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SUMMARY:Physics and Economics (1776-2011): Inter-breeding\, Discoveries an
 d Open 
DTSTART:20130415T161500
DTEND:20130415T171500
DTSTAMP:20260510T122415Z
UID:e9be8eab951501a7948b76c869d8087a7465684f91498fd23a3b3aac
CATEGORIES:Conferences - Seminars
DESCRIPTION:Prof. Didier Sornette\, ETHZ\, Director of the Financial Crisi
 s Observatory\nFrom classical to neoclassical economics and to financial e
 conomics\, till the present time\, economists have been inspired by the co
 nceptual and mathematical developments of the physical sciences and by the
 ir remarkable successes in describing and predicting natural phenomena.\nR
 eciprocally\, physics has been enriched several times by developments firs
 t observed in economics.\nStarting with Adam Smith "Inquiry into the Natur
 e and Causes of the Wealth of Nations" (1776) who found inspiration in the
  Philosophiae Naturalis Principia Mathematica (1687) of Isaac Newton\, we 
 present the concepts and discoveries where these two fields have collided 
 for the better and for the worst.\nIn particular\, we will discuss how (i)
  the fluctuation-susceptibility theorem transforms into a remarkable class
 ification of financial volatility shocks\, (ii) the Ising model of phase t
 ransitions can be generalized to model the stylized facts of financial mar
 kets\, (iii) the concepts of collective phenomena and phase transitions (w
 ith spontaneous symmetry breaking) help understand financial bubbles and t
 heir following crashes\, (iv) the mathematics of quantum physics provides 
 a new quantum decision theory solving the known paradoxes and (v) using ex
 periments in the laboratory and agent-based models\, we will describe how 
 Darwnian evolutionary feedback processes provide robust mechanisms for the
  spontaneous emergence of strong (''altruistic'') reciprocity and cooperat
 ion between humans in societies. We will end by proposing\na list of open 
 challenges.
LOCATION:Auditoire CE1 http://plan.epfl.ch/?zoom=20&recenter_y=5864182.505
 61&recenter_x=731299.44535&layerNodes=fonds\,batiments\,labels\,events_sur
 face\,events_line\,events_label\,information\,parkings_publics\,arrets_met
 ro\,evenem
STATUS:CONFIRMED
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