دانلود رایگان مقاله شکستن موانع بین اکونو فیزیک و اقتصاد مالی

Abstract

This article highlights the current misunderstanding between economists and econophysicists by adopting the financial economists' viewpoint in order to explain why the works developed by econophysicists are not recognized in finance. Because both communities do not share the same scientific culture, and for the other reasons developed in the article, economists often consider econophysics as a strictly empirical field without theoretical justification. This paper shows the opposite; it also tries to facilitate the dialogue between econophysicists who often do not explain in details their theoretical roots and financial economists who are not familiar with statistical physics. Beyond this clarification, this paper also identifies what remains to be done for econophysicists to contribute significantly to financial economics: 1) development of a common framework/vocabulary in order to better compare and integrate the two approaches; 2) development of generative models explaining the emergence of power laws; and 3) development of statistical tests for the identification of such statistical regularities.

6. Conclusion:

what remains to be done … This article has studied the main reasons for why economists have difficulties to recognize the works developed by econophysicists. Beyond the clarification of the current situation between these two communities, this paper also pointed out many crucial progresses that took place in the recent years. Moreover, it leads to identify what remains to be done (from an economist point of view) for econophysicists to contribute significantly to financial economics and for a future collaboration between econophysics and financial economics. As we saw, three paths have still waiting to be investigated. A proposed agenda would be to develop 1) a common framework/ vocabulary in order to better compare and integrate the two approaches; 2) statistical tests in order to identify and to test the power laws or, at least, to provide statistical tests to compare results from econophysics' models with those given by financial models; 3) generative models in order to give a theoretical explanation for the emergence of power laws. The major objective of this paper was to clarify the reasons of the current dialogue of deaf between economists and econophysicists. This study led us to present the contextual elements, which contributed to the extension of physics outside of its borders. Afterwards, we presented the theoretical foundations supporting this extension in economics. This clarification allowed us to suggest a research agenda for a future fruitful collaboration between econophysicists and financial economists. Of course, this suggested agenda will certainly raise a number of questions/challenges but it creates many research opportunities by improving collaborations between financial economists and econophysicists.