like to update product info or give feedback on images?

  • See Complete Table of Contents

Product Description

Review
‘… they have been remarkably successful in presenting a clear and concise introductory summary of a large body of work on the statistical properties of stock prices.’ Burton Malkiel, Journal of Economic Literature

‘Clearly and concisely written, this book provides an excellent introduction to the problem of understanding the empirical statistical properties of prices.’ Doyne Farmer, Prediction Company, Santa Fe and the Santa Fe Institute

‘I feel the book is a useful introduction to the empirical aspects of econophysics.’ Blake LeBaron, Nature

‘The authors are leading researchers in the field, and were well-regarded statistical physicists before that … the book seems aimed the other way, at physicists interested in economics, and for them it would make a good introduction to finance. The writing is clear and friendly, the production values high and the guides to further reading excellent. They will find it well worth their time and money.’ Cosma Shalizi, Institute of Physics

Product Description
This book concerns the use of concepts from statistical physics in the description of financial systems. The authors illustrate the scaling concepts used in probability theory, critical phenomena, and fully developed turbulent fluids. These concepts are then applied to financial time series. The authors also present a stochastic model that displays several of the statistical properties observed in empirical data. Statistical physics concepts such as stochastic dynamics, short- and long-range correlations, self-similarity and scaling permit an understanding of the global behaviour of economic systems without first having to work out a detailed microscopic description of the system. Physicists will find the application of statistical physics concepts to economic systems interesting. Economists and workers in the financial world will find useful the presentation of empirical analysis methods and well-formulated theoretical tools that might help describe systems composed of a huge number of interacting subsystems.

See all Product Description
Inside This Book (Learn More)
First Sentence
Since the 1970s, a series of significant changes has taken place in the world of finance. Read the first page
Explore More
Concordance
Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
Search inside this book:

Suggested Tags from Similar Products

 (What's this?)
Be the first one to add a relevant tag (keyword that's strongly related to this product)
Check a corresponding box or enter your own tags in the field below
(2)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)

Your tags: Add your first tag
 
See most popular tags

What Do Customers Ultimately Buy After Viewing This Item?

Introduction to Econophysics: Correlations and Complexity in Finance
76% buy the item featured on this page:
Introduction to Econophysics: Correlations and Complexity in Finance 5.0 out of 5 stars (1)
£42.75
Theory of Financial Risk and Derivative Pricing: From Statistical Physics to Risk Management
15% buy
Theory of Financial Risk and Derivative Pricing: From Statistical Physics to Risk Management 5.0 out of 5 stars (1)
£28.50
The (Mis)Behaviour of Markets: A Fractal View of Risk, Ruin and Reward
5% buy
The (Mis)Behaviour of Markets: A Fractal View of Risk, Ruin and Reward 3.8 out of 5 stars (10)
£5.99
Why Stock Markets Crash: Critical Events in Complex Financial Systems
4% buy
Why Stock Markets Crash: Critical Events in Complex Financial Systems 4.0 out of 5 stars (1)
£17.49
Explore similar items
 

Customer Reviews

1 Review
5 star:
 (1)
4 star:    (0)
3 star:    (0)
2 star:    (0)
1 star:    (0)
 
 
 
 
 
Average Customer Review
5.0 out of 5 stars (1 customer review)
 
 
 
 
Share your thoughts with other customers:
Most Helpful Customer Reviews

 
14 of 16 people found the following review helpful:
5.0 out of 5 stars Physicists Land On Planet Economics, 10 Jun 2001
By A Customer
SINCE the last decade, physicists are trying to cope with the issues traditionally approached by economics using their own tools and methodologies. This research has been dubbed 'econophysics'. One reason why this incursion should be welcomed is the failure of mainstream economics to recognise financial systems as complex systems. Take mainstream international finance, for instance. In the most respectable workhorse model--so-called 'new open economy macroeconomics model'--foreign exchange rates always reach some sort of stable equilibrium. Brutally speaking, this means that currencies do not exhibit complex behaviour. / Financial markets do demonstrate several of the properties that characterise complex systems, however. What is more, they are highly complex, open systems in which many subunits interact nonlinearly in the presence of feedback and stable governing rules. Earlier attempts to find chaos in financial data, for instance, have been disappointing exactly because the phenomenon is likely to emerge in systems which are only moderately complex. Although it cannot be ruled out that financial markets follow chaotic dynamics, econophysics assumes that asset price dynamics are stochastic processes. / A fundamental commitment of the mainline model of international finance is to theory itself, and not to data. Modelling is devoted to equip the discipline with an underlying rational behaviour at the individual level. Yet this is at odds with the fact that financial markets are prone to collective 'irrational exuberance'. Instead, econophysics attemps to build up stochastic models that encompass essential features observed in the financial data. Since the time evolution of many financial markets is monitored continually, it is possible to test the accuracy and predictive power of the developed models using available data. One common objection to such a practice is that it is impossible to perform large-scale

experiments in economics that could falsify any given theory. The authors note that this limitation is not specific to economics, but also affects such well developed areas of physics as astrophysics, atmospheric physics, and geophysics. In analogy to the activity in these more established areas, we are able to test and falsify any theories associated with the current available sets of financial data. / Complex systems can sometimes behave in remarkable simple ways. These are

reflected in power law distributions and scaling. The authors illustrate these concepts and others, and apply them to the financial time series. The book is thus useful not only for physicists but also for economists and people in the financial world. It is required some familiarity with probability theory or statistical physics, though. Economists dissatisfied with the mainline approach of their discipline will find the book opportune promptly. The others might end up welcoming econophysics as well. After all, economists implicitly see physics as nature's economics. What is then wrong with physicists thinking of economics as social physics? //

Comment Comment | Permalink | Was this review helpful to you? Yes No (Report this)


Share your thoughts with other customers: Create your own review
 
 
 
Only search this product's reviews


Customer Discussions

 Beta (What's this?)
This product's forum (0 discussions)
  Discussion Replies Latest Post
  No discussions yet

Ask questions, Share opinions, Gain insight
Start a new discussion
Topic:
First post:
Prompts for sign-in
  [Cancel]

   

Listmania!

Create a Listmania! list

Look for similar items by category

Feedback

The Statistical Mechanics of...

The Statistical Mechanics...

From the reviews of the third edition: "An excellent job of... Read more
£43.99

›Find similar items

 

Let Olay Amaze You

Olay Total Effects Day Moisturiser SPF15 50ml
Amazon.co.uk sells all your favourite ranges from Olay, including Regenerist and Total Effects.

›Discover Olay at Amazon.co.uk

  

Up to 50% off Dental Care

Braun Oral-B Professional Care 6000 Rechargeable Toothbrush - Pack of 2
Put a sparkle in your smile with up to 50% off selected Oral-B and Philips rechargeable toothbrushes.

›Up to 50% off power toothbrushes

  

Treat Someone

Amazon.co.uk Gift Certificates--available in any amount from £5 to £500 With an Amazon.co.uk Gift Certificate, you can get them what they want (even if you don't know what that is).

›Learn more about Gift Certificates

  
Ad

Where's My Stuff?

Delivery and Returns

Need Help?

Your Recent History

  (What's this?)
You have no recently viewed items or searches.

After viewing product detail pages or search results, look here to find an easy way to navigate back to pages you are interested in.

Look to the right column to find helpful suggestions for your shopping session.
Continue Shopping: Top Sellers

amazon.co.uk Amazon Home
International Sites:  United States  |  Germany  |  France  |  Japan  |  Canada  |  China
Business Programs: Sell on Amazon  |  Fulfilment by Amazon  |  Join Associates  |  Join Advantage
Customer Service  |  Help  |  View Basket  |  Your Account
About Amazon.co.uk  |  Careers at Amazon
Conditions of Use & Sale |  Privacy Notice  © 1996-2009, Amazon.com, Inc. and its affiliates