Dynamical Explanation for the Emergence of Power Lawin a Stock Market
نویسندگان
چکیده
Power laws are found in a wide range of diierent systems: from sand piles to word occurrence frequencies and to the size distribution of cities. The natural emergence of these power laws in so many diierent systems, which has been called self organized criticality, seems rather mysterious and awaits a rigorous explanation. In this letter we study the stationary regime of a previously introduced dynamical microscopic model of the stock market. We nd scaling in the economic parameters of the system. We are able to explain this phenomenon by simple general considerations. We suggest that similar considerations may explain self organized criticality in many other systems.
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