منابع مشابه
Power Laws in Economics and Finance
A power law (PL) is the form taken by a large number of surprising empirical regularities in economics and finance. This review surveys well-documented empirical PLs regarding income and wealth, the size of cities and firms, stock market returns, trading volume, international trade, and executive pay. It reviews detailindependent theoretical motivations that make sharp predictions concerning th...
متن کاملPower laws in economics and elsewhere
We review power laws in financial economics. This is a chapter from a preliminary draft of a book called “Beyond equilibrium and efficiency”. While some of the discussion is specific to economics, most of it applies to power laws in general – the nouns may change, but the underlying questions are similar in many fields. This draft is still preliminary and not entirely finished – comments at any...
متن کاملPower Laws in Economics: An Introduction
P aul Samuelson (1969) was once asked by a physicist for a law in economics that was both nontrivial and true. This is a difficult challenge, as many (roughly) true results are in the end rather trivial (for example, demand curves slope down), while many nontrivial results in economics in fact require too much sophistication and rationality on the part of the agents to actually hold true in pra...
متن کاملPower laws in finance and their implications for economic theory
The following presents a review of power laws in financial economics. It is a chapter from a preliminary draft of a very long review article called “Beyond equilibrium and efficiency”. While some of the discussion is specific to economics, most of it applies to power laws in general – the nouns may change, but the underlying questions are similar in many fields. This draft is still highly preli...
متن کاملPower-laws in economy and finance: some ideas from physics
We discuss several models in order to shed light on the origin of powerlaw distributions and power-law correlations in financial time series. From an empirical point of view, the exponents describing the tails of the price increments distribution and the decay of the volatility correlations are rather robust and suggest universality. However, many of the models that appear naturally (for exampl...
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ژورنال
عنوان ژورنال: Annual Review of Economics
سال: 2009
ISSN: 1941-1383,1941-1391
DOI: 10.1146/annurev.economics.050708.142940