This document provides an overview of the intersections between physics and economics. It begins with a brief history of economic theory, including milestones in models of choice under uncertainty. It then discusses applications of statistical physics concepts in economics. Finally, it reviews ways quantum physics has been applied, including in decision making, game theory, and finance through models of option pricing, uncertainty, and information processing. The document suggests physics concepts may provide new insights but applications in economics also face challenges.
The document discusses patterns of technological substitution that challenge the traditional S-curve model. It presents several historical examples that demonstrate more complex substitution patterns than the smooth S-curve, including: concatenated generations in steelmaking technologies; overlapping generations in IBM mainframe computers; and a case of long-term feedback reversing the substitution of DDT as an insecticide due to environmental concerns. The author argues that accounting for these complex real-world patterns requires broadening the theoretical framework for understanding technological substitutions.
The document discusses analyzing the relationship between financial deepening and economic performance in MENA countries using spectral time series analysis. Spectral analysis decomposes time series data into different frequency components, allowing the relationship to be studied at short, medium, and long time horizons without subdividing the study period. Estimates show the real and financial sectors maintain causal relationships at high frequencies, challenging conventional methods. In the long term, finance dominates economic growth in some GCC countries while the opposite is true in other countries. The main conclusion is the causal relationship between finance and growth varies depending on the time horizon used.
This document presents research on access to healthcare, utilization, and health outcomes in Turkey. It aims to analyze regional inequality in Turkey's healthcare system following reforms in 2003. The study uses data from 2009-2014 at the province level to examine potential accessibility, utilization, and health outcomes. It finds sizable regional disparities and increasing spatial dependence and concentration over time. Spatial econometric models show that both accessibility and utilization significantly impact regional health outcomes. The study aims to better understand equity in Turkey's healthcare system from a regional perspective.
International Journal of Engineering Research and Applications (IJERA) is an open access online peer reviewed international journal that publishes research and review articles in the fields of Computer Science, Neural Networks, Electrical Engineering, Software Engineering, Information Technology, Mechanical Engineering, Chemical Engineering, Plastic Engineering, Food Technology, Textile Engineering, Nano Technology & science, Power Electronics, Electronics & Communication Engineering, Computational mathematics, Image processing, Civil Engineering, Structural Engineering, Environmental Engineering, VLSI Testing & Low Power VLSI Design etc.
This document outlines a research project on grafting biomolecules to vascular prostheses through surface functionalization. It describes the science behind modifying prosthesis surfaces with ammonia plasma treatment to add chemical functionalities for bioconjugation of active molecules. Results showed increased nitrogen and decreased fluorine on treated surfaces. Treated prostheses exhibited reduced platelet adhesion and increased endothelial cell growth compared to commercial controls. In vivo tests in dogs showed treated prostheses remained patent after 6 months. The principal investigator considered patenting or licensing the technology and ultimately two patents were obtained, a spin-off company Materium was created, and license negotiations are underway, satisfying the university and scientists, though the scientists are tired from the process.
The document outlines the agenda for a conference on parallel convergences between academic and industrial research. The agenda includes three presentations: Prof. Lucia Sorba will discuss fabrication and applications of semiconductive nanostructures; Prof. Josep Fontcuberta will cover developments in spintronics and multiferroics for innovative devices; and Prof. Lucia Sorba and Dr. Silvia Cella will address strategies for technology transfer from the CNR-Nano research institute.
The document discusses patterns of technological substitution that challenge the traditional S-curve model. It presents several historical examples that demonstrate more complex substitution patterns than the smooth S-curve, including: concatenated generations in steelmaking technologies; overlapping generations in IBM mainframe computers; and a case of long-term feedback reversing the substitution of DDT as an insecticide due to environmental concerns. The author argues that accounting for these complex real-world patterns requires broadening the theoretical framework for understanding technological substitutions.
The document discusses analyzing the relationship between financial deepening and economic performance in MENA countries using spectral time series analysis. Spectral analysis decomposes time series data into different frequency components, allowing the relationship to be studied at short, medium, and long time horizons without subdividing the study period. Estimates show the real and financial sectors maintain causal relationships at high frequencies, challenging conventional methods. In the long term, finance dominates economic growth in some GCC countries while the opposite is true in other countries. The main conclusion is the causal relationship between finance and growth varies depending on the time horizon used.
This document presents research on access to healthcare, utilization, and health outcomes in Turkey. It aims to analyze regional inequality in Turkey's healthcare system following reforms in 2003. The study uses data from 2009-2014 at the province level to examine potential accessibility, utilization, and health outcomes. It finds sizable regional disparities and increasing spatial dependence and concentration over time. Spatial econometric models show that both accessibility and utilization significantly impact regional health outcomes. The study aims to better understand equity in Turkey's healthcare system from a regional perspective.
International Journal of Engineering Research and Applications (IJERA) is an open access online peer reviewed international journal that publishes research and review articles in the fields of Computer Science, Neural Networks, Electrical Engineering, Software Engineering, Information Technology, Mechanical Engineering, Chemical Engineering, Plastic Engineering, Food Technology, Textile Engineering, Nano Technology & science, Power Electronics, Electronics & Communication Engineering, Computational mathematics, Image processing, Civil Engineering, Structural Engineering, Environmental Engineering, VLSI Testing & Low Power VLSI Design etc.
This document outlines a research project on grafting biomolecules to vascular prostheses through surface functionalization. It describes the science behind modifying prosthesis surfaces with ammonia plasma treatment to add chemical functionalities for bioconjugation of active molecules. Results showed increased nitrogen and decreased fluorine on treated surfaces. Treated prostheses exhibited reduced platelet adhesion and increased endothelial cell growth compared to commercial controls. In vivo tests in dogs showed treated prostheses remained patent after 6 months. The principal investigator considered patenting or licensing the technology and ultimately two patents were obtained, a spin-off company Materium was created, and license negotiations are underway, satisfying the university and scientists, though the scientists are tired from the process.
The document outlines the agenda for a conference on parallel convergences between academic and industrial research. The agenda includes three presentations: Prof. Lucia Sorba will discuss fabrication and applications of semiconductive nanostructures; Prof. Josep Fontcuberta will cover developments in spintronics and multiferroics for innovative devices; and Prof. Lucia Sorba and Dr. Silvia Cella will address strategies for technology transfer from the CNR-Nano research institute.
The document discusses research on predicting the quality of post-harvest fruit using non-destructive methods. Researchers studied the degradation kinetics of external quality attributes (appearance, color) and internal attributes (firmness, sugars, acids) in three varieties of apples stored at 5°C. They found correlations between the degradation of external and internal attributes, with some internal attributes following zero-order kinetics and others following first-order kinetics similar to external attributes. This suggests external quality monitoring could allow prediction of internal quality changes over storage time.
This document outlines Jennifer Trueblood's work using quantum probability theory to model human judgments. It discusses how quantum theory allows for violations of classical probability axioms like distributivity to explain judgment biases. Specific examples covered include the conjunction and disjunction fallacies in probability judgments, asymmetries in similarity judgments that violate the triangle inequality, and order effects in criminal inference. Experimental evidence is presented showing order effects in how people judge guilt depending on whether the prosecution or defense case is presented first. Quantum theory provides a framework for representing incompatible events with separate sample spaces to account for these context and order dependent effects.
Diego Mantovani is a professor who leads a lab focused on biomaterials and bioengineering research at Laval University. The lab works on developing innovative cardiovascular devices and biocompatible nano-materials. Some areas of focus include nanotechnology for medical implants, advanced materials with extreme properties, tissue engineering, and regenerative medicine. The document provides an outline of Mantovani's research including work on stent coatings, corrosion rates of materials, biodegradable alloys, and bottom-up fabrication of stents using electroforming. The overall goal is to improve medical device performance and develop new strategies for tissue replacement and regeneration.
The document discusses neural-oscillator models of quantum-decision making. It begins with outlining stochastic resonance (SR) theory and its structure involving random variables. It then introduces the oscillator model for representing neural activity, with neurons modeled as coupled oscillators. Their phases and interactions encode stimulus and response information. The document explores how SR theory can be combined with the oscillator model to represent response selection and conditioning. Finally, it discusses how the models may exhibit quantum-like behaviors such as nondeterminism, contextuality, and possibly nonlocality, despite being classical systems.
This document provides an overview of the Institute of Nanoscience and its research activities related to semiconductor nanostructures and their applications. The institute has over 250 researchers studying the fundamental properties and manipulation of nanoscale systems through synthesis, fabrication, experimental and theoretical studies of nanostructures and devices. Key areas of research include semiconductor nanowires for applications in electronics, optoelectronics and spintronics. Heterostructured nanowires of InAs, InSb and InP are investigated for high mobility transistors and terahertz detectors. Strain-driven self-assembly is used to create 3D nanostructures for applications in sensing, energy harvesting and photonics.
This document discusses OLED technology for lighting and display applications. It highlights that OLEDs offer high efficiency, flexibility, large area, and potentially low cost of manufacturing. It also describes the typical bottom emission OLED structure and how different colors can be achieved. Examples are given of OLEDs being used in displays and how their efficiency is approaching that of fluorescent tubes for lighting. The document outlines an OLED technology roadmap and technology transfer successes between research institutions and companies.
The document discusses the application of quantum theory concepts to model human cognition and decision making processes. It summarizes that quantum models have been more successful than classical approaches at modeling data on how concepts combine. Specifically, quantum effects like superposition, interference and contextuality can account for the overextension and underextension of membership weights seen in experiments combining two concepts. The document also introduces the Brussels approach to modeling concepts as entities in states rather than containers of examples, and explains how quantum theory provides a framework to model the "guppy effect" where an item is seen as more typical of a combined concept than its constituent concepts alone.
This document discusses different approaches for modeling inconsistent expert judgments and making decisions when probabilities are inconsistent. It begins by introducing the concept of inconsistent beliefs that cannot be represented by a single joint probability distribution. It then reviews three approaches: the Bayesian model, which applies Bayes' theorem but depends on the choice of prior and expert likelihood functions; the quantum model, which represents inconsistencies using context-dependent quantum states but does not indicate a best decision; and the signed probability model, which relaxes the axioms of probability to allow for negative probabilities and aims to find a signed probability distribution with minimum total variation from unity.
Kilian Singer's research focuses on quantum information processing with trapped ions. His work includes developing techniques for transporting ions within segmented ion traps for quantum information processing, as well as transporting ions out of traps for deterministic high-resolution ion implantation into solid state systems. Some key aspects of his research summarized:
1) Developing fast diabatic transport techniques for moving ions within segmented ion traps while maintaining quantum coherence, allowing for scalable quantum information processing.
2) Designing methods for precisely extracting ions from traps and implanting them into solid state systems like diamond, aiming for sub-10nm resolution, to interface ions with solid state quantum systems.
3) Investigating techniques like sideband cooling and
The document discusses the origins and remnants of rationality and irrationality. It begins by exploring how rational thought developed through logic, probabilities, and scientific advances. However, it notes several ways human reasoning can diverge from rational standards, like probability matching rather than maximizing outcomes. It suggests context plays a key role, as rationality depends on the information and story provided. The document then examines challenges in describing irrational reasoning, like when people violate logical rules of inference or draw conclusions from conflicting contexts. Overall, it examines how rationality evolved but how human thought still demonstrates remnants of irrationality in certain situations.
The document summarizes Jennifer Trueblood's presentation on dynamic quantum decision models. It outlines how quantum probability models can account for order effects in risky decision-making that violate the assumptions of traditional Markov models. Specifically, it shows how a quantum model explains the disjunction effect found in gambling experiments, where the probability of choosing a risky option under unknown conditions is lower than under known win or loss conditions. The document also discusses how quantum models allow beliefs and actions to be represented compatibly in a 4-dimensional space, addressing limitations of prior 2-dimensional models when applied to prisoner's dilemma games.
This document provides advice and guidance for scientists. It discusses the importance of planning ahead, having clear goals, finding mentors, managing opportunities, and understanding different career paths in academia, government labs, and industry. It also covers topics like ethics, networking, publishing, conferences, and securing funding. Throughout, it emphasizes self-awareness, preparing for challenges and rejections, and understanding different roles like leaders who manage groups and those who execute research. Peer review is discussed as an imperfect but necessary system for evaluating scientific work.
The document provides an introduction to using quantum probability theory to model cognition and decision making. It discusses six reasons for a quantum approach, including that judgments are based on indefinite states and create rather than simply record information. It then gives examples of phenomena from cognition and decision making that violate classical probability theory, such as interference effects and question order effects, which could be explained using a quantum probability approach. Finally, it outlines some key aspects of quantum probability theory that distinguish it from classical probability theory, such as how it allows for incompatible events that do not have a joint probability.
The document describes the design and development of a modular pedestrian bridge made of composite materials. Key points:
- The bridge is 18m wide and uses a modular assembly of identical spatial elements made of composites to reduce production costs.
- Finite element analysis was used to dimension and optimize the structure. Modal analysis found vertical and lateral vibration frequencies above the required minimum.
- A 1:1 scale physical model was made and used to create molds for vacuum bag laminating composite semi-modules.
- Modules are joined with adhesive and external carbon fiber belts. Sensors will be used to map the bridge's tension state under different loads.
1. Ion traps use oscillating electric fields to confine charged particles like ions in three dimensions. Paul traps are a common type of ion trap that use radio frequency (RF) and DC electric fields to dynamically trap ions.
2. Trapped ions can be laser cooled and manipulated with laser beams, allowing experiments in quantum optics and quantum information processing. Multiple ions can be trapped together and their vibrational modes and interactions studied.
3. By coupling trapped ion internal states like atomic energy levels to motional modes using laser beams, quantum gates can be implemented to process quantum information with ions. This enables building basic elements of a trapped ion quantum computer.
Econophysics as an integrated platform of physics together with other economic sciences has a
broad perspective of phenomenological physics description of the processes of economic activities. This paper
suggests methods of phenomenological physics of mechanical kinematics and the model of gravitational
acceleration for the description of the activity of microeconomical systems of stocks.
This was an Inter Collegiate and a State Level Contest named SIGMA '08. Won a special prize for this paper. This research emphasized on how simple concepts of Mathematics helps into constructing complex mathematical models for space programming and their individual importance in real time applications.
The document discusses research on predicting the quality of post-harvest fruit using non-destructive methods. Researchers studied the degradation kinetics of external quality attributes (appearance, color) and internal attributes (firmness, sugars, acids) in three varieties of apples stored at 5°C. They found correlations between the degradation of external and internal attributes, with some internal attributes following zero-order kinetics and others following first-order kinetics similar to external attributes. This suggests external quality monitoring could allow prediction of internal quality changes over storage time.
This document outlines Jennifer Trueblood's work using quantum probability theory to model human judgments. It discusses how quantum theory allows for violations of classical probability axioms like distributivity to explain judgment biases. Specific examples covered include the conjunction and disjunction fallacies in probability judgments, asymmetries in similarity judgments that violate the triangle inequality, and order effects in criminal inference. Experimental evidence is presented showing order effects in how people judge guilt depending on whether the prosecution or defense case is presented first. Quantum theory provides a framework for representing incompatible events with separate sample spaces to account for these context and order dependent effects.
Diego Mantovani is a professor who leads a lab focused on biomaterials and bioengineering research at Laval University. The lab works on developing innovative cardiovascular devices and biocompatible nano-materials. Some areas of focus include nanotechnology for medical implants, advanced materials with extreme properties, tissue engineering, and regenerative medicine. The document provides an outline of Mantovani's research including work on stent coatings, corrosion rates of materials, biodegradable alloys, and bottom-up fabrication of stents using electroforming. The overall goal is to improve medical device performance and develop new strategies for tissue replacement and regeneration.
The document discusses neural-oscillator models of quantum-decision making. It begins with outlining stochastic resonance (SR) theory and its structure involving random variables. It then introduces the oscillator model for representing neural activity, with neurons modeled as coupled oscillators. Their phases and interactions encode stimulus and response information. The document explores how SR theory can be combined with the oscillator model to represent response selection and conditioning. Finally, it discusses how the models may exhibit quantum-like behaviors such as nondeterminism, contextuality, and possibly nonlocality, despite being classical systems.
This document provides an overview of the Institute of Nanoscience and its research activities related to semiconductor nanostructures and their applications. The institute has over 250 researchers studying the fundamental properties and manipulation of nanoscale systems through synthesis, fabrication, experimental and theoretical studies of nanostructures and devices. Key areas of research include semiconductor nanowires for applications in electronics, optoelectronics and spintronics. Heterostructured nanowires of InAs, InSb and InP are investigated for high mobility transistors and terahertz detectors. Strain-driven self-assembly is used to create 3D nanostructures for applications in sensing, energy harvesting and photonics.
This document discusses OLED technology for lighting and display applications. It highlights that OLEDs offer high efficiency, flexibility, large area, and potentially low cost of manufacturing. It also describes the typical bottom emission OLED structure and how different colors can be achieved. Examples are given of OLEDs being used in displays and how their efficiency is approaching that of fluorescent tubes for lighting. The document outlines an OLED technology roadmap and technology transfer successes between research institutions and companies.
The document discusses the application of quantum theory concepts to model human cognition and decision making processes. It summarizes that quantum models have been more successful than classical approaches at modeling data on how concepts combine. Specifically, quantum effects like superposition, interference and contextuality can account for the overextension and underextension of membership weights seen in experiments combining two concepts. The document also introduces the Brussels approach to modeling concepts as entities in states rather than containers of examples, and explains how quantum theory provides a framework to model the "guppy effect" where an item is seen as more typical of a combined concept than its constituent concepts alone.
This document discusses different approaches for modeling inconsistent expert judgments and making decisions when probabilities are inconsistent. It begins by introducing the concept of inconsistent beliefs that cannot be represented by a single joint probability distribution. It then reviews three approaches: the Bayesian model, which applies Bayes' theorem but depends on the choice of prior and expert likelihood functions; the quantum model, which represents inconsistencies using context-dependent quantum states but does not indicate a best decision; and the signed probability model, which relaxes the axioms of probability to allow for negative probabilities and aims to find a signed probability distribution with minimum total variation from unity.
Kilian Singer's research focuses on quantum information processing with trapped ions. His work includes developing techniques for transporting ions within segmented ion traps for quantum information processing, as well as transporting ions out of traps for deterministic high-resolution ion implantation into solid state systems. Some key aspects of his research summarized:
1) Developing fast diabatic transport techniques for moving ions within segmented ion traps while maintaining quantum coherence, allowing for scalable quantum information processing.
2) Designing methods for precisely extracting ions from traps and implanting them into solid state systems like diamond, aiming for sub-10nm resolution, to interface ions with solid state quantum systems.
3) Investigating techniques like sideband cooling and
The document discusses the origins and remnants of rationality and irrationality. It begins by exploring how rational thought developed through logic, probabilities, and scientific advances. However, it notes several ways human reasoning can diverge from rational standards, like probability matching rather than maximizing outcomes. It suggests context plays a key role, as rationality depends on the information and story provided. The document then examines challenges in describing irrational reasoning, like when people violate logical rules of inference or draw conclusions from conflicting contexts. Overall, it examines how rationality evolved but how human thought still demonstrates remnants of irrationality in certain situations.
The document summarizes Jennifer Trueblood's presentation on dynamic quantum decision models. It outlines how quantum probability models can account for order effects in risky decision-making that violate the assumptions of traditional Markov models. Specifically, it shows how a quantum model explains the disjunction effect found in gambling experiments, where the probability of choosing a risky option under unknown conditions is lower than under known win or loss conditions. The document also discusses how quantum models allow beliefs and actions to be represented compatibly in a 4-dimensional space, addressing limitations of prior 2-dimensional models when applied to prisoner's dilemma games.
This document provides advice and guidance for scientists. It discusses the importance of planning ahead, having clear goals, finding mentors, managing opportunities, and understanding different career paths in academia, government labs, and industry. It also covers topics like ethics, networking, publishing, conferences, and securing funding. Throughout, it emphasizes self-awareness, preparing for challenges and rejections, and understanding different roles like leaders who manage groups and those who execute research. Peer review is discussed as an imperfect but necessary system for evaluating scientific work.
The document provides an introduction to using quantum probability theory to model cognition and decision making. It discusses six reasons for a quantum approach, including that judgments are based on indefinite states and create rather than simply record information. It then gives examples of phenomena from cognition and decision making that violate classical probability theory, such as interference effects and question order effects, which could be explained using a quantum probability approach. Finally, it outlines some key aspects of quantum probability theory that distinguish it from classical probability theory, such as how it allows for incompatible events that do not have a joint probability.
The document describes the design and development of a modular pedestrian bridge made of composite materials. Key points:
- The bridge is 18m wide and uses a modular assembly of identical spatial elements made of composites to reduce production costs.
- Finite element analysis was used to dimension and optimize the structure. Modal analysis found vertical and lateral vibration frequencies above the required minimum.
- A 1:1 scale physical model was made and used to create molds for vacuum bag laminating composite semi-modules.
- Modules are joined with adhesive and external carbon fiber belts. Sensors will be used to map the bridge's tension state under different loads.
1. Ion traps use oscillating electric fields to confine charged particles like ions in three dimensions. Paul traps are a common type of ion trap that use radio frequency (RF) and DC electric fields to dynamically trap ions.
2. Trapped ions can be laser cooled and manipulated with laser beams, allowing experiments in quantum optics and quantum information processing. Multiple ions can be trapped together and their vibrational modes and interactions studied.
3. By coupling trapped ion internal states like atomic energy levels to motional modes using laser beams, quantum gates can be implemented to process quantum information with ions. This enables building basic elements of a trapped ion quantum computer.
Econophysics as an integrated platform of physics together with other economic sciences has a
broad perspective of phenomenological physics description of the processes of economic activities. This paper
suggests methods of phenomenological physics of mechanical kinematics and the model of gravitational
acceleration for the description of the activity of microeconomical systems of stocks.
This was an Inter Collegiate and a State Level Contest named SIGMA '08. Won a special prize for this paper. This research emphasized on how simple concepts of Mathematics helps into constructing complex mathematical models for space programming and their individual importance in real time applications.
Smelser Neil J., Swedberg Richard. - The Sociological Perspective on the Econ...zddglygt
This document provides an overview of economic sociology by comparing it to mainstream economics. Some key differences include:
- Economic sociology views the economy as embedded within and influenced by society, while mainstream economics views the market and economy as the primary focus with society as external.
- Economic sociology considers multiple types of economic actions that are influenced by social and cultural factors, while mainstream economics assumes rational economic action aimed solely at profit/utility maximization.
- Constraints on economic action in sociology include social structures, norms, and meanings, while constraints in economics are tastes and resource scarcity.
- The goal of economic sociology is description and explanation of diverse economic phenomena, while the goal of economics
ProThe emergence of the wind energy industry in Germany and the United Kingdo...Camilla Chlebna
Research Proposal for the purpose of presentation to the Humanities Research Council at Oxford Brookes University in order to be officially registered as PHD student
This chapter reviews literature on macroeconomic modeling and forecasting. It discusses the development of structural models based on Keynesian theory from the 1930s-1970s, which were popularized by the Cowles Commission. These models included consumption, investment, income, and price equations. The chapter evaluates the forecasting performance of early large-scale models, finding most errors were reasonable out to 8 quarters ahead. However, models struggled during the economic turbulence of the 1970s, missing turning points. While structural models have conceptual ties to theory, atheoretical models may serve as an alternative when assessing large shocks, as economic cycles are not necessarily systematic.
This document summarizes a presentation on stochastic turbulence modeling using smoothed particle hydrodynamics. It discusses why turbulence is an important topic across many fields, provides an overview of fundamental concepts in turbulence modeling from Reynolds to Kolmogorov, and describes the statistical and stochastic point of view taken in turbulence modeling, including the use of Fokker-Planck and BBGKY equations. It also discusses applications of turbulence modeling concepts in engineering, science, and theoretical assumptions underlying probabilistic density function methods.
Seminar presentation: "Being a student for the years: the beauty of scientif...Boris Shmagin
The presentation was sparked by question during one of seminars’ sessions last semester. “Why are the students not active, they don’t ask the questions?” Doing science, studying mathematics and teaching statistical learning for quite of few years I thought that have my answer and may bring it to students as the inside and outside view on study and collaboration, teaching and learning.
The scientific part of the presentations is about modeling of one time series for Missouri River (1911-2010), the discussion is about how the deal with the math modeling of natural system and communicate the results to the colleagues and the students.
Topics of the presentation:
~ Introduction: the meaning of being a student
~ The models used for the Missouri River
~ The Statistical Learning
~ Education as communication on the movement from uncertainty to the knowledge
~ “Vitruvian Man”
~ Maria Montessori (1870-1952) and her method as the answer “the question”
~ The epilogue – the science as communication of personalities
History and Application of Calculus Qalab Abbas 04.pdfAlifahadHussain
Calculus has its origins in ancient Greece, but it was developed as a systematic mathematical discipline in the 17th century independently by Isaac Newton and Gottfried Leibniz. Over subsequent centuries, mathematicians further developed calculus's theoretical foundations and applications. It is now extensively used across many fields, including physics, engineering, economics, biology, and computer science, to model systems involving rates of change.
This document discusses a study that uses a mixed logit model to predict firm financial distress. Mixed logit is an advanced discrete choice modeling technique that relaxes assumptions of standard logit models. It allows for observed and unobserved heterogeneity across firms. The study aims to demonstrate the empirical usefulness of mixed logit in financial distress prediction by comparing its performance to standard logit models. Results and out-of-sample forecasts show mixed logit outperforms standard logit models by significant margins in predicting firm financial distress.
This document discusses limitations and applications of statistics. It begins by covering limitations of statistics, such as it only dealing with quantitative data and groups/aggregates, and possible errors in statistical analysis. It then covers many fields that statistics can be applied to, such as actuarial science, biostatistics, econometrics, environmental statistics, epidemiology, and others. It concludes with sample multiple choice questions related to limitations and applications of statistics.
The document discusses the basics of econometrics and regression analysis. It provides 6 definitions for econometrics, highlighting that econometrics applies economic theory, mathematics, and statistical methods to empirical economic data. Regression analysis is introduced as studying the dependence of one variable on others, with the goal of estimating or predicting the average value of the dependent variable based on the independent variables. The methodology of regression involves specifying a theory, mathematical model, econometric model, obtaining data, estimation, hypothesis testing, forecasting, and using the model for policy purposes.
Multiply Connected Topological Sociology, and Some Applications of Mathematic...AJHSSR Journal
ABSTRACT: First, we develop the multi-connected topological economics to the multi-connected topological
sociology, etc. Next, we research the social field (including general relativity) and some applications. Third, the
complex analysis is discussed. Fourth, variational calculus is studied. Fifth, we search nonlinearity and a new
mathematical relation in social sciences. The multi-connected topology, general relativity and other
mathematical ways will open new windows for investigations of economy and sociology, etc.
KEY WORDS: social science, economics, sociology, topology, field, complex analysis, variational calculus,
general relativity.
This document discusses econometrics and economic data. It defines econometrics as the combined study of economic models, mathematical statistics, and economic data. There are three main steps in developing an econometric model: specification, estimation, and validation. Specification involves defining the economic and econometric models and assumptions. Estimation obtains numerical values for the model coefficients. Validation assesses if the estimates are acceptable based on economic theory and statistics. The document also describes different types of economic data that can be used: time series data, cross-sectional data, and panel data.
1) The ECB Governor found conventional economic models provided limited help during the financial crisis as they failed to predict or explain what was happening.
2) He welcomed inspiration from other disciplines like physics, engineering, psychology and biology to develop new tools to improve the robustness of their framework.
3) A multi-disciplinary group at UCL is developing approaches using narratives and emotions extracted from big data sources like news to provide early warnings and better understand economic uncertainties.
This document provides an outline for a theory of physical economics. It begins with an introduction noting the need to reassess economics using non-linear and curvature-based models rather than linear models. It then defines physical economics as an approach to improve living standards globally through developing resources and infrastructure. Key aspects include using nuclear energy and high-speed rail networks. The document discusses how physical measures of economic growth have declined in areas like coal mining despite rising productivity, and argues this indicates flaws in traditional economic indicators. It proposes a "fission-fusion" model of economic development based on breaking down and recombining resources in an efficient manner through advanced technology.
This document provides an introduction to applied econometrics. It defines econometrics as the quantitative analysis of economic phenomena based on concurrent theory and observation. The document outlines some key differences between econometrics and statistics, noting that econometrics focuses on causal relationships while controlling for other factors. It discusses different types of data used in econometrics, including experimental, observational, and quasi-experimental data. Randomized controlled trials are presented as the gold standard for establishing causality. Regression analysis and the idea of exogenous variables are also introduced.
This document summarizes the key differences between microeconomics and macroeconomics. Microeconomics examines individual markets and consumer behavior, while macroeconomics looks at aggregate variables for the whole economy. Specifically, microeconomics is concerned with supply and demand in individual markets, while macroeconomics focuses on monetary/fiscal policy and economic growth at the national level. A key difference is that microeconomics assumes markets will quickly reach equilibrium, but macroeconomics recognizes economies may remain in disequilibrium like during recessions.
economics chapter 1 and chapChapter 1.pptxabiabina1
The document provides an outline for an economics course covering microeconomic and macroeconomic concepts. It includes:
1) 6 chapters that will cover the nature of economics, demand and supply theories, consumer behavior, production and costs, market structure, and fundamental macroeconomic concepts.
2) Each chapter is further broken down into sections that will be taught, such as the definition of economics, scarcity and choice, economic systems, and the circular flow model.
3) The course aims to enable students to use economic tools to analyze micro and macroeconomic issues and answer questions about resources, demand, production, and markets.
This document is a Master's thesis on circular economy consisting of three connected articles. The thesis explores circular economy through the articles which discuss: 1) an overview of circular economy perspectives in the EU, Finland and Lahti region based on previous research, 2) the concept of urban mining and its role in transitioning to a circular society, and 3) circular design and its importance for addressing resource challenges. The articles are bound together to provide a coherent understanding of circular economy and raise awareness of its potential and challenges.
The document provides an overview of time series econometrics concepts including:
1) Time series econometrics analyzes the dynamic structure and interrelationships over time in economic data. It examines stationary and non-stationary stochastic processes.
2) A time series is stationary if its mean, variance, and autocovariance remain constant over time. A random walk process is a type of non-stationary process where the variable fluctuates around a stochastic trend.
3) The document discusses key time series econometrics models and techniques including unit root tests, vector autoregressive models, causality tests, cointegration, and error correction models.
188 Laboratori e Testimonianze realizzate, più di 1.000 docenti invitati da tutto il mondo, per oltre 7.000 ore di lezione. Sono questi i numeri dei bandi Laboratori dal Basso e Testimonianze, realizzati da ARTI – Regione Puglia tra il 2012 e il 2015.
Attraverso attività formative basate sulla domanda, per cui giovani imprenditori pugliesi tra i 18 e i 35 anni sono stati chiamati a scegliere temi, sedi, metodi didattici e docenti, ARTI ha realizzato percorsi formativi pubblici e aperti a tutti , con lezioni trasmesse anche in streaming e disponibili in remoto su una piattaforma dedicata, www.laboratoridalbasso.it
PROMOTING GREEN ENTREPRENEURSHIP AND ECO INNOVATION FOR SUSTAINABLE GROWTH.docxnehaneha293248
: This study investigates the multi-faceted relationship between entrepreneurship, innovation, and sustainability across countries at different development levels. We construct a novel dataset combining measures of entrepreneurial activity, innovation outputs, and sustainability performance indicators related to economic, social, and environmental dimensions.Using country-level panel regression analysis, we find that entrepreneurship rates and attitudes are positively associated with social sustainability factors like education, gender equality, and institutional quality. However, high entrepreneurship levels do not necessarily correlate with better environmental sustainability outcomes, suggesting entrepreneurs may prioritize economic objectives over environmental ones.The results for innovation are more mixed. Greater innovation output is linked to higher economic development, but also associated with both positive and negative sustainability factors. This implies that while innovations drive economic progress, they may come with environmental costs without complementary policies. The findings suggest that entrepreneurship supports social sustainability, but pursuing entrepreneurship and innovation alone is insufficient for achieving environmental sustainability goals. We discuss policy implications, including strengthening education and skills, improving access to financing for sustainable ventures, incentivizing green innovation, and developing sustainability reporting standards. By aligning entrepreneurship and innovation with sustainability priorities, policymakers can harness these dynamic forces to create more sustainable, inclusive, and resilient economies.
Ecofrico: Leading the Way in Sustainable Hemp BackpacksEcofrico
Explore Ecofrico's commitment to sustainability with our range of eco-friendly hemp backpacks. Discover how we combine ethical production, durable materials, and global reach to promote a greener future.
1. Ubiquituous Quanta - Università
del Salento - Sept. 2013
1
Can Physics contribute to a
better understanding of
problems in Economics?
Emmanuel Haven
School of Management
University of Leicester - UK
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Structure
Very brief overview of economic theory
milestones
Very brief overview of financial
economics and econo-physics
milestones (i.e. statistical physics
applications)
Brief overview of social science and
quantum physics
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Very brief overview of
economic theory
milestones
Economic theory has known over the last 50
years important new developments
In the theory of choice we can distinguish three
important models
A first model: we have the celebrated expected
utility model of the 50’s (von Neumann and
Morgenstern 1953)
J. von Neumann and O. Morgenstern (1953);
Theory of Games and Economic Behavior;
Princeton University Press
The von Neumann and Morgenstern model
interpret uncertainty as objective
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Very brief overview of
economic theory
milestones (cont’d)
The vNM model (as are others)
accept there exists a given
quantification of how likely the
various outcomes are of a decision
This is given in the form of a
probability distribution
See D. Kreps (1988) Notes on the
Theory of Choice, Westview Press,
Colorado- Boulder
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Very brief overview of
economic theory
milestones (cont’d)
A second model: the Savage model
(1972) where uncertainty is viewed as
subjective
L. J. Savage (1972) ; The Foundations of
Statistics, J. Wiley and Sons; New York
There are no objective imposed
probabilities
Probabilities are entered on the basis of
subjective preferences
None of the uncertainty in Savage is
objective (probabilities are completely
subjective)
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Very brief overview of
economic theory
milestones (cont’d)
A third model: in the Anscombe-
Aumann model (1963) we have a
mixture of objective and subjective
probabilities
F. J. Anscombe and R.J. Aumann
(1963); A definition of subjective
probability, Annals of Mathematical
Statistics 34, 199-205
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Very brief overview of
economic theory
milestones (cont’d)
At the end of the 80’s and the 90’s further
improvements were to be noticed mainly with the work
of Machina (1989) and Gilboa et al. (1995)
M. Machina (1989); Dynamic consistency and non-
expected utility models of choice under uncertainty,
Journal of Economic Literature 27(4), 1622-1668
I. Gilboa and D. Schmeidler (1995); Case based
decision theory, The Quarterly Journal of Economics
110 (3), 605-639
For instance, Gilboa et al. (1995) introduced non-
additive probabilities into the theory of risk
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Very brief overview of
economic theory
milestones (cont’d)
Outside the theory of choice we
can also mention:
The theory of rational expectations
T. Sargent (1986); Rational
expectations and inflation; Harper
and Row
The theory of rational beliefs
M. Kurz (1994b); On the structure
and diversity of rational beliefs;
Economic Theory; 4; 859-876
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Structure
We now consider:
Very brief overview of financial
economics and econo-physics
milestones
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Very brief overview of
finance and econo-physics
milestones
In financial economics we witness the birth of the
celebrated Black-Scholes (1973) option pricing formula
F. Black and M. Scholes (1973); The pricing of options
and corporate liabilities, Journal of Political Economy
81, 637-659
In 1989 we see major improvements on the CAPM
model (Breeden et al. 1989)
D. Breeden and M. Gibbons and R. Litzenberger
(1989); Empirical test of the consumption oriented
CAPM, The Journal of Finance 44(2), 231-262
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Very brief overview of
finance and econo-physics
milestones (cont’d)
The overwhelming majority of
contributions to economic theory in
the last 50 years have occurred
from economists and sometimes
mathematicians
In the ’80 and 90’s, we can also
see contributions from physicists
and scientists of other disciplines
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Very brief overview of
finance and econo-physics
milestones (cont’d)
Statistical physics made some inroads in using specific
physics concepts in especially behavioural economics
The major protagonist in this area is Professor Eugene
Stanley – Boston University.
Some examples of contributions (there are MANY
examples)
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Very brief overview of
finance and econo-physics
milestones (cont’d)
In the area of option pricing, we note the work by
Borland (2002)
Her work looked at accommodating option pricing with
probability density functions which are more general
than the Log-Normal density function
Borland L. (2002); A theory of non-Gaussian option
pricing, Quantitative Finance 2(6), 415-431
Numerous congresses have been organized
(especially: Applications of Physics in Financial
Analysis
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Structure
We now consider:
Brief overview of social science
and quantum physics
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Brief overview of financial
economics and quantum
physics
I. In decision making and psychology:
Andrei Khrennikov (2010). Ubiquitous Quantum
Structure: From Psychology to
Finance, Springer-Verlag, Berlin, Heidelberg 2010.
D. Aerts, J. Broekaert, L. Gabora and S. Sozzo (2013);
Quantum Structure and Human Thought, Behavioral
and Brain Sciences 36(3), 274-276.
D. Aerts* and J. Broekaert and S. Smets (1999); The
Liar paradox in a quantum mechanical perspective,
Foundations of Science 4, 156-
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Brief overview of financial
economics and quantum
physics
Busemeyer* et al. (2006) study a model of human
information processing from quantum mechanical
concepts
J. Busemeyer* and Wang Z. and Townsend J.T.
(2006); Quantum dynamics of human decision
making, Journal of Mathematical Psychology 50
(3), 220-241
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Brief overview of financial
economics and quantum
physics
J. Acacio de Barros and Patrick Suppes, "Quantum
mechanics, interference, and the brain," Journal
of Mathematical Psychology 53, 306–313 (2009).
Trueblood, J. S., Brown, S. D., Heathcote, A., &
Busemeyer, J. R. (2013). Not just for consumers:
Context effects are fundamental to decision
making. Psychological Science, 24(6), 901-908.
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Brief overview of financial
economics and quantum
physics (cont’d)
II. In game theory:
Piotrowski et al. (2003) and Eisert* et al. (1999)
provide for an initiation to quantum games
E. W. Piotrowski and J. Sladkowski (2003); An
invitation to quantum game theory, International
Journal of Theoretical Physics 42, 1089-
J. Eisert* and M. Wilkens and M. Lewenstein
(1999); Quantum games and quantum strategies,
Physical Review Letters 83, 3077-3080
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Brief overview of financial
economics and quantum
physics (cont’d)
Arfi* B. (2005); Resolving the trust
predicament: a quantum game theoretic
approach. Theory and Decision, 59 (2),
127-174
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Brief overview of financial
economics and quantum
physics (cont’d)
III. In finance and financial economics
Baaquie* (1995) wrote a book on
quantum finance in which option pricing
theory is explained from a path-integral
point of view
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Brief overview of financial
economics and quantum
physics (cont’d)
B. Baaquie* (2004); Quantum Finance,
Cambridge University Press, Cambridge
E. Haven and A. Khrennikov (2013);
Quantum Social Science, Cambridge
University Press, Cambridge
Several articles in popular science
magazines: New Scientist
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Brief overview of financial
economics and quantum
physics (cont’d)
Andrei Khrennikov’s paper:
Khrennikov A. Yu. (1999); Classical and
quantum mechanics on information spaces with
applications to cognitive, psychological, social
and anomalous phenomena; Foundations of
Physics; 29; 1065-1098
Olga Choustova’s work applies Bohmian
mechanics (a particular interpretation of
quantum mechanics) to financial economics
O. A. Choustova, Quantum Bohmian model for
financial market, Physica A, 374, 304-314
(2006)
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Brief overview of financial
economics and quantum
physics (cont’d)
E. Haven (2005a); Analytical solutions to the
backward Kolmogorov PDE via an adiabatic
approximation to the Schrödinger PDE, Journal
of Mathematical Analysis and Applications 311,
439-444
E. Haven (2005b); Pilot-wave theory and
financial option pricing, International Journal of
Theoretical Physics 44 (11), 1957-1962
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Brief overview of financial
economics and quantum
physics (cont’d)
Segal (1998) developed work on financial option
pricing in a quantum context
W. Segal and I.E. Segal (1998); The Black-
Scholes pricing formula in the quantum context,
Proceedings of the National Academy of
Sciences of the USA 95, 4072-4075
Bordley* (1998) introduced a generalized
Heisenberg Uncertainty principle
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Brief overview of financial
economics and quantum
physics (cont’d)
R. F. Bordley* (1998); Quantum mechanical and
human violations of compound probability
principles: Toward a generalized Heisenberg
uncertainty principle, Operations Research 46,
923-926
Shubik* (1999) worked on the basics of quantum
economics
M. Shubik* (1999); Quantum economics,
uncertainty and the optimal grid size, Economics
Letters 64 (3), 277-278
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Brief overview of financial
economics and quantum
physics (cont’d)
Bagarello* (2006) looks at stock markets from an
operator point of view
F. Bagarello* (2006); An operatorial approach to
stock markets, Journal of Physics A 39, 6823-
6840.
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Structure of the talk
We now consider:
Quantum methods in economics
and finance?
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Quantum methods in
economics and finance?
Probabililty interference in decision
making paradoxes
Modelling of information in finance and
economics
This has been attempted notably with the
use of Bohmian mechanics
How is information playing a special role
in physics?
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Structure
We now consider:
Reasonable promise….but….
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Reasonable
promise…but…
What follows now – refers only to economics and
finance (and NOT to the progress made in
psychology, biology and decision making of using
physics concepts)
There are several hurdles which need still
crossing before we can really claim physics
contributes to a better understanding of
economics
Here are some issues – which – i think are not
easy to resolve
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Reasonable
promise…but…
Prob. 1: economics works with other tools
and different expectations…
Why? A) Economic theory thrives around the use
of measure theoretical concepts. Very FEW
graduate students in economics do take courses
in PDE’s. Physicists in general are not very hot
on using measure theoretical concepts in
physics. If i) economic theory is the basis of
economics and ii) economic theory is revolving
around measure theory, then the future for
physics and economics does not bode well. B)
Also: assumptions in macroeconomics – are off
limits for many econophycists (i.e. they will not
agree with the assumptions)
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Reasonable
promise…but…
Prob. 2: there is little integration between
economics/ financial economics and finance
Why? The use of ‘preference modelling’ has
been done away with – squarely – in option
pricing theory
This is the ‘bread and butter’ of economics
Given this non-integration – it is no wonder that
physics techniques (which lean closest to option
pricing theory) do not enter into economics
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Reasonable
promise…but…
Prob. 3: Physical intuition of equivalent
economics based principles is sometimes
very hard to come by
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Reasonable
promise…but…
Prob. 3: Physical intuition of equivalent
economics based principles is sometimes
very hard to come by
The B/S Hamiltonian is a strange animal…
Euler-Lagrange Equations (within least action)
are sometimes very difficult to interpret
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So does physics
contribute to a better
understanding of
economics?
I want to propose two major works in the history
of economics:
-the work by Nicolae Georgescu Roegen (a
Harvard economist): which introduced in an
implicit way entropy in economics: very few
economics students know of him!
-the work by Louis Bachelier (and subsequently
the contribution of Paul Samuelson to this work).
Bachelier laid the groundwork of using Brownian
motion in economics (in a slightly wrong way):
very few economics students know of him!
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So does physics
contribute to a better
understanding of
economics?
It pains me to see that in economics proper – the
concepts brought into social science by those
two luminaries – have not really penetrated...