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645 results in Econophysics and Financial Physics

Page 5 of 33

Income Distribution Dynamics of Economic Systems
  • An Econophysical Approach
  • Marcelo Byrro Ribeiro
  • Published online:
    28 February 2020
    Print publication:
    26 March 2020
  • Econophysics has been used to study a range of economic and financial systems. This book uses the econophysical perspective to focus on the income distributive dynamics of economic systems. It focuses on the empirical characterization and dynamics of income distribution and its related quantities from the epistemological and practical perspectives of contemporary physics. Several income distribution functions are presented which fit income data and results obtained by statistical physicists on the income distribution problem. The book discusses two separate research traditions: the statistical physics approach, and the approach based on non-linear trade cycle models of macroeconomic dynamics. Several models of distributive dynamics based on the latter approach are presented, connecting the studies by physicists on distributive dynamics with the recent literature by economists on income inequality. As econophysics is such an interdisciplinary field, this book will be of interest to physicists, economists, statisticians and applied mathematicians.

  • 2 - Industrial Structure and the Macroeconomy: The Macroeconomic Model and Its Algebraic Framework

  • from Part One - Theory
  • Marco Mazzoli, Università degli Studi di Genova, Matteo Morini, Università degli Studi di Torino, Italy, Pietro Terna, Università degli Studi di Torino, Italy
  • Book:
    Rethinking Macroeconomics with Endogenous Market Structure
    Published online:
    07 December 2019
    Print publication:
    19 December 2019, pp 26-74

  • Summary

    We describe the structure of the model, built plugging the entry/exit decisions into a macroeconomic system, by using a notion of statistical distribution of expectations that is consistent with the idea of rational expectations (at least in its original formulation) to model the entry decision of potential entrants. The theoretical framework is also useful to analyze, on a theoretical ground, the behavior of the firms’ markups over the cycle and is employed for the agent-based simulations. In particular, we model a macroeconomic system with oligopoly, entry/exit, and heterogeneous individuals. The algebraic framework of a new macro-model is analytically dissected, to prepare a sound basis for the experiments in simulation.

  • 4 - The Results of the Simulation Agent-Based Model, in SMAC and ASHAM Modes

  • from Part Two - Model
  • Marco Mazzoli, Università degli Studi di Genova, Matteo Morini, Università degli Studi di Torino, Italy, Pietro Terna, Università degli Studi di Torino, Italy
  • Book:
    Rethinking Macroeconomics with Endogenous Market Structure
    Published online:
    07 December 2019
    Print publication:
    19 December 2019, pp 106-167

  • Summary

    We analyze the simulation results, considering both the dynamic of the time series of the main economicvariables of the model and their correlation structure. The attention is mainly related to the emergence of the counter cyclical markup phenomenon and to the dynamic of the market structures, ranging from tight oligopolistic constructions to the development of large atomistic markets. We elaborate on the results emerging from the simulation experiments, in the perspective both of the presence of the countercyclical markup phenomenon, and of the different market structures generated by the simulation.

Page 5 of 33