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This book provides the first extensive analytic comparison between models and results from econophysics and financial economics in an accessible and common vocabulary. Unlike other publications dedicated to econophysics, it situates this field in the evolution of financial economics by laying the foundations for common theoretical framework and models.
Since humankind first set eyes on the glowing orb in the night sky, we have been fascinated by the moon. This handy volume gives readers a background on the Apollo 11 Moon Landing, through a variety of essays representing various perspectives. Readers are then introduced to several controversies surrounding the landing, including whether it was a waste of effort, enthusiasm, or money. From this enriched international understanding, readers are then treated to first-hand accounts, which will transport their imagination back through time, and allow them to form lasting, intelligent opinions. Essay sources include the Associated Press, the London Times, Margaret Mead, Jean-Jacques Dordain, and NASA.
A timely investigation of the causes of technological and scientific stagnation, and a radical blueprint for accelerating innovation. “Read this book for the alternative history of our age.” —Peter Thiel, investor and author of Zero to One “A must-read for those who seek to build the future.” —Marc Andreessen, cofounder of Netscape and Andreessen Horowitz From the Moon landing to the dawning of the atomic age, the decades prior to the 1970s were characterized by the routine invention of transformative technologies at breakneck speed. By comparison, ours is an age of stagnation. Median wage growth has slowed, inequality and income concentration are on the rise, and scientific rese...
The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of materials. In this book, Didier Sornette boldly applies his varied experience in these areas to propose a simple, powerful, and general theory of how, why, and when stock markets crash. Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. Sornette proposes a radically different view: the underlying cause can be sought mont...
While mainstream financial theories and applications assume that asset returns are normally distributed and individual preferences are quadratic, the overwhelming empirical evidence shows otherwise. Indeed, most of the asset returns exhibit “fat-tails” distributions and investors exhibit asymmetric preferences. These empirical findings lead to the development of a new area of research dedicated to the introduction of higher order moments in portfolio theory and asset pricing models. Multi-moment asset pricing is a revolutionary new way of modeling time series in finance which allows various degrees of long-term memory to be generated. It allows risk and prices of risk to vary through tim...
The history of mankind is a story of ascent to unprecedented levels of comfort, productivity and consumption, enabled by the increased mastery of the basic reserves and flows of energy. This miraculous trajectory is confronted by the consensus that anthropogenic emissions are harmful and must decrease, requiring de-carbonization of the energy system. The mature field of indicator-based sustainability assessment provides a rigorous systematic framework to balance the pros and cons of the various existing energy technologies using lifecycle assessments and weighting criteria covering the environment, economy, and society, as the three pillars of sustainability. In such a framework, nuclear pow...
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Recently it has been suggested that extended, driven systems selforganize to a critical state, a state only found at the phase transitions. Manifestations of this are fractal patterns in nature, e.g. fractured rocks, and the temporal fluctuations of river flow, electronic noise etc. In hydrodynamics the development of the space-time structures from laminar flow to turbulence has been much discussed in the last decade. The idea of self similarity may also be applicable to this phenomenon. This volume contains invited lectures and shorter contributed seminars on the topic. Annotation copyrighted by Book News, Inc., Portland, OR