Physicists attempt to scale the ivory towers of finance

@article{Farmer1999PhysicistsAT,
  title={Physicists attempt to scale the ivory towers of finance},
  author={J. Doyne Farmer},
  journal={Comput. Sci. Eng.},
  year={1999},
  volume={1},
  pages={26-39}
}
  • J. Farmer
  • Published 1 November 1999
  • Economics
  • Comput. Sci. Eng.
Physicists have recently begun doing research in finance, and even though this movement is less than five years old, interesting and useful contributions have already emerged. This article reviews these developments in four areas, including empirical statistical properties of prices, random-process models for price dynamics, agent-based modeling, and practical applications. 

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How can econophysics contribute to economics? Since the relation between basic principles of physics and economics is not established, there is no reason why physical theories should be of any value
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