Aoyama H., Aruka Y., Yoshikawa H. (eds.) Complexity, Heterogeneity, and the Methods of Statistical Physics in Economics: Essays in Memory of Masanao Aoki

Springer, 2020. — 322 p. — (Evolutionary Economics and Social Complexity Science 22). — ISBN: 9811548056.Complexity, Heterogeneity, and the Methods of Statistical Physics in Economics: Essays in Memory of Masanao Aoki by Hideaki Aoyama
This book systematically provides a prospective integrated approach for complexity social science in its view of statistical physics and mathematics, with an impressive collection of the knowledge and expertise of leading researchers from all over the world. The book mainly covers both finitary methods of statistical equilibrium and data-driven analysis by econophysics.
The late Professor Masanao Aoki of UCLA, who passed away at the end of July 2018, in his later years dedicated himself to the reconstruction of macroeconomics mainly in terms of statistical physics. Professor Aoki, who was already an IEEE fellow, was also named an Econometric Society Fellow in 1979. Until the early 1990s, however, his contributions were focused on the new developments of a novel algorithm for the time series model and their applications to economic data. Those contributions were undoubtedly equivalent to the Nobel Prize-winning work of Granger's "co-integration method". After the publications of his New Approaches to Macroeconomic Modeling and Modeling Aggregate Behavior and Fluctuations in Economics, both published by Cambridge University Press, in 1996 and 2002, respectively, his contributions rapidly became known and spread throughout the field. In short, these new works challenged econophysicists to develop evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects and revolutionized the stochastic views of interacting agents. In particular, the publication of Reconstructing Macroeconomics, also by Cambridge University Press (2007), in cooperation with Hiroshi Yoshikawa, further sharpened the process of embodying “a perspective from statistical physics and combinatorial stochastic processes” in economic modeling. Interestingly, almost concurrently with Prof. Aoki’s newest development, similar approaches were appearing. Thus, those who were working in the same context around the world at that time came together, exchanging their results during the past decade. In memory of Prof. Aoki, this book has been planned by authors who followed him to present the most advanced outcomes of his heritage.Stock Prices and the Real Economy: The Different Meaning of Efficiency
The Macroeconomy as a Complex System: Building on Aoki’s Statistical Mechanics Approach
On the Analytical Methods Considered Essential by Prof. Masanao Aoki in His Japanese Textbook
Masanao Aoki’s Solution to the Finite Size Effect of Behavioral Finance Models
Continuum and Thermodynamic Limits for a Wealth-Distribution Model
Distribution and Fluctuation of Personal Income, Entropy, and Equal a Priori Probabilities: Evidence from Japan
Firms Growth, Distribution, and Non-Self-Averaging Revisited
The Law of Proportionate Growth and Its Siblings: Applications in Agent-Based Modeling of Socio-Economic Systems
Collective Phenomena in Economic Systems
Clusters of Traders in Financial Markets
Economic Networks
An Interacting Agent Model of Economic Crisis
Reactions of Economy Toward Various Disasters Estimated by Firm-Level Simulation
The Known (Ex Ante) and the Unknown (Ex Post): Common Principles in Economics and Natural Sciences
Information, Inattention, Perception, and Discounting