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Tytuł:
Econophysics as a Cause of a Scientific Revolution in Mainstream Economics
Autorzy:
Jakimowicz, A.
Powiązania:
https://bibliotekanauki.pl/articles/1029051.pdf
Data publikacji:
2018-06
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
Opis:
The aim of this article is to establish whether econophysics can cause a scientific revolution and fundamentally change the image of mainstream economics. Science development processes were carefully analysed by Kuhn, who even created a specific vocabulary for it. The most important phrases include paradigm and scientific community. When comparing the disciplinary matrices of econophysics and economics, it has to be stressed that despite the absolute compatibility of the goals of both sciences, econophysics is not - as postulated from time to time - a new econometric approach that entails the application of physics in studies of economics, but rather it is a scientific field totally different from economics. The disproportion between the disciplinary matrices of both sciences regards such elements as symbolic generalisations, models, values, and exemplars. Therefore, it seems that progressive accumulation of knowledge in economics will reveal new anomalies as well as deepen existing ones, making a paradigm shift inevitable. A scientific revolution should be expected at an international level, and in such countries as Poland it will be external and forced. The reasons for that lie in psychology and history. In 1989, in Poland and in other post-socialist countries, a rapid change in the disciplinary matrix of economics occurred and involved the replacement of the socialist economic paradigm with the capitalist economic paradigm. Another scientific revolution of such nature is right around the corner and entails replacing the disciplinary matrix of economics with the transdisciplinary matrix of econophysics. Since Polish economists have tried very hard to resist such a great number of changes, the paradigm shift will require deep involvement and much work from young scholars.
Źródło:
Acta Physica Polonica A; 2018, 133, 6; 1339-1347
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Econophysics as a new school of economic thought: Twenty years of research
Autorzy:
Jakimowicz, A.
Powiązania:
https://bibliotekanauki.pl/articles/1075453.pdf
Data publikacji:
2016-05
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
89.75.Fb
Opis:
In 2015, the science known as econophysics, which has been developing very quickly in latest years, celebrated its 20th anniversary. Perhaps a 20-year period is too short to evaluate the importance and achievements of econophysics, but the broad scope of research and significance of certain results encouraged me to undertake such an attempt. If societies appreciate efforts by econophysicists, perhaps we will be able to avoid next economic crises and related losses. Econophysics is a transdisciplinary science based on the observation that physical objects and economic objects can share a common theory. Since logical homologies are its foundation, it is an example of the well-known isomorphism principle formulated by Ludwig von Bertalanffy. The emergence of interdisciplinary fields of knowledge is consistent with the paradigm of general systems theory. The development of a given field of knowledge is most often measured by its ability to formulate new knowledge about reality. Progress in research can be spoken of both when the application of traditional methods leads to the discovery of new facts and when new scientific laws are discovered using new methods. Econophysics is an attempt to develop economics through the transfer of research methods and techniques from physics to economics. We are therefore dealing here with a second possibility. The methods of physics most often applied in economics include the theory of stochastic processes, cellular automata and nonlinear dynamics. This study presents the most important existing achievements of econophysics and the attempts to reconcile them with traditional economic knowledge. The accomplishment of a paradigmatic correspondence between econophysics and economics, both in the local and in the global sense, is a prerequisite for using the achievements of the former in economic policy.
Źródło:
Acta Physica Polonica A; 2016, 129, 5; 897-907
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Catastrophes and Chaos in Business Cycle Theory
Autorzy:
Jakimowicz, A.
Powiązania:
https://bibliotekanauki.pl/articles/1538498.pdf
Data publikacji:
2010-04
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
05.45.-a
89.20.-a
89.65.Gh
89.75.-k
Opis:
The primary thesis of this paper is that a nonlinear dynamical systems theory provides a basis for conducting all kinds of comparisons in the theory of business cycles, and it also enables its further development. A cognitive aim was to show that applying the theory of bifurcations and morphogenesis in the domain of economic fluctuations allows us to construct models of the cycle with greater explicatory and utility values than there were so far. In this way, the precision and consistency of the theory increases. In this field, applications of catastrophe theory are of great importance. Another fact was indicated, namely the theory of deterministic chaos places the issues of explanation and forecasting in economics in a totally different light. It turns out that we are dealing with at least three sources of complexity in economic systems: chaotic attractors, invariant chaotic sets that are not attracting in the form of chaotic saddles and the effects of fractal basin boundaries. This, in turn, limits the effectiveness of traditional economic policy. Economic management should be based on procedures that lower complexity of economic systems, however sometimes lower complexity incurs bigger instability. The paper is a survey of applications of nonlinear dynamical systems to mathematical business cycle models. The survey encompasses both earlier models that were built in 1970s, as well as later concepts. The paper also features a few of my newest results of numerical studies of some nonlinear economic systems.
Źródło:
Acta Physica Polonica A; 2010, 117, 4; 640-646
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Characteristics of Complexity in Selected Economic Models in the Light of Nonlinear Dynamics
Autorzy:
Jakimowicz, A.
Powiązania:
https://bibliotekanauki.pl/articles/1400172.pdf
Data publikacji:
2013-03
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
05.45.Pq
05.45.-a
89.75.-k
Opis:
The catastrophe theory and deterministic chaos constitute the basic elements of economic complexity. Elementary catastrophes were the first remarkable form of nonlinear, topological complexity that were thoroughly studied in economics. Another type of catastrophe is the complexity catastrophe, namely an increase in the complexity of a system beyond a certain threshold which marks the beginning of a decrease in a system's adaptive capacity. As far as the ability to survive is concerned, complex adaptive systems should function within the range of optimal complexity which is neither too low or too high. Deterministic chaos and other types of complexity follow from the catastrophe theory. In general, chaos is seemingly random behavior of a deterministic system which stems from its high sensitivity to the initial condition. The theory of nonlinear dynamical systems, which unites various manifestations of complexity into one integrated system, runs contrary to the assumption that markets and economies spontaneously strive for a state of equilibrium. The opposite applies: their complexity seems to grow due to the influence of classical economic laws.
Źródło:
Acta Physica Polonica A; 2013, 123, 3; 542-546
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Stability of the Cournot-Nash Equilibrium in Standard Oligopoly
Autorzy:
Jakimowicz, A.
Powiązania:
https://bibliotekanauki.pl/articles/1408991.pdf
Data publikacji:
2012-02
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
02.50.Le
05.45.Ac
Opis:
The 19c. physics is a cognitive archetype of contemporary economics, where static, linear, closed systems that head for thermodynamic equilibrium were of great importance. In this standard of scientific knowledge were included selfish aspirations of agents, which served to prove stability of market equilibrium. The strive of entrepreneurs after profit maximization brings economic systems to a stable Cournot-Nash state of equilibrium, which is determined by the point of crossing of reaction curves. This type of reasoning still sets standards for education of microeconomics. Meanwhile, numerical explorations of simple, standard, nonlinear models of oligopoly prove that Cournot-Nash points are stable only over shortest periods. These are periods in which variables are changing (production values), and parameters (marginal costs) remain constant. According to a convention adopted in economics, in short periods various kinds of costs can change, including marginal costs. The only unchanging category in these periods are fixed costs. The postulate of profit maximization induces entrepreneurs to lower marginal costs. It provokes drifting of markets along short-term equilibrium states towards states of higher complexity. States far from equilibrium are natural market states. It contradicts the basics of traditional microeconomics. Selfish aspirations of agents do not guarantee stability of market equilibrium.
Źródło:
Acta Physica Polonica A; 2012, 121, 2B; B-50-B-53
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Path Dependence in Neoclassical Economic Growth Theory
Autorzy:
Jakimowicz, A.
Powiązania:
https://bibliotekanauki.pl/articles/1388527.pdf
Data publikacji:
2015-03
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
89.75.-k
05.45.-a
07.89.+b
Opis:
Path dependence is a key feature of complex economic systems. It implies that history matters in the long-term evolution of markets and economies. Path dependence can be viewed as the dynamic version of positive feedback effects. This paper focuses on the nonlinear neoclassical economic growth model with the Cobb-Douglas production function, which accounts for problems related to pollutant emissions. It was found that only selected initial forms have a chance to develop. Present states depend on past states, even though the historical circumstances that had affected the past states may no longer be relevant. The choice among different histories may be a stochastic process. The understanding of economic growth suggested in this study stands in opposition to the neoclassical tradition based on equilibrium states or paths independent of the system's history. In contemporary economics, the idea of path dependence is most often used in studies on the high-tech industry, where the researchers are focused on such phenomena as innovation processes, monopolization, or the causes of ineffective technical solutions. The analysis of historical conditions is almost entirely carried out with the use of qualitative methods, since the subject of the research is non-formalized. In addition, the theoretical basis for conducting relevant empirical research is still missing. As a result of the development of complexity economics in recent years, numerous dynamic features of complex economic systems can be examined with the application of quantitative methods which, in effect, strengthens the bonds between theory and practice. Rare exceptions include path dependence relations. The aim of this article is to fill this gap and to create a theoretical basis for quantitative research on historical conditions in economics. This is a necessary condition for undertaking empirical research. The theoretical search started with the Keynesian model of the Samuelson-Hicks trade cycle, to demonstrate that conventional economics completely omits the most interesting path-dependence cases. It turns out that only the neoclassical model of economic growth, taking into account two power laws, provides appropriate dynamic characteristics for a full description of path dependence relations. Therefore, appropriate theoretical bases can be provided only by complexity economics. It may seem that, in this work, the dependence on history is restricted to two successive time steps in the case of the Samuelson-Hicks model and a single step in the neoclassical model of economic growth by Day. However, it examines an ordered path dependence, where events are chronologically ordered and the impact of earlier events on the later ones occurs through intermediary events. It should be remembered that events are constantly affected by environmental stimuli that are reflected not only in initial conditions, but also in the values of the parameters for all periods. Thus, it is not a case of short-term memory.
Źródło:
Acta Physica Polonica A; 2015, 127, 3A; A-86-A-94
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Mechanism of Transformation of Global Business Cycles into Dynamics of Regional Real Estate Markets
Autorzy:
Jakimowicz, A.
Kulesza, S.
Powiązania:
https://bibliotekanauki.pl/articles/1029167.pdf
Data publikacji:
2018-06
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
housing price dynamics
structural transition
cusp catastrophe
critical point
bifurcation set
equilibrium surface
Opis:
The aim of this article is the identification of the occurrence mechanism of sudden quantitative changes in real-estate market prices, which were observed during the global financial crisis. Since such phenomena did not occur to such an intensity during previous crises, it can be assumed that a new economic dynamic type has emerged in real-estate markets. The most promising of the methods of studying such phenomena seems to be the bifurcation method and particularly the catastrophe theory. This study analyzes changes in the prices of residential property based on cusp catastrophes. Empirical data were fit to a stochastic cusp model to visualize the evolutionary path of real estate market. Two other popular models (linear and logistic) were also estimated to compare results. A comparative analysis proved that the cusp model can best explain structural price instabilities in real-estate markets. The results confirmed that the evolution of the real estate market combines two processes: long-term evolution in the area of non-degenerate stability and discontinuous changes in the area of degenerate stability. Structural changes take place in the system only in the area of degenerate stability. The theoretical and practical results show that the catastrophe theory may have predictive potential, which could support traditional methods of predicting changes on real estate markets.
Źródło:
Acta Physica Polonica A; 2018, 133, 6; 1351-1361
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Determinants of Mass Poverty in the Contemporary Global Economy
Autorzy:
Jakimowicz, A.
Baklarz, A.
Powiązania:
https://bibliotekanauki.pl/articles/1029499.pdf
Data publikacji:
2018-06
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
03.75.Nt
Opis:
The concept of mass poverty was defined by Galbraith in late 1970s and it applies to societies with agriculture as the dominant branch of the economy. This paper examines the importance of this phenomenon and factors affecting it in the contemporary world. There are a growing number of studies supporting the claim that the method of electricity consumption is a key factor of economic growth which makes it possible to escape mass poverty. Moreover, in order to solve the problem, it is necessary to determine access to capital in such countries and societies, understood as M2 aggregate. In this manner, the problem at hand is reduced to determination of the relationships between the following variables: percentage of rural population, rules of managing electrical energy and M2 aggregate. These findings were used to formulate three study hypotheses. According to the first hypothesis, the effect of the electricity use method on M2 varies from one country to another, with several identifiable patterns. According to the second hypothesis, the process of leaving the mass poverty sphere follows either the Bose-Einstein distribution or the Boltzmann distribution. The third hypothesis indicates that effects of efforts aimed at eliminating mass poverty in certain conditions are not permanent. Verification of these three hypotheses indicates the adequacy of the theory of mass poverty in the contemporary world.
Źródło:
Acta Physica Polonica A; 2018, 133, 6; 1388-1393
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Identification of Insider Trading Using Network Numerical Models
Autorzy:
Jakimowicz, A.
Baklarz, A.
Powiązania:
https://bibliotekanauki.pl/articles/1398883.pdf
Data publikacji:
2016-05
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
89.65.-s
05.65.+b
89.75.-k
Opis:
This article presents a network algorithm for identifying transactions which may constitute a violation of restricted periods, namely, making transactions in company shares by persons possessing inside information. The empirical research was performed on the basis of publicly available information on exchange trading, originating from the Warsaw Stock Exchange. The analysis is based on a numerical model which describes information spreading in a network with an information bottleneck. The applied method can confirm with high probability the use of inside information for carrying out unauthorized stock market transactions.
Źródło:
Acta Physica Polonica A; 2016, 129, 5; 980-985
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Application of the Four Colour Theorem to Identify Spatial Regional Poles and Turnpikes of Economic Growth
Autorzy:
Jakimowicz, A.
Rzeczkowski, D.
Powiązania:
https://bibliotekanauki.pl/articles/1029262.pdf
Data publikacji:
2018-06
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
02.10.Ox
Opis:
This paper presents a method for identifying regional poles and the turnpikes of growth based on the following foundations: four colour theorem, Wikinomics business model in the form of platforms for participation, evaluation of the functionality of websites run by public administration municipal offices, and dual graph reduction. The province of Warmia and Mazury, which is the subject of the study, is one of the poorest provinces in Poland in terms of economic development. It is therefore natural that the growth of this region requires external enterprise sources. This role can be best performed primarily by websites run by municipal offices, which initiate business activity in their corresponding areas, and consequently, can be regarded as Wikinomics platforms of participation. Using the k-means clustering method, these websites were divided into four separate quality classes. These classes were assigned four various colours, which were subsequently used for preparing the map of the province. Each municipality was marked with a colour corresponding to the quality class of the website run by the state administration unit operating in a given area. The system of colours resulting from the four colour theorem and a corresponding dual graph serve as a frame of reference with regard to each empirical colour distribution and to another, related, dual graph. Thus, the four colour theorem describes the largest diversity of regional growth poles. The measure of the economic growth of the region is a degree of reduction of the dual graph corresponding to the empirical colour distribution, which identifies actual growth poles and determines the turnpikes of growth. The ultimate development objective, although not always achievable, is a reduction of the dual graph to a single vertex, when all municipal offices in the province have websites of the highest quality.
Źródło:
Acta Physica Polonica A; 2018, 133, 6; 1362-1370
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Prosumption in the Public Administration Sector
Autorzy:
Jakimowicz, A.
Rzeczkowski, D.
Powiązania:
https://bibliotekanauki.pl/articles/1398890.pdf
Data publikacji:
2016-05
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
89.65.-s
89.75.Fb
Opis:
The aim of this article is to examine the possibility of implementing the rules of prosumption in the public administration sector in Poland. The level of development of the Polish e-Government system is far from satisfactory, taking into consideration comparatively narrow (regarding both type and range) set of public services provided on-line. A comprehensive method of public administration sector evaluation has not been worked out yet on the level of communes, though it is very useful because of the greatest innovative potential which has not been used so far. An assessment of a relatively deteriorating indicator of innovation in the public administration sector in Poland is impossible without going to the local level and analysing the situation in certain voivodeships, especially in the communes which are the main units of the local government. Prosumption is the main idea of a new economic school called wikinomics, it means blurring the difference between the producer or a service provider and the customer by including the latter to the processes of production of goods or supplying services. According to the article, prosumption in the public administration sector can be used in two ways. Firstly, it should be known to what extent internet sites of commune offices can be transformed into social innovative platforms which could show natural creativity of customers. Secondly, it is important to determine whether the main principles of prosumption, such as getting rid of control, peering and sharing the results, can be used in practical work of commune offices. This article is focused on the research of web pages issued by the local authorities. The possibility to use web pages as platforms to provide public service on-line is evaluated. Besides, the correspondence analysis was introduced, which helped to identify the innovative potential in the public administration sector and evaluate it paying special attention to the processes of prosumption. A rational expectations hypothesis allowed to explain the process of the appearance of systematic errors in interaction between a citizen and an official. It appeared that systematic errors result in perception gaps. Prosumption is the most successful mechanism for reduction of perception gaps.
Źródło:
Acta Physica Polonica A; 2016, 129, 5; 1011-1017
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Vortex Stabilization of Market Equilibrium in Theory and in Practice of Economics
Autorzy:
Jakimowicz, A.
Juzwiszyn, J.
Powiązania:
https://bibliotekanauki.pl/articles/1408997.pdf
Data publikacji:
2012-02
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
45.40.-f
47.32.C-
Opis:
Rotary movements of the object around the position of equilibrium is the most common type of dynamics in nature. The way of plotting trajectory resembles winding a line onto a cone of revolution or some other solid of revolution. The state of equilibrium, which is usually not reached by the system, is marked with the cone axis. The trajectory can move away from the state of equilibrium, or get closer to it. A similar behavior is observed in many two-dimensional economic models, both linear, and nonlinear. The simplest example is a linear cobweb model, where - depending on slopes of linear demand function and linear function of supply - price and quantity make a broken line with a growing, constant or decreasing amplitude around the equilibrium point. In nonlinear models, trajectories are more realistic. A natural space for exploring spiral trajectories is a three-dimensional space. Usually, it requires magnifying the model's dimension by one. Economic vortices are made up by economic vectors of three constituents. It may be price, quantity, and time. Apparently, flat zigzags that can be seen on two-dimensional graphs of cobweb models are orthogonal projections of spinning trajectories. Vortexes created by nonlinear models are much smoother than the vortices created by linear models. The real economic vectors create smooth spiral trajectories, which indicates necessity to employ nonlinear dynamics in economic modeling. The basis for rotary movements are surface areas of solids of revolution of the second degree. The kinematics of solids indicated by market shows that they also rotate in three-dimensional space. It resembles precession movements. In economic dynamics we have at least a double rotation. What rotates are both economic vectors as well as the solids created by them.
Źródło:
Acta Physica Polonica A; 2012, 121, 2B; B-54-B-60
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Balance in the Turbulent World of Economy
Autorzy:
Jakimowicz, A.
Juzwiszyn, J.
Powiązania:
https://bibliotekanauki.pl/articles/1388526.pdf
Data publikacji:
2015-03
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
47.27.Jv
47.15.G-
47.35.-i
47.32.C-
01.65.+g
Opis:
The stock market balance can be presented as a result of mutual effect of the supply and demand on the market. This creates high-frequency dynamics of prices for shares, what in turn leads to the appearance of the three-dimensional rotary trajectories of the market. The 3-D space is a Cartesian product: prices, volumes, and time. In this space whirling vectors form rotary-spiral trajectories and, they in turn, determine in the appropriate time periods side surfaces of solids of revolution, which rotate as well. Perpendicular projections of rotary trajectories on planes with standing out time axis cause that economic rotary phenomena are depicted on the mentioned planes by means of flat zigzags. Double rotating of economic vectors resembles precession movement. This is the precession movement which guarantees oscillating-rotating vectors around the hypothetical line of economic balance. Economic vectors are always set in rotary motion mainly by stimulating the vectors of demand and supply. Dynamically changing volumes of the mentioned forces cause that permanent state of economic balance practically do not exist in market reality. In the modified by the authors cobwebbed model states of fragile balance are explained by means of precession and accompanying it nutation. The rotary movement occurs universally in our world. The effects of vortexes from the world of nature are extremely quickly reflected in changing in chaotic way forces of demand and supply which in turn are the main generators of economic vortexes. Then the relationship is unambiguous and can be expressed by a short general statement claiming that vortexes generate vortexes regardless of the environment in which they occur. The resemblance between the rotary trajectories observed in hydrodynamics and the stock market rotary-spiral trajectory was the inspiration of the work for creating the econophysical analogue of the so-called stock market Reynolds number (R_{e}). The academic community has long sought a description of the phenomenon of turbulence in financial markets, and this article is an attempt to face this challenge. The original idea behind developing an economic equivalent of the Reynolds number was that market vectors of volumes, prices and time components can be treated as particles of a stream of liquid flowing through a pipe of a given cross-section. The Reynolds number, defined in this way, can be applied in research into the dynamics of stock exchange indices and, in particular, for the development of short-term warning forecasts. Additionally, it can be treated as a coefficient confirming (or rejecting) long-term stock market predictions.
Źródło:
Acta Physica Polonica A; 2015, 127, 3A; A-78-A-85
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Impact of the Secondary Insider Trading on Financial Markets
Autorzy:
Jakimowicz, A.
Baklarz, A.
Smulska, K.
Powiązania:
https://bibliotekanauki.pl/articles/1029516.pdf
Data publikacji:
2018-06
Wydawca:
Polska Akademia Nauk. Instytut Fizyki PAN
Tematy:
89.65.Gh
02.70.-c
Opis:
The insider trading phenomenon is based on the situation when traders use material information not publicly available to make their investment decisions. In most countries of the world, insider trading is illegal and is punishable by fine or imprisonment. Insider trading has many economic effects, which in the light of available scientific research can be both positive and negative. Insider traders can be divided into primary and secondary traders depending on whether their contact with insider information is direct or indirect. Primary insider trading has been discussed in many research studies and scientific descriptions, while secondary insider trading has not been investigated yet. This paper's aim is to fill this gap. Since the empirical data for secondary insider trading is in practice impossible to obtain, the research analysis is based on simulations of two probabilistic models. The first one concerns the use of insider information for an infinite long period of time after its acquisition, while the second one on the day of its receipt. The results of the simulation are related to three basic models of financial market functioning: the efficient market hypothesis, the fractal market hypothesis, and the coherent market hypothesis.
Źródło:
Acta Physica Polonica A; 2018, 133, 6; 1394-1401
0587-4246
1898-794X
Pojawia się w:
Acta Physica Polonica A
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Wooden shingles in modern construction industry
Dachówki drewniane we współczesnym budownictwie
Autorzy:
Policinska-Serwa, A.
Jakimowicz, M.
Powiązania:
https://bibliotekanauki.pl/articles/7197.pdf
Data publikacji:
2013
Wydawca:
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie. Wydawnictwo Szkoły Głównej Gospodarstwa Wiejskiego w Warszawie
Źródło:
Annals of Warsaw University of Life Sciences - SGGW. Forestry and Wood Technology; 2013, 84
1898-5912
Pojawia się w:
Annals of Warsaw University of Life Sciences - SGGW. Forestry and Wood Technology
Dostawca treści:
Biblioteka Nauki
Artykuł
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