Brief Summary of Each Supplement
Progress of Theoretical Physics Supplement No. 179
Econophysics
— Physical Approach to Social and Economic Phenomena —
Proceedings of the YITP Workshop on Econophysics
Edited by H. Aoyama, Y. Fujiwara, H. Iyetomi and A.-H. Sato
This volume is a fruitful outcome of the Yukawa Institute for
Theoretical Physics Workshop entitled "Econophysics III — Physical
Approach to Social and Economic Phenomena —", which was held at
Kyoto University in the period of December 24--25, 2007. Econophysics
is an emerging discipline that employs concepts and methodologies
from physics to generate understanding of a wide variety of complex
phenomena in economics. Rapid progress in recent years has been led
by availability of large volumes of detailed economic data.
The topics covered here include
(1) determination and prediction of prices in financial and consumer markets,
(2) statistical properties of real economy:
size distribution, labor productivity, and growth rate of firms,
(3) complex networks formed by firms and banks,
(4) new perspectives:
social and economic systems as non-equilibrium and non-stationary systems.
Various studies have been initiated using financial and transaction
data of one million firms, patent data collected over the last 20
years, and sales data of convenience stores as well as high-frequency
time-series data of stock prices and foreign-exchange rates. The
following research developments are thereby well expected in the near
future: finding of new statistical laws and elucidation of stochastic
processes behind those laws, study of structural properties and
dynamics of economic networks, development of tools to analyze
large-scale data, execution of simulations along with construction of
agent-based models, and so forth.
We thus hope that this volume full of the vital research activities
presented in the meeting will be a monumental milestone for further
progress in econophysics and also a useful informative source for
researchers and students who are interested in such a fascinating
field.
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