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Readership: Final year undergraduate, beginning graduate or new post-graduate students in physics, economics, and business. The experienced researcher should also find much of interest.
Peter Richmond, Professor of Physics, Department of Physics, Trinity College Dublin, Jürgen Mimkes, Professor of Physics, Paderborn University, and Stefan Hutzler, Associate Professor of Physics, Department of Physics, Trinity College Dublin
Peter Richmond studied physics at Queen Mary College, University of London. His career included periods in academia including the Institute of Advanced Studies, ANU Canberra, and the Physics Laboratories, University of Kent. Most recently, in particular during the period spanning the volatile financial era from 1997-2007 and the great housing crash, he was with the School of Physics, Trinity College Dublin. During this period he
introduced new research activity concerned with econophysics and gave a course on the subject to final year undergraduates. From 2003-2012 he was chair of two major concerted actions spanning 26 countries across Europe and sponsored by COST; 'Physics of Risk' (2003-2007) and 'Physics of Cooperation and Conflict' (2008-2012). He holds a DSc from the University of London and is a Fellow of the UK Institute of Physics. His publications cover aspects of condensed matter physics, colloids, econophysics, and sociophysics.
Jürgen Mimkes studied physics at Georgia Augusta University, Göttingen and the Free University Berlin from 1959 to 1967. After a postdoctoral position at the University of Missouri, Rolla, USA he was Assistant Professor in solid-state thermodynamics at the Technical Universities in both Berlin and Clausthal. From 1977 to retirement in 2004, he was Professor of Physics at the University of Paderborn. He has held visiting appointments in College Park, Maryland, and Chuo University, Tokyo.
Stefan Hutzler studied physics at the Universität Regensburg, Germany, and the University of Reading, UK. In 1997 he obtained his PhD from Trinity College Dublin, Ireland, where he is now Associate Professor in the School of Physics. He is also a Fellow of the College. His research interests are the physics of foams, packing problems, and complex systems. He has co-authored over 120 publications in these areas, including 'The Physics of Foams' (together with Prof. Denis Weaire), published by Oxford University Press in 1999.
"The authors present a novel approach to modern economic theory informed by empirical observations and ideas from physics, and in particular complex systems. Comprehensive in scope, and written in an engaging style, the text will be essential reading for students and researchers in the field." - Geoff J. Rodgers, Brunel University
"Adapting physics to understand economical problems may help us to develop new financial models. Science can help to change the world, not merely interpret it." - Ian Gibson, MP Norwich North, 1997-2009, Chair of House of Commons Science and Technology Committee 2001-2005, School of Biological Sciences, University of East Anglia 1965 - 1997
"This book is the result of a unique joint effort by three very complementary authors. The result of their cooperation is a down to earth and practical text which, at the same time, offers a mathematically sound exposition of how ideas based in physics help our understanding of finance and economic dynamics. It is a significant contribution to the task of introducing new scientific methods, concepts and ideas to the study of economies." - Sorin Solomon, Racah Institute of Physics, Hebrew University of Jerusalem
2: Reading financial data
3: Basics of probability
4: Time dependent processes and the Chapman-Kolmogorov equation
5: The Langevin approach to modelling Brownian motion
6: The Brownian motion model of asset prices
7: Generalized diffusion processes and the Fokker-Planck equation
8: Derivatives and options
9: Asset fluctuations and scaling
10: Models of asset fluctuations
12: Why markets crash
13: Two non-financial markets
14: An introduction to physical economics
15: Laws of physical economics
17: A simple model of trade
18: Production and economic growth
19: Economics and entropy
20: Approaches to non-equilibrium economics
21: The distribution of wealth in society
22: Conclusions and outlook