دانلود مقاله ISI انگلیسی شماره 90362
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
90362 2018 9 صفحه PDF سفارش دهید 4443 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Statistical mechanics and financial markets: Antagony between derivatives and market self-regulation
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Chinese Journal of Physics, Volume 56, Issue 3, June 2018, Pages 988-993

پیش نمایش مقاله
پیش نمایش مقاله

چکیده انگلیسی

We establish specific correspondences between notions of economics and statistical mechanics. There are several situations wherein a rather accurate correspondence has already been established, for instance in utility theory for exchange economy with quasilinear utility function, which has been mapped to analogous thermodynamics. We discuss how statistical mechanics can be applied to define the efficiency of financial markets, via a mapping of stock fluctuations to the Random Energy Model (REM) at particular temperatures. We introduce the concept of reflection in economics; the effective reflection number, in particular, is found to be crucial in understanding the self-regulation of the market. We also establish a qualitative similarity between market with derivatives and certain statistical mechanics models. Such an analogy supports a hypothesis that financial derivatives are antagonistic to the self-regulation of financial markets. As a whole, our analysis is complementary to established concepts and methods of neoclassical economics for markets without derivatives.

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