Dynamics of Markets : Econophysics and Finance

Book Description
Standard texts and research in economics and finance ignore the absence of evidence from the analysis of real, unmassaged market data to support the notion of Adam Smith's stabilizing Invisible Hand. In stark contrast, this text introduces a new empirically-based model of financial market dynamics that explains the volatility of prices options correctly and clarifies the instability of financial markets. The emphasis is on understanding how real markets behave, not how they hypothetically 'should' behave.


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"This text introduces a new empirically based model of financial market dynamics that explains volatility, prices options correctly and makes clear the instability of financial markets. The emphasis is on understanding how real markets behave, not how they hypothetically 'should' behave." This text is written for physics and engineering graduate students and finance specialists, but will also serve as a valuable resource for those with less mathematics background. Although much of the text is mathematical, the logical structure guides the reader through the main line of thought. The reader is not only led to the frontiers, to the main unsolved challenges in economic theory, but will also receive a general understanding of the main ideas of econophysics.


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