Skip to main content
SpringerLink
Log in

Toy models and stylized realities

  • Topical Issue on Trends in Econophysics
  • Published:
The European Physical Journal B Aims and scope Submit manuscript

Abstract.

I discuss the role of toy models as theoretical tools for understanding complex systems of interacting agents. I review some concrete examples, in order to illustrate how this approach is able to capture, though in an admittedly stylized way, the interactions and non-linearities which are responsible for the rich phenomenology observed in reality. This allows one to interpret the system's behavior in terms of phase transitions and critical phenomena.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  • R. Mantegna, H.G. Stanley, Introduction to Econophysics (Cambridge University Press, 2000)

  • R. Albert, A.-L. Barabási, Rev. Mod. Phys. 74, 47 (2002)

    Article  ADS  MathSciNet  Google Scholar 

  • J.D. Farmer, Ind. & Corp. Change 11, 895 (2002)

    Article  Google Scholar 

  • A.P. Kirman, J. Econ. Persp. 6, 117 (1992)

    Google Scholar 

  • A. Chatterjee, S. Yarlagadda, B.K. Chakrabarti, Econophysics of wealth distributions (Springer, Italy, 2005)

  • Social Dynamics, edited by H.P. Young, S.N. Durlauf (Brooking Institution, 2001)

  • S.N. Durlauf, Economic Journal, Royal Economic Society, 115, F225 (2005)

  • E. Majorana, Scientia 36, (1942); Transl. in Quant. Fin. 5, 133 (2005)

    MathSciNet  Google Scholar 

  • D. Challet, M. Marsili, Y.-C. Zhang, Minority Games (Oxford University Press, Oxford, 2005)

  • D. Challet, A. Chessa, M. Marsili, Y.-C. Zhang, Quant. Finance 1, 168 (2000)

    Article  MathSciNet  Google Scholar 

  • F. Lillo, R. Mantegna, communication at Econophys-Kolkata II workshop (Kolkata, Feb. 2006)

  • A. Cavagna, Phys. Rev. E 59, R3783 (1999)

  • R.F. Almgren, Applied Mathematical Finance 10, 1 (2003)

    Article  MATH  MathSciNet  Google Scholar 

  • X. Gabaix et al., Nature 423, 267 (2003)

    Article  Google Scholar 

  • J.P. Bouchaud, Chaos 15, 026104 (2005)

    Article  Google Scholar 

  • V. Plerou, P. Gopikrishnan, B. Rosenow, N.A.N. Amaral, H.E. Stanley, Phys. Rev. Lett. 83, 1471 (1999)

    Article  ADS  Google Scholar 

  • M. Marsili, Quant. Fin. 2, 297 (2002)

    Article  Google Scholar 

  • G. Raffaelli, M. Marsili, e-print arXiv:physics/0508159

  • E.J. Elton, M.J. Gruber, Modern Portfolio theory and investment analysis (J. Wiley & Sons, New York, 1995)

  • M. Kardar, Trukish J. of Phys. 18, 225 (1994); T. Hwa, M. Kardar, Phys. Rev. A 45, 7002 (1992)

    Google Scholar 

  • P. Bak, C. Tang, K. Wiesenfeld, Phys. Rev. Lett. 59, 381 (1987)

    Article  ADS  MathSciNet  Google Scholar 

  • R.M. May, Nature 238, 413 (1972)

    Article  ADS  Google Scholar 

  • A. De Martino, M. Marsili, I. Perez Castillo, J. Stat. Mech., P04002 (2004); e-print arXiv:cond-mat/0402049

  • A. Aleksiejuk, J.A. Holyst, G. Kossinets, Int. J. Mod. Phys. C 13, 333 (2002)

    Article  ADS  Google Scholar 

  • G. Bianconi, M. Marsili, Phys. Rev. E 70, 035105(R) (2004)

    Article  ADS  Google Scholar 

  • L.F. Richardson, American Statistical Association 43, 523 (1941)

    Article  Google Scholar 

  • G. Fath, M. Sarvary, Physica A 348, 611 (2005)

    Article  ADS  Google Scholar 

  • A. Baronchelli et al., Phys. Rev. E 73, 015102 (2006)

    Article  ADS  Google Scholar 

  • C. Castellano, M. Marsili, A. Vespignani, Phys. Rev. Lett. 85, 3536 (2000)

    Article  ADS  Google Scholar 

  • M. Granovetter, American Journal of Sociology 91, 481 (1985)

    Article  Google Scholar 

  • M. Marsili, F. Vega-Redondo, F. Slanina, Proceedings of the National Academy of Sciences, USA 101, 1439 (2004)

    Article  MATH  MathSciNet  Google Scholar 

  • G.C.M.A. Ehrhardt, M. Marsili, F. Vega-Redondo, e-print arXiv:physics/0504124 (2005)

Download references

Author information

Authors and Affiliations

  1. The Abdus Salam International Center for Theoretical Physics, Strada Costiera 11, 34014, Trieste, Italy

    M. Marsili

Authors
  1. M. Marsili
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to M. Marsili.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Marsili, M. Toy models and stylized realities. Eur. Phys. J. B 55, 169–173 (2007). https://doi.org/10.1140/epjb/e2006-00237-3

Download citation

  • Received:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1140/epjb/e2006-00237-3

PACS.

Search

Navigation