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Econophysics Research in India in the Last Two Decades

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Econophysics Research in India in the Last Two Decades Econophysics Research in India in the last two Decades Asim Ghosh Theoretical Condensed Matter Physics Division Saha Institute of Nuclear Physics 1/AF Bidhannagar, Kolkata 700 064, India. Abstract We discuss here researches on econophysics done from India in the last two decades. The term ‘econophysics’ was formally coined in India (Kolkata) in 1995. Since then many research papers, books, reviews, etc. have been written by scientists. Many institutions are now involved in this research field and many conferences are being organized there. In this article we give an account (of papers, books, reviews, papers in proceedings volumes etc.) of this research from India. 1 Introduction The subject econophysics is an interdisciplinary research field where the tools of physics are applied to understand the problem of economics. The term ‘econo- physics’ was coined by H. Eugene Stanley in a Kolkata conference on statistical physics in 1995. The research on economics by physicists is not new. There were many physicists who contributed significantly in the development of eco- nomics. For example Daniel Bernoulli, who developed utility-based preferences, was a physicist. Similarly Irving Fisher, who was one of the founders of neo- classical economic theory, was a student of statistical physicist Josiah Willard Gibbs. Also Jan Tinbergen, who won the first Nobel Prize in economics, did his Ph. D. in statistical physics in Leiden university under Paul Ehrenfest. However these physicists (by training) eventually left physics and migrated to economics. The new feature of the developments for the last two decades is that physicists studying the problems of economics or sociology remain in their re- arXiv:1308.2191v4 [q-fin.GN] 26 Aug 2013 spective departments and publish their econophysics research results in almost all the major physics journals. In India, works of such interdisciplinary nature are not new. The Indian Statistical Institute, Kolkata, is the one of oldest institutions in India (founded in 1931). The main motivation of this research institute was to promote in- teractions of natural and social sciences; in particular to advance the role of statistics. The work on econophysics in India started around 1990 from Saha Institute Nuclear Physics, Kolkata. Now-a-days many researchers from different universities and institutes from our country are also involved in this research field and international conferences are being organized here on regular basis. 1 Over the last two decades many papers, books and reviews have been written by the Indian scientists in this field. We will analyze here the statistics of such publications and other endeavors. 2 A statistical survey on the development of econophysics [world wide] To see how the subject grew after introduction of this topic (term) in 1995 in scientific community all over the world, we have taken the statistics of the articles having ‘econophysics’ term any where in the articles from google scholar site. Fig. 1 shows histogram plot of the number of papers posted in google scholar over different years. The figure clearly indicates that the subject is growing quite fast, starting in around 1995. 1000 'Econophysics' in Google Scholar 900 800 700 600 500 Frequency 400 300 200 100 0 1995 96 97 98 99 2000 01 02 03 04 05 06 07 08 09 10 11 12 Year Figure 1: Histogram plot of numbers of entries containing the term ‘econo- physics’ versus the corresponding year. The data are taken from google scholar site (http://scholar.google.co.in/schhp). To get an idea about the impact of econophysics research on physics as well as economics, we give in Fig. 2, the count of the papers having the term ‘market’ in the titles of a typical statistical physics journal, namely ‘Physical Review E’ (published by American Physical Society) and the number of papers having the term ‘physics’ or ‘econophysics’ in a typical economics journal ‘Econometrica’ (published by Econometric Society) for the same period. 3 Books published from India We give below a list of books written by Indian scientists [1, 2, 3, 4]: • S. Sinha, A. Chatterjee, A. Chakraborti and B. K. Chakrabarti, Econo- physics:An Introduction, Wiley-VCH, Berlin, 2010. [Book Chapters: • Introduction • The Random Walk• Beyond the Sim- ple Random Walk• Understanding Interactions through Cross-Correlations 2 8 'Market' in title in Physical Review E 'Physics' in Econometrica 'Econophysics' in Econometrica 7 6 5 4 Frequency 3 2 1 0 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 Year Figure 2: Histogram plot of numbers of papers containing the term ‘Market’ in the title of the journal ‘Physical Review E’, the terms ‘physics’ and ‘econo- physics’ in the journal ‘Econometrica’ (data from respective journal website). • Why care about a Power Law? • The Log-Normal Distribution • When a Single Distribution is not Enough • Explaining Complex Distributions with Simple Models • But Individuals are not Gas Molecules. • ...and Individuals don’t Interact Randomly: Complex Networks • Outlook and Concluding Thoughts • Appendices: • Thermodynamics and Free Parti- cle Statistics • Interacting Systems: Mean Field Models, Fluctuations and Scaling Theories • Renormalization Group Technique • Spin Glasses and Optimization Problems: Annealing • Nonequilibrium Phenomena.] • K. Guhathakurta, B. Bhattacharya and A. Roychowdhury, Examining Stock Markets : a non linear dynamics perspective: Examining the Ge- ometric Brownian Motion model with respect to Stock Price Movement in an Emerging Market, LAP LAMBERT Academic Publishing, 2012. [Book Chapters: • Introduction • Related literature • Theoretical frame- work of the models under study • Research methodology • Empirical mode decomposition analysis of financial time series • Recurrence analysis of critical regimes of stock market • Examining the geometric brownian motion and comparison with borland model • Concluding observations.] • B. K. Chakrabarti, A. Chakraborti, S. R. Chakravarty and A. Chatterjee, Econophysics of Income and Wealth Distributions, Cambridge University Press, Cambridge, 2013. [Book Chapters: • Introduction • Income and wealth distribution data for different countries • Major socio-economic modellings • Market exchanges and scattering process • Analytic structure of the kinetic exchange market models • Microeconomic foundation of the kinetic exchange models • Dy- namics: generation of income, inequality and development • Outlook.] • P. Sen, B. K. Chakrabarti, Sociophysics: An introduction, Oxford Univer- sity Press, Oxford, 2013. [Book Chapters: • Introduction • Basic features of social systems and 3 modelling • Opinion formation in a society • Social choices and pop- ularity • Crowd avoiding dynamical phenomena • Social phenomena on complex networks • Of flocks, flows and transports • Endnote • Appen- dices: • Phase transitions and critical phenomena • Magnetic systems: static and dynamical behaviour • Percolation and fractals • Random walks • Monte Carlo simulations • Some data analysis methods and useful ta- bles.] 4 Papers published from India Here we give the list of papers published by Indian scientists in international (refereed) journals from 1995-till date (the Indian cities, where the work was done, are indicated in the third bracket). 1995 • B. K. Chakrabarti and S. Marjit, Self-organisation in Game of Life and economics, Indian J. Phys. B 69 681 (1995) [Kolkata]. 2000 • A. Chakraborti and B. K. Chakrabarti, Statistical mechanics of money: how saving propensity affects its distribution, Eur. Phys. J., B 17 167 (2000) [Kolkata]. 2001 • A. Chakraborti, S. Pradhan and B. K. Chakrabarti, A self-organising model of market with single commodity, Physica A 297 253 (2001) [Kolkata]. 2003 • S. Sinha, Stochastic maps, wealth distribution in random asset exchange models and the marginal utility of relative wealth, Phys. Scripta T 106 59 (2003) [Chennai]. • A. Das and S. Yarlagadda, Analytic treatment of a trading market model, Phys. Scripta T 106 39 (2003) [Kolkata]. • A. Chatterjee, B. K. Chakrabarti and S. S. Manna, Money in gas-like markets: Gibbs and Pareto laws, Phys. Scripta T 106 36 (2003) [Kolkata]. 2004 • A. Chatterjee, B. K. Chakrabarti and S. S. Manna, Pareto law in a kinetic model of market with random saving propensity, Physica A 335 155 (2004) [Kolkata]. • S. Sinha and S. Raghavendra, Hollywood blockbusters and long-tailed distributions: An empirical study of the popularity of movies, Eur. Phys. J. B 42 293 (2004) [Chennai]. 2005 • A. Chatterjee, B. K. Chakrabarti and R. B. Stinchcombe, Master equa- tion for a kinetic model of trading market and its analytic solution, Phys. Rev. E 72 026126 (2005) [Kolkata & Oxford]. • A. Chakraborti and M. S. San- thanam, Financial and other multivariate time series : spectral and related properties, Int. J. Mod. Phys. C 16 1733 (2005) [New York & Ahmedabad]. • P. Manimaran, P. K. Panigrahi, and J. C. Parikh, Wavelet analysis and scal- ing properties of time series,Phys. Rev. E 72 046120 (2005) [Hyderabad & Ahmedabad] 2006 • S. Sinha, Evidence for power-law tail of the wealth distribution in India, Physica A 359 555 (2006) [Chennai]. • A. Chatterjee and B. K. Chakrabarti, Kinetic market models with single commodity having price fluctuations, Eur. Phys. J. B 54 399 (2006) [Kolkata]. • P. K. Mohanty, Generic features of the wealth distribution in ideal-gas-like markets, Phys. Rev. E 74 011117 (2006) [Kolkata]. • A. Kargupta, Money exchange model and a general outlook, Physica A 359 634 (2006) [Panskura]. • M. S. Santhanam, J. Bandyopadhyay 4 and D. Angom,
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