Special Issue "30 Years of Econophysics: Symmetry in Physics and Economics"

A special issue of Symmetry (ISSN 2073-8994). This special issue belongs to the section "Physics and Symmetry/Asymmetry".

Deadline for manuscript submissions: closed (31 March 2021).

Special Issue Editors

Prof. Dr. Michael Benzaquen
E-Mail Website1 Website2
Guest Editor
Chair of Econophysics & Complex Systems, CNRS Research Scientist,LadHyX & Department of Economics, Ecole Polytechnique
Interests: econophysics; statistical physics; hydrodynamics at interfaces; complex systems; quantitative finance
Prof. Dr. Jean-Philippe Bouchaud
E-Mail Website1 Website2
Co-Guest Editor
Académie des Sciences, Capital Fund Management, Chair of Econophysics & Complex Systems at Ecole polytechnique
Interests: econophysics; statistical physics; disordered systems and glasses; complex systems; quantitative finance

Special Issue Information

Dear Colleague,

Over 30 years have passed since a little group of physicists met in Santa Fe to discuss of the origins of the 1987 financial crisis. Economic history is strewn with bubbles and crashes, booms and busts, crises and upheavals of all sorts. Understanding their origin is arguably one of the most important problems economic theory is faced with. Big data now allow us to empirically challenge the predictions of standard economic models and suggest new ways to address socioeconomic systems. Over the past few decades, physicists have shown that interactions, heterogeneities, and slow relaxation processes—most often ignored in the standard economic framework—can be responsible for highly nontrivial behavior and strong nonlinearities, which prevent socially optimal equilibria from being reached. Further, a number of concepts well established in physics, such as dimensional analysis, (time-reversal) symmetry breaking or phase transistions, to name a few, have proven extremely prolific to cope with such questions. The aim of this Special Issue is to present some of the most recent advances in the field of econophysics, with a particular focus on symmetry.

Prof. Dr. Michael Benzaquen
Prof. Dr. Jean-Philippe Bouchaud
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Symmetry is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Published Papers (5 papers)

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Research

Article
Unmasking People’s Opinions behind Mask-Wearing during COVID-19 Pandemic—A Twitter Stance Analysis
Symmetry 2021, 13(11), 1995; https://doi.org/10.3390/sym13111995 - 21 Oct 2021
Viewed by 452
Abstract
Wearing a mask by the general public has been a controversial issue from the beginning of the COVID-19 pandemic as the public authorities have had mixed messages, either advising people not to wear masks if uninfected, to wear as a protective measure, to [...] Read more.
Wearing a mask by the general public has been a controversial issue from the beginning of the COVID-19 pandemic as the public authorities have had mixed messages, either advising people not to wear masks if uninfected, to wear as a protective measure, to wear them only when inside a building/room with insufficient air flow or to wear them in all the public places. To date, the governments have had different policies regarding mask-wearing by the general public depending on the COVID-19 pandemic evolution. In this context, the paper analyzes the general public’s opinion regarding mask-wearing for the one-year period starting from 9 January 2020, when the first tweet regarding mask-wearing in the COVID-19 context has been posted. Classical machine learning and deep learning algorithms have been considered in analyzing the 8,795,633 tweets extracted. A random sample of 29,613 tweets has been extracted and annotated. The tweets containing news and information related to mask-wearing have been included in the neutral category, while the ones containing people’s opinions (for or against) have been marked using a symmetrical approach into in favor and against categories. Based on the analysis, it has been determined that most of the mask tweets are in the area of in favor or neutral, while a smaller percentage of tweets and retweets are in the against category. The evolution of the opinions expressed through tweets can be further monitored for extracting the public perspective on mask-wearing in times of COVID-19. Full article
(This article belongs to the Special Issue 30 Years of Econophysics: Symmetry in Physics and Economics)
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Article
The ‘Oumuamua Encounter: How Modern Cosmology Handled Its First Black Swan
Symmetry 2021, 13(3), 510; https://doi.org/10.3390/sym13030510 - 20 Mar 2021
Cited by 1 | Viewed by 1046
Abstract
The first macroscopic object observed to have come from outside the solar system slipped back out of sight in early 2018. 1I/2017 U1 ‘Oumuamua offered a unique opportunity to test understanding of gravity, planetary formation and galactic structure against a true outlier, and [...] Read more.
The first macroscopic object observed to have come from outside the solar system slipped back out of sight in early 2018. 1I/2017 U1 ‘Oumuamua offered a unique opportunity to test understanding of gravity, planetary formation and galactic structure against a true outlier, and astronomical teams from around the globe rushed to study it. Observations lasted several months and generated a tsunami of scientific (and popular) literature. The brief window available to study ‘Oumuamua created crisis-like conditions, and this paper makes a comparative study of techniques used by cosmologists against those used by financial economists in qualitatively similar situations where data conflict with the current paradigm. Analyses of ‘Oumuamua were marked by adherence to existing paradigms and techniques and by confidence in results from self and others. Some, though, over-reached by turning uncertain findings into graphic, detailed depictions of ‘Oumuamua and making unsubstantiated suggestions, including that it was an alien investigator. Using a specific instance to test cosmology’s research strategy against approaches used by economics researchers in comparable circumstances is an example of reverse econophysics that highlights the benefits of an extra-disciplinary lens. Full article
(This article belongs to the Special Issue 30 Years of Econophysics: Symmetry in Physics and Economics)
Article
Emergence of Simple Characteristics for Heterogeneous Complex Social Agents
Symmetry 2020, 12(8), 1281; https://doi.org/10.3390/sym12081281 - 02 Aug 2020
Viewed by 724
Abstract
Models of interacting social agents often represent agents as very simple entities with a small number of degrees of freedom, as exemplified by binary opinion models for instance. Understanding how such simple individual characteristics may emerge from potentially much more complex agents is [...] Read more.
Models of interacting social agents often represent agents as very simple entities with a small number of degrees of freedom, as exemplified by binary opinion models for instance. Understanding how such simple individual characteristics may emerge from potentially much more complex agents is thus a natural question. It has been proposed recently in [E. Bertin, P. Jensen, C. R. Phys. 20, 329 (2019)] that some types of interactions among agents with many internal degrees of freedom may lead to a ‘simplification’ of agents, which are then effectively described by a small number of internal degrees of freedom. Here, we generalize the model to account for agent intrinsic heterogeneity. We find two different simplification regimes, one dominated by interactions, where agents become simple and identical as in the homogeneous model, and one where agents remain strongly heterogeneous although effectively with simple characteristics. Full article
(This article belongs to the Special Issue 30 Years of Econophysics: Symmetry in Physics and Economics)
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Article
Investigating Long-Range Dependence of Emerging Asian Stock Markets Using Multifractal Detrended Fluctuation Analysis
Symmetry 2020, 12(7), 1157; https://doi.org/10.3390/sym12071157 - 12 Jul 2020
Cited by 6 | Viewed by 1090
Abstract
The use of multifractal approaches has been growing because of the capacity of these tools to analyze complex properties and possible nonlinear structures such as those in financial time series. This paper analyzes the presence of long-range dependence and multifractal parameters in the [...] Read more.
The use of multifractal approaches has been growing because of the capacity of these tools to analyze complex properties and possible nonlinear structures such as those in financial time series. This paper analyzes the presence of long-range dependence and multifractal parameters in the stock indices of nine MSCI emerging Asian economies. Multifractal Detrended Fluctuation Analysis (MFDFA) is used, with prior application of the Seasonal and Trend Decomposition using the Loess (STL) method for more reliable results, as STL separates different components of the time series and removes seasonal oscillations. We find a varying degree of multifractality in all the markets considered, implying that they exhibit long-range correlations, which could be related to verification of the fractal market hypothesis. The evidence of multifractality reveals symmetry in the variation trends of the multifractal spectrum parameters of financial time series, which could be useful to develop portfolio management. Based on the degree of multifractality, the Chinese and South Korean markets exhibit the least long-range dependence, followed by Pakistan, Indonesia, and Thailand. On the contrary, the Indian and Malaysian stock markets are found to have the highest level of dependence. This evidence could be related to possible market inefficiencies, implying the possibility of institutional investors using active trading strategies in order to make their portfolios more profitable. Full article
(This article belongs to the Special Issue 30 Years of Econophysics: Symmetry in Physics and Economics)
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Article
A New Approach to Intertemporal Choice: The Delay Function
Symmetry 2020, 12(5), 807; https://doi.org/10.3390/sym12050807 - 13 May 2020
Cited by 1 | Viewed by 699
Abstract
The framework of this paper is intertemporal choice, which traditionally has been studied with preference relations and discount functions. However, the interest of econophysics in this topic makes time become a central magnitude. Therefore, the aim of this paper is to introduce the [...] Read more.
The framework of this paper is intertemporal choice, which traditionally has been studied with preference relations and discount functions. However, the interest of econophysics in this topic makes time become a central magnitude. Therefore, the aim of this paper is to introduce the concept of delay function and, by using this tool, to analyze the concept of impatience and the different types of inconsistency. In behavioral finance, consistency is correlated with the concept of symmetry because, in this case, the indifference between two rewards does not change when the same delay is added to their respective availability dates. Moreover, we have shown the way to derive a discount (respectively, delay) function starting from the expression of its corresponding delay (respectively, discount) function by requiring some suitable conditions for this construction. Finally, we have deduced the concept of instantaneous variation rate and Prelec’s measure of inconsistency in terms of the delay function. Full article
(This article belongs to the Special Issue 30 Years of Econophysics: Symmetry in Physics and Economics)
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