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We discuss, at the macro-level of nations, the contribution of research funding and rate of international collaboration to research performance, with important implications for the " science of science policy ". In particular, we cross-correlate suitable measures of these quantities with a scientometric-based assessment of scientific success, studying both(More)
— We present an overview of some representative Agent-Based Models in Economics. We discuss why and how agent-based models represent an important step in order to explain the dynamics and the statistical properties of financial markets beyond the Classical Theory of Economics. We perform a schematic analysis of several models with respect to some specific(More)
We introduce an algorithm able to reconstruct the relevant network structure on which the time evolution of country-product bipartite networks takes place. The significant links are obtained by selecting the largest values of the projected matrix. We first perform a number of tests of this filtering procedure on synthetic cases and a toy model. Then we(More)
We introduce a microscopic model for the dynamics of the order book to study how the lack of liquidity influences price fluctuations. We use the average density of the stored orders (granularity g) as a proxy for liquidity. This leads to a Price Impact Surface which depends on both volume ω and g. The dependence on the volume (averaged over the granularity)(More)
We identify an important correlation between skewness and kurtosis for a broad class of complex dynamic systems and present a specific analysis of earthquake and financial time series. Two regimes of non-Gaussianity can be identified: a parabolic one, which is common in various fields of physics, and a power law one, with exponent 4/3, which at the moment(More)
Technical trading represents a class of investment strategies for Financial Markets based on the analysis of trends and recurrent patterns in price time series. According standard economical theories these strategies should not be used because they cannot be profitable. On the contrary, it is well-known that technical traders exist and operate on different(More)
We analyze the decisive role played by the complexity of economic systems at the onset of the industrialization process of countries over the past 50 years. Our analysis of the input growth dynamics, considering a further dimension through a recently introduced measure of economic complexity, reveals that more differentiated and more complex economies face(More)
We analyse global export data within the Economic Complexity framework. We couple the new economic dimension Complexity, which captures how sophisticated products are, with an index called logPRODY, a measure of the income of the respective exporters. Products' aggregate motion is treated as a 2-dimensional dynamical system in the Complexity-logPRODY plane.(More)
Emanuele Pugliese, 2, 3, ∗ Giulio Cimini, 1 Aurelio Patelli, Andrea Zaccaria, 2 Luciano Pietronero, 2 and Andrea Gabrielli 4 Istituto dei Sistemi Complessi (ISC)-CNR, 00185 Rome Italy International Finance Corporation, World Bank Group, 20433 Washington USA University of Bath, Bath BA27AY United Kingdom IMT School for Advanced Studies, 55100 Lucca Italy(More)
We present an empirical analysis of the microstructure of financial markets and, in particular, of the static and dynamic properties of liquidity. We find that on relatively large time scales (15 min) large price fluctuations are connected to the failure of the subtle mechanism of compensation between the flows of market and limit orders: in other words,(More)
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