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Evolutionary Economics and Social Complexity Science

Complexity, Heterogeneity, and the Methods of Statistical Physics in Economics

Essays in Memory of Masanao Aoki

Editors: Aoyama, Hideaki, Aruka, Yuji, Yoshikawa, Hiroshi (Eds.)

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  • Provides wide coverage of new scientific approaches to the dynamics of economy
  • Explores the emerging properties now evolving in social complexity 
  • Includes contributions by leading researchers from all over the world
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eBook 93,08 €
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  • ISBN 978-981-15-4806-2
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Hardcover 114,39 €
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About this book

 This book systematically provides a prospective integrated approach for complexity social science in its view of statistical physics and mathematics, with an impressive collection of the knowledge and expertise of leading researchers from all over the world. The book mainly covers both finitary methods of statistical equilibrium and data-driven analysis by econophysics.

The late Professor Masanao Aoki of UCLA, who passed away at the end of July 2018, in his later years dedicated himself to the reconstruction of macroeconomics mainly in terms of statistical physics. Professor Aoki, who was already an IEEE fellow, was also named an Econometric Society Fellow in 1979. Until the early 1990s, however, his contributions were focused on the new developments of a novel algorithm for the time series model and their applications to economic data. Those contributions were undoubtedly equivalent to the Nobel Prize-winning work of Granger's "co-integration method". After the publications of his New Approaches to Macroeconomic Modeling and Modeling Aggregate Behavior and Fluctuations in Economics, both published by Cambridge University Press, in 1996 and 2002, respectively, his contributions rapidly became known and spread throughout the field. In short, these new works challenged econophysicists to develop evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects and revolutionized the stochastic views of interacting agents. In particular, the publication of Reconstructing Macroeconomics, also by Cambridge University Press (2007), in cooperation with Hiroshi Yoshikawa, further sharpened the process of embodying “a perspective from statistical physics and combinatorial stochastic processes” in economic modeling. Interestingly, almost concurrently with Prof. Aoki’s newest development, similar approaches were appearing. Thus, those who were working in the same context around the world at that time came together, exchanging their results during the past decade. In memory of Prof. Aoki, this book has been planned by authors who followed him to present the most advanced outcomes of his heritage.

About the authors

Hideaki Aoyama, Graduate School of Science, Kyoto University
Yuji Aruka, Faculty of Commerce, Chuo University
Hiroshi Yoshikawa, Faculty of Economics, Rissho University

Table of contents (15 chapters)

Table of contents (15 chapters)
  • Stock Prices and the Real Economy: The Different Meaning of Efficiency

    Pages 3-19

    Yoshikawa, Hiroshi

  • The Macroeconomy as a Complex System: Building on Aoki’s Statistical Mechanics Approach

    Pages 21-37

    Di Guilmi, C. (et al.)

  • On the Analytical Methods Considered Essential by Prof. Masanao Aoki in His Japanese Textbook

    Pages 39-65

    Aruka, Yuji

  • Masanao Aoki’s Solution to the Finite Size Effect of Behavioral Finance Models

    Pages 67-76

    Lux, Thomas

  • Continuum and Thermodynamic Limits for a Wealth-Distribution Model

    Pages 79-99

    Düring, Bertram (et al.)

Buy this book

eBook 93,08 €
price for Spain (gross)
  • ISBN 978-981-15-4806-2
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 114,39 €
price for Spain (gross)
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Bibliographic Information

Bibliographic Information
Book Title
Complexity, Heterogeneity, and the Methods of Statistical Physics in Economics
Book Subtitle
Essays in Memory of Masanao Aoki
Editors
  • Hideaki Aoyama
  • Yuji Aruka
  • Hiroshi Yoshikawa
Series Title
Evolutionary Economics and Social Complexity Science
Series Volume
22
Copyright
2020
Publisher
Springer Singapore
Copyright Holder
Springer Nature Singapore Pte Ltd.
eBook ISBN
978-981-15-4806-2
DOI
10.1007/978-981-15-4806-2
Hardcover ISBN
978-981-15-4805-5
Series ISSN
2198-4204
Edition Number
1
Number of Pages
XIV, 321
Number of Illustrations
49 b/w illustrations, 73 illustrations in colour
Topics

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