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This book discusses the study and analysis of the physical aspects of social systems and models, inspired by the analogy with familiar models of physical systems and possible applications of statistical physics tools. Unlike the traditional analysis of the physics of macroscopic many-body or condensed matter systems, which is now an established and mature subject, the upsurge in the physical analysis and modelling of social systems, which are clearly many-body dynamical systems, isa recent phenomenon. Though the major developments in sociophysics have taken place only recently, the earliest at

This book reviews the latest econophysics researches on the fluctuations in stock, forex and other markets. The statistical modeling of markets, using various agent-based game theoretical approaches, and their scaling analysis have been discussed. The leading researchers in these fields have reported on their recent work and also reviewed the contemporary literature. Some historical perspectives as well as some comments and debates on recent issues in econophysics research have also been included.

The distributions of income and wealth in countries across the world are found to possess some robust and stable features independent of the specific economic, social and political conditions of the countries. We discuss a few physics-inspired multi-agent dynamic models along with their microeconomic counterparts, that can produce the statistical features of the distributions observed in reality. A number of exact analytical methods and solutions are also provided.

The distributions of income and wealth in countries across the world are found to possess some robust and stable features independent of the specific economic, social and political conditions of the countries. We discuss a few physics-inspired multi-agent dynamic models along with their microeconomic counterparts, that can produce the statistical features of the distributions observed in reality. A number of exact analytical methods and solutions are also provided.

This book presents the works and research findings of physicists, economists, mathematicians, statisticians, and financial engineers who have undertaken data-driven modelling of market dynamics and other empirical studies in the field of Econophysics. During recent decades, the financial market landscape has changed dramatically with the deregulation of markets and the growing complexity of products. The ever-increasing speed and decreasing costs of computational power and networks have led to the emergence of huge databases. The availability of these data should permit the development of models that are better founded empirically, and econophysicists have accordingly been advocating that one should rely primarily on the empirical observations in order to construct models and validate them. The recent turmoil in financial markets and the 2008 crash appear to offer a strong rationale for new models and approaches. The Econophysics community accordingly has an important future role to play in market modelling. The Econophys-Kolkata VIII conference proceedings are devoted to the presentation of many such modelling efforts and address recent developments. A number of leading researchers from across the globe report on their recent work, comment on the latest issues, and review the contemporary literature.

Understanding the distribution of income and wealth in an economy has been a classic problem in economics for the last hundred years. Apart from the rapidly decaying number density of people with their income crossing over to a robust power law for the very rich, known as the Pareto power-law, after Vilfredo Pareto. With the availability of accurate data from finance/income-tax departments of various countries, several robust features of the income distribution have been established. The book will report on the major models developed mainly by the (econo-) physicists over the last decade. Almo

Using tricks to handle coupled nonlinear dynamical many-body systems, several advancements have already been made in understanding the behavior of markets/economic/social systems and their dynamics. The book intends to provide the reader with updated reviews on such major developments in both econophysics and sociophysics, by leading experts in the respective fields. This is the first book providing a panoramic view of these developments in the last decade.

Preface -- Acknowledgements -- Contents -- 1 Introduction -- 1.1 Background -- 1.1.1 Minority Game -- 1.1.2 Kolkata Restaurant Problem -- 1.2 Motivation of the Book -- 1.3 Plan of the Book -- 2 Kolkata Paise Restaurant Problem -- 2.1 Introduction -- 2.2 Stochastic Learning Strategies -- 2.2.1 Random Choice Strategies -- 2.2.2 Rank Dependent Strategies -- 2.2.3 Strict Crowd-Avoiding Case -- 2.2.4 Stochastic Crowd Avoiding Case -- 2.3 Convergence to a Fair Social Norm with Deterministic Strategies -- 2.3.1 A `Fair' Strategy -- 2.3.2 Asymptotically Fair Strategy -- 2.4 Summary and Discussion -- 3 Phase Transition in the Kolkata Paise Restaurant Problem -- 3.1 Introduction -- 3.2 The Models -- 3.3 Results from Numerical Simulations -- 3.3.1 Model A -- 3.3.2 Model B -- 3.4 Analytical Treatment of the Models in Mean Field Case -- 3.4.1 Approximate Analysis of the Critical Point and Faster-Is-Slower Effect -- 3.4.2 Analysis of the Finite Size Effects on the Time to Reach the Absorbing State -- 3.5 Summary and Discussions -- 4 Zipf's Law from Kolkata Paise Restaurant Problem -- 4.1 Introduction -- 4.2 Model -- 4.3 Results -- 4.3.1 Distribution of Sizes -- 4.3.2 Utilization -- 4.3.3 Evolution with Fitness -- 4.4 Empirical Evidences -- 4.5 Summary and Discussions -- 5 Minority Game and Kolkata Paise Restaurant Problem -- 5.1 Introduction -- 5.2 Strategy of the Agents -- 5.2.1 Uniform Approximation in Guessing the Excess Crowd -- 5.2.2 Nonuniform Guessing of the Excess Crowd -- 5.2.3 Following an Annealing Schedule -- 5.3 Effect of Random Traders -- 5.4 Summary and Discussions -- 6 From Classical Games, the Kokata Paise Restuarant Game, to Quantum Games -- 6.1 A Short Introduction to Classical Games -- 6.1.1 Definitions and Preliminaries -- 6.1.2 Repeated Games -- 6.1.3 Games and Evolution Theory -- 6.2 KPR -- 6.2.1 Some Simple KPR Results

The primary goal of this book is to present the research findings and conclusions of physicists, economists, mathematicians and financial engineers working in the field of "Econophysics" who have undertaken agent-based modelling, comparison with empirical studies and related investigations. Most standard economic models assume the existence of the representative agent, who is "perfectly rational" and applies the utility maximization principle when taking action. One reason for this is the desire to keep models mathematically tractable: no tools are available to economists for solving non-linear models of heterogeneous adaptive agents without explicit optimization. In contrast, multi-agent models, which originated from statistical physics considerations, allow us to go beyond the prototype theories of traditional economics involving the representative agent. This book is based on the Econophys-Kolkata VII Workshop, at which many such modelling efforts were presented. In the book, leading researchers in their fields report on their latest work, consider recent developments and review the contemporary literature