Berlin 2018 – wissenschaftliches Programm

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AGPhil: Arbeitsgruppe Philosophie der Physik

AGPhil 4: Reduction and Emergence in Econophysics (joint session AGPhil/SOE)

AGPhil 4.2: Hauptvortrag

Donnerstag, 15. März 2018, 15:45–16:30, H 2033

Ising models of financial markets? Are we serious? — •Stefan Bornholdt — Institut für Theoretische Physik, Universität Bremen

Within one or two decades, a subdiscipline of socio- and econophysics emerged that uses the scientific approach of physics to explore the dynamics of markets and human society in a quantitative way. This subdiscipline is also present at the current DPG meeting: the division of physics of socio-economic systems, SOE. A wide range of physics methods from statistical physics and stochastic processes to agentbased (spin) models are applied to financial and behavioral themes. But how can we expect that a complex system as, for example, a stock market, embedded in the world's economy, could possibly be described by the simplest toy models? Universality, best known from statistical physics of matter, inspires a possible route to a new kind of reductionism: Instead of modeling an economy by the famous representative agent, as done for decades, falsely assuming statistical independence of agents, today's agent based models keep agents and their interactions in order to study the emergent dynamics of their collective dynamics. I will give a brief overview of current models and their limits.