Practical Fruits of Econophysics Proceedings of the Third Nikkei Eco
Some economic phenomena are predictable and controllable, and some are impos sible to foresee. Existing economic theories do not provide satisfactory answers as to what degree economic phenomena can be predicted and controlled, and in what situations. Ag
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Practical Fruits of Econophysics Proceedings of the Third Nikkei Econophysics Symposium
Hideki Takayasu (Ed.)
Practical Fruits of Econophysics Proceedings of the Third Nikkei Econophysics Symposium
With 165 Figures, Including 1 in Color
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Hideki Takayasu Senior Researcher Sony Computer Science Laboratories, Inc. 3-14-13 Higashi-Gotanda, Shinagawa-ku Tokyo 141-0022, Japan
Library of Congress Control Number: 2005934583 ISBN-10 4-431-28914-3 Springer-Verlag Tokyo Berlin Heidelberg New York ISBN-13 978-4-431-28914-2 Springer-Verlag Tokyo Berlin Heidelberg New York Printed on acid-free paper This work is subject to copyright. All rights are reserved, whether the whole or pan of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in other ways, and storage in data banks. The use of registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Springer is a pai1 of Springer Science+Business Media springeronline.com
€> Springer-Verlag Tokyo 2006 Printed in Japan Typesetting: Camera-ready by the editor and authors Printing and binding: Nihon Hicom, Japan
Preface Some economic phenomena are predictable and controllable, and some are impossible to foresee. Existing economic theories do not provide satisfactory answers as to what degree economic phenomena can be predicted and controlled, and in what situations. Against this background, people working on the financial front lines in real life have to rely on empirical rules based on experiments that often lack a solid foundation. "Econophysics" is a new science that analyzes economic phenomena empirically from a physical point of view, and it is being studied mainly to offer scientific, objective and significant answers to such problems. This book is the proceedings of the third Nikkei symposium on ''Practical Fruits of Econophysics," held in Tokyo, November 9-11, 2004. In the first symposium held in 2000, empirical rules were established by analyzing high-frequency financial data, and various kinds of theoretical approaches were confimied. In the second symposium, in 2002, the predictability of imperfections and of economic fluctuations was discussed in detail, and methods for applying such studies were reported. The third symposium gave an overview of practical developments that can immediately be applied to the financial sector, or at least provide hints as to how to use the methodology. The workshop was supported by: The Economic and Social Research Institute, Cabinet Office, Government of Japan; The Japan Center for Economic Research; The Physical Society of Japan; and The Japan Association for Evolutionary Economics. On behalf of all participants, I would like to thank those supporters, as well as the following companies without whose financial support the workshop would not have
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