Indian School of Econophysics

http://www.humanthermodynamics.com/Indian_school_of_econophysics.pdf

Kishore C. DashNSM, Rourkela, India

http://www.humanthermodynamics.com/Indian_school_of_econophysics.pdf

Chanakya(370-283 BC)Arthashastra

• Economics (Arthashastra): Arthashastra, whose meaning is‘Science of Economics’ is an extraordinary detailed manualon statecraft by one of classical India’s greatest minds –Kautilya, Vishnugupta or Chanakya(350-283 B.C)

• Chanakya is touted as the "Pioneer Economist of India".Chanakya was the adviser and Prime Minister of EmperorChandragupta.

• Chanakya was a professor at the University of Takshila(located in present day Pakistan)

• Arthashastra is ‘the science of economics’, includingstarting productive enterprises, taxation, revenuecollection, budget and accounts with 15 books and 380slokas

• Economics (Arthashastra): Arthashastra, whose meaning is‘Science of Economics’ is an extraordinary detailed manualon statecraft by one of classical India’s greatest minds –Kautilya, Vishnugupta or Chanakya(350-283 B.C)

• Chanakya is touted as the "Pioneer Economist of India".Chanakya was the adviser and Prime Minister of EmperorChandragupta.

• Chanakya was a professor at the University of Takshila(located in present day Pakistan)

• Arthashastra is ‘the science of economics’, includingstarting productive enterprises, taxation, revenuecollection, budget and accounts with 15 books and 380slokas

Income Distribution in SocietiesMeghnad Saha [1893 – 1956]

• Fields- Physics• Known for Thermal Ionisation• Founder of Saha Institute of Nuclear Physics(SINP)

In his later years Saha increasingly turned hisattention to the social relation of science andfounded the outspoken journal Science and Culture in 1935.He co-authored A Treatise on Heat (4th ed., 1958) and A Treatise onModern Physics (1934).

• Income distribution in societiesDiscussed at length in their text book in the 1950s, the possibility of usinga Maxwell–Boltzmann velocity distribution (a gamma distribution) in anideal gas to represent the income distribution in societies: “suppose in acountry, the assessing department is required to find out the averageincome per head of the population. They will proceed somewhat in thesimilar way . . .(the income distribution) curve will have this shape becausethe number of absolute beggars is very small, and the number ofmillionaires is also small, while the majority of the population haveaverage income.” (“Distribution of velocities” in A Treatise on Heat, M.N.Saha and B.N. Srivastava, Indian Press, Allahabad, 1950;pp. 132–134).

• Fields- Physics• Known for Thermal Ionisation• Founder of Saha Institute of Nuclear Physics(SINP)

In his later years Saha increasingly turned hisattention to the social relation of science andfounded the outspoken journal Science and Culture in 1935.He co-authored A Treatise on Heat (4th ed., 1958) and A Treatise onModern Physics (1934).

• Income distribution in societiesDiscussed at length in their text book in the 1950s, the possibility of usinga Maxwell–Boltzmann velocity distribution (a gamma distribution) in anideal gas to represent the income distribution in societies: “suppose in acountry, the assessing department is required to find out the averageincome per head of the population. They will proceed somewhat in thesimilar way . . .(the income distribution) curve will have this shape becausethe number of absolute beggars is very small, and the number ofmillionaires is also small, while the majority of the population haveaverage income.” (“Distribution of velocities” in A Treatise on Heat, M.N.Saha and B.N. Srivastava, Indian Press, Allahabad, 1950;pp. 132–134).

Prasanta Chandra MahalanobisIndian Statistical Institute

The Institute initiated and promoted theinteraction of statistics with natural and socialsciences to unfold the role of statistics as a keytechnology which explicated the twin aspects ofstatistics - its general applicability and itsdependence on other disciplines for its owndevelopment.ISI is probably the first such institute in theworld, which brought a closeness between naturaland social science with the help of statistics.Mahalanobis had a key role in first five year plan ofindependent India

The Institute initiated and promoted theinteraction of statistics with natural and socialsciences to unfold the role of statistics as a keytechnology which explicated the twin aspects ofstatistics - its general applicability and itsdependence on other disciplines for its owndevelopment.ISI is probably the first such institute in theworld, which brought a closeness between naturaland social science with the help of statistics.Mahalanobis had a key role in first five year plan ofindependent India

Rosario Mantegna & H. E. Stanley – Named ANDDEFINED ECONOPHYSICS as“The multidisciplinary field of econophysics..[as] a neologism that denotes the activities ofphysicists who are working on economicproblems to test a variety of new conceptualapproaches deriving from the physical sciences.”

- Second Statphy-Kolkata Conference,Calcutta University – 1995.ECONOPHYSICS TOOKBIRTH AT KOLKATA !

Rosario Mantegna & H. E. Stanley – Named ANDDEFINED ECONOPHYSICS as“The multidisciplinary field of econophysics..[as] a neologism that denotes the activities ofphysicists who are working on economicproblems to test a variety of new conceptualapproaches deriving from the physical sciences.”

- Second Statphy-Kolkata Conference,Calcutta University – 1995.ECONOPHYSICS TOOKBIRTH AT KOLKATA !

INTERVIEW OF KAUSIK WITH GENE

Econophysics vs Phynance

3942

54

42

2929

4245

3639

30

40

50

60

Econphysics at least one word intitle no of words vs year

Econphysics at leastone word in title noof words

Phynance haspresence since 1962

1 2 2 1

15

25

14

2520

2929

0

10

20

30

1990 1995 2000 2005 2010 2015

Econphysics at leastone word in title noof words

0

5

10

15

20

25

1990 1995 2000 2005 2010 2015

Phynance with at least one word inarticle

no of words vs year

Phynance with at leastone word in article noof words

Contd……

Indian Econophysicists

Workshop on The Economy as a Complex System, Dec6-7, 2004, IMSc, Chennai, Organised by Sitabhra Sinha

Besides Two more meetings organised by Prof. Sinha at IMSc, Chennaiare

“The Economy as a Complex System II: Economic Dynamics”, Dec 27-29, 2010 and “Brainstorming Meeting on Econophysics: Science for theEconomy”, July 30, 2013

FIRST INTERNATIONAL CONFERENCE

FIRST INTERNATIONAL CONFERENCE IN INDIA ONECONOPHYSICS HELD IN 2005 IN Saha

Institute of Nuclear Physics(SINP,Organized byBIKASH K. CHAKRABARTI

• (ECONOPHYSICS-KOLKATA-I)Econophysics of WealthDistributions, 15-19 March 2005

FIRST INTERNATIONAL CONFERENCE IN INDIA ONECONOPHYSICS HELD IN 2005 IN Saha

Institute of Nuclear Physics(SINP,Organized byBIKASH K. CHAKRABARTI

• (ECONOPHYSICS-KOLKATA-I)Econophysics of WealthDistributions, 15-19 March 2005

Econophysics Kolkata –I, 2005

• Econophysics of WealthDistributions, 15-19March 2005; Organizedby Saha Institute ofNuclear Physics, Kolkata

• Econophysics of WealthDistributions, 15-19March 2005; Organizedby Saha Institute ofNuclear Physics, Kolkata

Why it is hard to share the wealth12 March 2005 by Jenny Hogan, New Scientist

• THE rich are getting richer while the poor remain poor. If you doubtit, ponder these numbers from the US, a country widely consideredmeritocratic, where talent and hard work are thought to be enoughto propel anyone through the ranks of the rich. In 1979, the top 1per cent of the US population earned, on average, 33.1 times asmuch as the lowest 20 per cent. In 2000, this multiplier had grownto 88.5. If inequality is growing in the US, what does this mean forother countries?

• Almost certainly more of the same, if you believe physicists who areusing new models based on simple physical laws to understand thedistribution of wealth. Their studies indicate that inequality inmarket economies may be very hard to get rid of.

• Economists will join physicists to discuss these issues next week inKolkata, India, at the first ever conference ...

• THE rich are getting richer while the poor remain poor. If you doubtit, ponder these numbers from the US, a country widely consideredmeritocratic, where talent and hard work are thought to be enoughto propel anyone through the ranks of the rich. In 1979, the top 1per cent of the US population earned, on average, 33.1 times asmuch as the lowest 20 per cent. In 2000, this multiplier had grownto 88.5. If inequality is growing in the US, what does this mean forother countries?

• Almost certainly more of the same, if you believe physicists who areusing new models based on simple physical laws to understand thedistribution of wealth. Their studies indicate that inequality inmarket economies may be very hard to get rid of.

• Economists will join physicists to discuss these issues next week inKolkata, India, at the first ever conference ...

Newyork Times reports in Dec 2005

• The NewYork Times in December 11, 2005 issue also published thesame story under the heading ‘Econophysics’ by Christopher Sheaas reported by Jenny Hogan in New Scientist. He has reported that‘Victor Yakovenko, a physicist at the University ofMaryland, happens to think that current patterns of economicinequality are as natural, and unalterable, as the properties of airmolecules in your kitchen.

• According to Chrstopher, Yaovenko is a self-described"econophysicist“, Econophysics, the use of tools from physics tostudy markets and similar matters, isn't new, but the subfielddevoted to analyzing how the economic pie is split acquired newlegitimacy in March when the Saha Institute of Nuclear Physics, inCalcutta, held an international conference on wealth distribution.

• The NewYork Times in December 11, 2005 issue also published thesame story under the heading ‘Econophysics’ by Christopher Sheaas reported by Jenny Hogan in New Scientist. He has reported that‘Victor Yakovenko, a physicist at the University ofMaryland, happens to think that current patterns of economicinequality are as natural, and unalterable, as the properties of airmolecules in your kitchen.

• According to Chrstopher, Yaovenko is a self-described"econophysicist“, Econophysics, the use of tools from physics tostudy markets and similar matters, isn't new, but the subfielddevoted to analyzing how the economic pie is split acquired newlegitimacy in March when the Saha Institute of Nuclear Physics, inCalcutta, held an international conference on wealth distribution.

Report of New scientist in 2012

Another note [2] “The physics of our finances”published in New Scientist in July 2012highlighted the contributions from India

The physics of our finances“The 1 per cent” may be a catchy phrase, but when it comes tounderstanding how wealth is distributed within society, we shouldfocus on the top 5 or 10 per cent. Those who study income distributionhave discovered that there is one rule for the rich and one rule foreverybody else. For the masses, income follows a broad curve; for thewealthiest 5 to 10 per cent, the pattern is different, forming the so-called Pareto tail (see graph).

The physics of our finances“The 1 per cent” may be a catchy phrase, but when it comes tounderstanding how wealth is distributed within society, we shouldfocus on the top 5 or 10 per cent. Those who study income distributionhave discovered that there is one rule for the rich and one rule foreverybody else. For the masses, income follows a broad curve; for thewealthiest 5 to 10 per cent, the pattern is different, forming the so-called Pareto tail (see graph).

In 2000, Bikas Chakrabarti’s team at theSaha Institute of Nuclear Physics inKolkata, India, allowed people to retainsome of their wealth in each exchange.The result was a wealth curve similar tothe broad hump of the Maxwell-Boltzmann distribution.

ECONOPHYSICS KOLKATA -I

• Eds. A. Chatterjee, S. Yarlagadda, B. K.Chakrabarti, Econophysics of WealthDistributions, New EconomicWindows, Springer-Verlag, Milan, 2005 [proceedings ofECONOPHYS-KOLKATA I: Econophysicsof Wealth Distributions, 15-19 March2005; Organized by Saha Institute ofNuclear Physics].

contributions from:India – 10 , Germany-5, Japan-4, Argentina-2, Italy-2, UK-2,USA-2, Brazil-1, China-1, Finland-1, France-1.

• Eds. A. Chatterjee, S. Yarlagadda, B. K.Chakrabarti, Econophysics of WealthDistributions, New EconomicWindows, Springer-Verlag, Milan, 2005 [proceedings ofECONOPHYS-KOLKATA I: Econophysicsof Wealth Distributions, 15-19 March2005; Organized by Saha Institute ofNuclear Physics].

contributions from:India – 10 , Germany-5, Japan-4, Argentina-2, Italy-2, UK-2,USA-2, Brazil-1, China-1, Finland-1, France-1.

Econophysics Kolkata – II,Econophysics of Stock Markets and Minority

Games, 14-17 February 2006• Eds. A. Chatterjee, B. K.

Chakrabarti, Econophysics of Stockand other Markets, NewEconomicWindows, Springer-Verlag, Milan, 2006 [proceedings ofECONOPHYS-KOLKATA II:Econophysics of Stock Markets andMinority Games, 14-17 February2006; Organized by Saha Institute ofNuclear PhysicsOntributers from

• India – 13, China-3, UK-3, Italy-2, Japan-2, USA-2, Finland-1, France-1, Hungary-1, Ireland-1.

• Eds. A. Chatterjee, B. K.Chakrabarti, Econophysics of Stockand other Markets, NewEconomicWindows, Springer-Verlag, Milan, 2006 [proceedings ofECONOPHYS-KOLKATA II:Econophysics of Stock Markets andMinority Games, 14-17 February2006; Organized by Saha Institute ofNuclear PhysicsOntributers from

• India – 13, China-3, UK-3, Italy-2, Japan-2, USA-2, Finland-1, France-1, Hungary-1, Ireland-1.

Econophysics Kolkata - III Econophysics &Sociophysics of Markets and Networks, 12-15

March 2007, SINP

Eds. A. Chatterjee, B. K. Chakrabarti, Econophysics ofMarkets and Business Networks, New EconomicWindows, Springer-Verlag, Milan, 2007

Contributors fromIndia – 8, Italy-3, China-2, Japan-2, UK-2, Canada-1, Estonia-1, Poland-1, USA-1.

The word added into DICTIONARY in2008

• Econophysics is an interdisciplinary developmentinvolving economists and physicists according to“Econophysics” in the new Palgrave Dictionary ofEconomics (2nd Edition, PalgraveMacmillan, Newyork, 2008 Vol.2. pp. 729-732). Theentry there refers also the proceedings of theEconphys-Kolkata I workshop.

• The entry starts with “According to Bikas Chakrabarti (.. . ), the term econophysics was neologized in 1995 atthe second Statphys-Kolkata conference in Kolkata(formerly Calcutta), India . . . ”.

• Econophysics is an interdisciplinary developmentinvolving economists and physicists according to“Econophysics” in the new Palgrave Dictionary ofEconomics (2nd Edition, PalgraveMacmillan, Newyork, 2008 Vol.2. pp. 729-732). Theentry there refers also the proceedings of theEconphys-Kolkata I workshop.

• The entry starts with “According to Bikas Chakrabarti (.. . ), the term econophysics was neologized in 1995 atthe second Statphys-Kolkata conference in Kolkata(formerly Calcutta), India . . . ”.

Econophysics- Kolkata-IV, Econophysics of Gamesand Social Choices, 9-13 March 2009; Jointly

organized by SINP & ISI, Kolkata• Eds. B. Basu, B. K.

Chakrabarti, S. R.Chakravarty, K.Gangopadhyay, Econophysics & Economics ofGames, Social Choices andQuantitativeTechniques, New EconomicWindows, Springer-Verlag, Milan, 2010[proceedings ofECONOPHYS-KOLKATA IV

• Eds. B. Basu, B. K.Chakrabarti, S. R.Chakravarty, K.Gangopadhyay, Econophysics & Economics ofGames, Social Choices andQuantitativeTechniques, New EconomicWindows, Springer-Verlag, Milan, 2010[proceedings ofECONOPHYS-KOLKATA IV

Econophysics Kolkata – VEconophysics of Order-Driven Markets, 9-13 March2010; Jointly organized by SINP, ISI, Kolkata & ECP

Eds. F. Abergel, B. K. Chakrabarti, A.Chakraborti, Manipushpak Mitra, Econophysicsof Order-driven Markets, NewEconomicWindows, Springer-Verlag, Milan, 2011 [proceedings ofECONOPHYS-KOLKATA V

Contributors fromIndia -5, France-11,USA-4, Germany-2,Italy-2, Austria-1.

Econophysics-Kolkata VI:Econophysics of Systemic Riskand Network Dynamics, 21-25 October 2011; Jointly

organized by SINP & ECP

Eds. F. Abergel, B. K. Chakrabarti, A.Chakraborti, A. Ghosh, Econophysics ofSystemic Risk and NetworkDynamics, New EconomicWindows, Springer-Verlag,Milan, 2012[proceedings of ECONOPHYS-KOLKATA VI

Econophysics Kolkata-VII:Econophysics of Agent-basedmodels, 8-12 November 2012; Jointly organized by

SINP, ECP & Kyoto University

Eds. F. Abergel, H.Aoyama, B.K. Chakrabarti, A.Chakraborti and A.Ghosh,Econophysics ofAgent-based models, to bepublished by Springer Verlag(Italia), Milan, 2013

Contributors from

India – 6, Japan-5, France-3, USA-2, Argentina-1, Belgium-1, Italy-1, Netherlands-1, Switzerland-1.

UGC sponsored National Conference on ‘Physics ofFinancial Markets – Challenges and Opportunities

Organised by Kishore C. Dash, NSM, Rourkela, Sambalpur University 17-18, September 2011

UGC sponsored National Conference on ‘Econophysics’

organised by S.Pati,Aug. 18-19, 2012,at Hindol College, Khajuriakata (UtkalUniversity, Odisha).

FIRST Ph. D IN ECONOPHYSICS

First Ph. D in Econophysics from Indiais Anirban Chakraborty from SINPunder the supervision of Prof.Chakrabarti.

Young Scientist award in2009

First Ph. D in Econophysics from Indiais Anirban Chakraborty from SINPunder the supervision of Prof.Chakrabarti.

Young Scientist award in2009

Yearwise of publication of papers

1995 12000 12001 12003 32004 32005 162006 25

2007 162008 52009 82010 322011 132012 182013 6

1995 12000 12001 12003 32004 32005 162006 25

2007 162008 52009 82010 322011 132012 182013 6

In 2005 Econophysics kolkata series started andno of papers published increased

2006

2007

2008

2009

2010

2011

2012

2013

0 5 10 15 20 25 30 35

1995

2000

2001

2003

2004

2005

2006

In 2008 and 2013 no. of papers published are less may be because, kolkata coferencewas not held.1995 • B. K. Chakrabarti and S. Marjit, Self-organisation in Game of Life andeconomics, Indian J. Phys. B 69 681 (1995) [Kolkata].2000 • A. Chakraborti and B. K. Chakrabarti, Statistical mechanics of money: howsaving propensity affects its distribution, Eur. Phys. J., B 17 167 (2000)[Kolkata].

No of papers published in proceedings ofEconophysics Kolkata Series(I-VII) from

different countries

City wise publications on Econophysics

Chennai and Delhi have the potential to produce more papers andPh. D in the field

Indian cities where the majoreconophysics researches have been

carried out so far[3].

The figure shows that econophysics researchhas been spreaded to east, west, north andsouth of India

ALL PUBLICATIONS SO FAR

• Total no of papers – 148• Edited Books – 01• Books – 3• Conference Proceedings – 07 (International)• Conference Proceedings(Souvenir) – 05

(National)

• Total no of papers – 148• Edited Books – 01• Books – 3• Conference Proceedings – 07 (International)• Conference Proceedings(Souvenir) – 05

(National)

Institutes engaged in EconophysicsResearch

Reply From Prof. Kailash Mishra, VC, SriSri Univ., Bhubaneswar

• Do you think, your university/institute should also offer such coursesto the students? Did you write any textbook/research monographon econophysics or related fields? If not, do you intend to write one?

Our university has not yet started eithereconomics or physics course which may bea convenient pre-condition for startingeconophysics module. But in thisuniversity participants are permitted toconduct econophysics research for

doctoral degree.My Post doctoral work was 60% econophysics. I havea few published papers singly and jointly in the area.

• Do you think, your university/institute should also offer such coursesto the students? Did you write any textbook/research monographon econophysics or related fields? If not, do you intend to write one?

Our university has not yet started eithereconomics or physics course which may bea convenient pre-condition for startingeconophysics module. But in thisuniversity participants are permitted toconduct econophysics research for

doctoral degree.My Post doctoral work was 60% econophysics. I havea few published papers singly and jointly in the area.

BOOKS PUBLISHED• S. Sinha, A. Chatterjee, A.

Chakraborti and B. K.Chakrabarti, Econophysics:AnIntroduction, Wiley-VCH, Berlin, 2010.

• B. K. Chakrabarti, A. Chakraborti, S.R. Chakravarty and A.Chatterjee, Econophysics of Incomeand Wealth Distributions, CambridgeUniversity Press, Cambridge, 2013.

• P. Sen, B. K.Chakrabarti, Sociophysics: Anintroduction, Oxford UniversityPress, Oxford, 2013

Edited Book

• Eds. B. K. Chakrabarti, A. Chakrabortiand A. Chatterjee, Econophysics andSociophysics: Trends andPerspectives, Wiley-VCH, Berlin, 2006.

• S. Sinha, A. Chatterjee, A.Chakraborti and B. K.Chakrabarti, Econophysics:AnIntroduction, Wiley-VCH, Berlin, 2010.

• B. K. Chakrabarti, A. Chakraborti, S.R. Chakravarty and A.Chatterjee, Econophysics of Incomeand Wealth Distributions, CambridgeUniversity Press, Cambridge, 2013.

• P. Sen, B. K.Chakrabarti, Sociophysics: Anintroduction, Oxford UniversityPress, Oxford, 2013

Edited Book

• Eds. B. K. Chakrabarti, A. Chakrabortiand A. Chatterjee, Econophysics andSociophysics: Trends andPerspectives, Wiley-VCH, Berlin, 2006.

Bikas K Chakrabarti [1952-

• Fields Physics, Econophysics• Known for–Income distribution, KPR problem• Considered as a pioneer in ‘Econophysics’.• Reviews – 04• Books - 03, Edited books - 15• A random saving gas model by the Kolkata group led by Prof.

Chakrabarti could capture both the initial Gamma/lognormaldistribution for the income distribution of poor and middleincome groups and also pareto tail for distribution for theriches during 1995-2005.

• Two of his students, Anirban Chakrabarty and ArnabChatterjee have already been awarded Ph. D degree ineconophysics

• Fields Physics, Econophysics• Known for–Income distribution, KPR problem• Considered as a pioneer in ‘Econophysics’.• Reviews – 04• Books - 03, Edited books - 15• A random saving gas model by the Kolkata group led by Prof.

Chakrabarti could capture both the initial Gamma/lognormaldistribution for the income distribution of poor and middleincome groups and also pareto tail for distribution for theriches during 1995-2005.

• Two of his students, Anirban Chakrabarty and ArnabChatterjee have already been awarded Ph. D degree ineconophysics

Deepak Dhar[1951-

Field – Physics, Econophysics• Institutions – Tata Institute of Fundamental Research, Mumbai• Honours and awards – Young Scientist award(1983),Bhatnagar

award(1991), J.R.Schrie_er Prize, 1993 etc.• He was an advisory Editor, Physica A (till 2004) Member Editorial Board, J.

of Stat. Phys. (1993-6,99-02, 05-) Member, Editorial Board, J. Stat.Mech., Member, Editorial Board, Phys. Rev. E, 2008- Member, EditorialBoard, Pramana, 2008-Member, Editorial Board, J. Phys. A, 2010-Member, IUPAP Commision on Statistical Physics (1992-95). He hasorganized `School on Statistical Physics', at T.I.F.R., 2004.

• Prof. Dhar is one among the scientists who have contributed toeconophysics from India.

• Recent Publications:• Cooperation amongst competing agents in minority games (with V.

Sasidevan and Bikas K. Chakrabarti)

Field – Physics, Econophysics• Institutions – Tata Institute of Fundamental Research, Mumbai• Honours and awards – Young Scientist award(1983),Bhatnagar

award(1991), J.R.Schrie_er Prize, 1993 etc.• He was an advisory Editor, Physica A (till 2004) Member Editorial Board, J.

of Stat. Phys. (1993-6,99-02, 05-) Member, Editorial Board, J. Stat.Mech., Member, Editorial Board, Phys. Rev. E, 2008- Member, EditorialBoard, Pramana, 2008-Member, Editorial Board, J. Phys. A, 2010-Member, IUPAP Commision on Statistical Physics (1992-95). He hasorganized `School on Statistical Physics', at T.I.F.R., 2004.

• Prof. Dhar is one among the scientists who have contributed toeconophysics from India.

• Recent Publications:• Cooperation amongst competing agents in minority games (with V.

Sasidevan and Bikas K. Chakrabarti)

Sitabhra Sinha

• Field – Physics• Alma Mater – Calcutta University, ISI, Kolkata, IISc, Bangalore, Cornell

Univ., Newyork City• Institutes –IMSc, Chennai, NIAS, Bangalore• Research Interest - complex systems, nonlinear dynamics and theoretical &

computational biophysics• Current works on Econophysics –Physics of social and economic phenomena -

genesis of scaling behavior (e.g., Pareto law of wealth and incomedistribution, "inverse cubic law" of stock price fluctuations in financialmarkets, etc.) in economics - emergence of popularity through self-organization in a population of agents - phase transitions in collective (orsocial) choice relevant to financial markets, movie revenue distribution andelectoral behavior

• He is a regular attendee of Econophysics Kolkata workshops, conducted atSINP, Kolkata. Moreover he organises Econophysics Conferences at IMScalso.

• Books - 01

• Field – Physics• Alma Mater – Calcutta University, ISI, Kolkata, IISc, Bangalore, Cornell

Univ., Newyork City• Institutes –IMSc, Chennai, NIAS, Bangalore• Research Interest - complex systems, nonlinear dynamics and theoretical &

computational biophysics• Current works on Econophysics –Physics of social and economic phenomena -

genesis of scaling behavior (e.g., Pareto law of wealth and incomedistribution, "inverse cubic law" of stock price fluctuations in financialmarkets, etc.) in economics - emergence of popularity through self-organization in a population of agents - phase transitions in collective (orsocial) choice relevant to financial markets, movie revenue distribution andelectoral behavior

• He is a regular attendee of Econophysics Kolkata workshops, conducted atSINP, Kolkata. Moreover he organises Econophysics Conferences at IMScalso.

• Books - 01

Anirban Chakraborti

• Research Interest- Econopysics, Quantitativefinance, Statistical Physics

• Awards – INSA young scientist award, 2009• He is the first Ph. D in econophysics from India

• Contribution - Simulations of agent-based market models andtheir relation to different theories in physics such as thekinetic theory of gases, percolation theory, and theory of self-organization. Introduced a self-organizing model whereagents trade with a single commodity with the money theypossess, and studied the role of money in the economicmarket.

• Books -06

• Research Interest- Econopysics, Quantitativefinance, Statistical Physics

• Awards – INSA young scientist award, 2009• He is the first Ph. D in econophysics from India

• Contribution - Simulations of agent-based market models andtheir relation to different theories in physics such as thekinetic theory of gases, percolation theory, and theory of self-organization. Introduced a self-organizing model whereagents trade with a single commodity with the money theypossess, and studied the role of money in the economicmarket.

• Books -06

Sanjay Jain

• Field – Physics• Areas of his work in Econophysics• 1. Structure and dynamics of complex networks, including

chemical, biological, and socio-economic networks• 2. Mathematical modelling of complex adaptive

systems, evolutionary mechanisms• 3. Models of non-equilibrium statistical mechanics• 4. Nonlinear dynamics, random matrix models and

quantum chaos• 5. Quantum field theory, superstring theory and quantum

gravity

• Field – Physics• Areas of his work in Econophysics• 1. Structure and dynamics of complex networks, including

chemical, biological, and socio-economic networks• 2. Mathematical modelling of complex adaptive

systems, evolutionary mechanisms• 3. Models of non-equilibrium statistical mechanics• 4. Nonlinear dynamics, random matrix models and

quantum chaos• 5. Quantum field theory, superstring theory and quantum

gravity

Subhrangsu Sekhar Manna

• Field – Physics• His Main areas of work are Critical Phenomena in Complex

Systems , Static and Dynamic Properties of ComplexNetworks, Self-organized Non-equilibrium critical Systems.

• Originator of the "Manna Model" of stochastic Self-Organised Criticality & also of the "Manna UniversalityClass" for dynamic critical behavior

• the "Chatterjee-Chakrabarti-Manna model of wealthdistributions".

• He has published a large number of papers basically oncomplex networks.

• Field – Physics• His Main areas of work are Critical Phenomena in Complex

Systems , Static and Dynamic Properties of ComplexNetworks, Self-organized Non-equilibrium critical Systems.

• Originator of the "Manna Model" of stochastic Self-Organised Criticality & also of the "Manna UniversalityClass" for dynamic critical behavior

• the "Chatterjee-Chakrabarti-Manna model of wealthdistributions".

• He has published a large number of papers basically oncomplex networks.

Parongama Sen

• Field – Statistical Physics• Research Interest - Dynamical phenomena in

complex physical and social systems.

• Her papers are based on Ising Model and KineticModel of wealth exchange

• Books - 02

• Field – Statistical Physics• Research Interest - Dynamical phenomena in

complex physical and social systems.

• Her papers are based on Ising Model and KineticModel of wealth exchange

• Books - 02

Arnab Chatterjee

• Field – Physics, Econophysics• Research Interest - Statistical physics of socio-economic systems

(Econophysics and Sociophysics)• He has worked on Dynamic transition in Ising Systems, Statistical physics

of socio-economic systems (Econophysics and Sociophysics), kineticexchange models with quenched and annealed disorder etc

Books – His books include 1. Bikas K. Chakrabarti, AnirbanChakraborti, Satya R. Chakravarty, Arnab Chatterjee, Econophysics ofIncome and Wealth Distributions, Cambridge University Press, Cambridge(2012) 2. Sitabhra Sinha, Arnab Chatterjee, Anirban Chakraborti, Bikas K.Chakrabarti, Econophysics: An Introduction, Wiley-VCH, Berlin (2010);ISBN-13: 978-3-527-40815-3. It is used as a text book in

• 1. Econophysics course in Institute of Physics, LeidenUniversity, Leiden, Netherlands.

• 2. Econophysics course in Department of Mathematics and Statistics inUniversity of Bern, Bern, Switzerland.

• 3. Mathematical Models in Economics and Finance (MMEF) course inUniversité Paris 1 Panthéon-Sorbonne, Paris, France.

• Field – Physics, Econophysics• Research Interest - Statistical physics of socio-economic systems

(Econophysics and Sociophysics)• He has worked on Dynamic transition in Ising Systems, Statistical physics

of socio-economic systems (Econophysics and Sociophysics), kineticexchange models with quenched and annealed disorder etc

Books – His books include 1. Bikas K. Chakrabarti, AnirbanChakraborti, Satya R. Chakravarty, Arnab Chatterjee, Econophysics ofIncome and Wealth Distributions, Cambridge University Press, Cambridge(2012) 2. Sitabhra Sinha, Arnab Chatterjee, Anirban Chakraborti, Bikas K.Chakrabarti, Econophysics: An Introduction, Wiley-VCH, Berlin (2010);ISBN-13: 978-3-527-40815-3. It is used as a text book in

• 1. Econophysics course in Institute of Physics, LeidenUniversity, Leiden, Netherlands.

• 2. Econophysics course in Department of Mathematics and Statistics inUniversity of Bern, Bern, Switzerland.

• 3. Mathematical Models in Economics and Finance (MMEF) course inUniversité Paris 1 Panthéon-Sorbonne, Paris, France.

Econophysics:An IntroductionCourse Book in Leiden University

Satya R ChakravartyHe has authored six books alongwith"Econophysics of Income and WealthDistributions" (with B. K. Chakrabarti, A.Chakraborti and A. Chatterjee), CambridgeUniversity Press, Cambridge, forthcoming. Healso co-edited two books "QuantitativeEconomics: Theory and Practice (with D.Coondoo and R. Mukherjee)", AlliedPublishers, New Delhi, 1998 and "Econophysics& Economics of Games, Social Choices andQuantitative Techniques" (with BanasriBasu, Bikas K. Chakrabarti and KausikGangopadhyay), Springer-Verlag, Italia, 2009

Satya R.Chakravarty, ISI, KolkataField – EconomicsAlma Mater –ISI, KolkataInstitute – ISI, KolkataResearch Interest - WelfareEconomics, Public Economics,Mathematical Finance, IndustrialOrganization and Game Theory

He has authored six books alongwith"Econophysics of Income and WealthDistributions" (with B. K. Chakrabarti, A.Chakraborti and A. Chatterjee), CambridgeUniversity Press, Cambridge, forthcoming. Healso co-edited two books "QuantitativeEconomics: Theory and Practice (with D.Coondoo and R. Mukherjee)", AlliedPublishers, New Delhi, 1998 and "Econophysics& Economics of Games, Social Choices andQuantitative Techniques" (with BanasriBasu, Bikas K. Chakrabarti and KausikGangopadhyay), Springer-Verlag, Italia, 2009

Kausik Gangopadhyay

• An Economist presently at Indian Institute ofManagement, Kozhikode.

• Primarily an Applied Economist, his contribution in researchlies in the areas like development economics and laboureconomics. His research interest also extends to thespheres of interdisciplinary research, most notablyeconophysics and urban management. His research articleshave appeared in international journals like EconomicsLetters, Physica A, Economics Quarterly, Urban Forestry andUrban Greening.

• He has co-edited a volume published by Springer VerlagItalia entitled "Econophysics and Economics ofGames, Social Choices and Quantitative Techniques"(2010).

• He is an associate editor of IIMK Society andManagement, Sage Publication.

• An Economist presently at Indian Institute ofManagement, Kozhikode.

• Primarily an Applied Economist, his contribution in researchlies in the areas like development economics and laboureconomics. His research interest also extends to thespheres of interdisciplinary research, most notablyeconophysics and urban management. His research articleshave appeared in international journals like EconomicsLetters, Physica A, Economics Quarterly, Urban Forestry andUrban Greening.

• He has co-edited a volume published by Springer VerlagItalia entitled "Econophysics and Economics ofGames, Social Choices and Quantitative Techniques"(2010).

• He is an associate editor of IIMK Society andManagement, Sage Publication.

Kousik Guhathakurta

Research interests - ofEconophysics, Complexity and EmpiricalFinance.He is a joint Managing Editor of IIMKSociety & Management Review

Book Reviews1.A Colossal Failure of Common Sense: The Incredible Inside Story of the Collapseof Lehman Brothers, Lawrence McDonald., & Patrick Robinson, In IIMBManagement Review 24(3), Sep 20122. Econophysics and Companies, Hideaki Aoyama Yoshi Fujiwara Yuichi IkedaHiroshi Iyetomi Wataru Souma, Cambridge University Press In IIM KozhikodeSociety & Management Review 2(2) (Forthcoming)3. Econophysics and Companies, Hideaki Aoyama Yoshi Fujiwara Yuichi IkedaHiroshi Iyetomi Wataru Souma, Cambiridge University Press In IIM KozhikodeSociety & Management Review 2(2) (Forthcoming)

Book Reviews1.A Colossal Failure of Common Sense: The Incredible Inside Story of the Collapseof Lehman Brothers, Lawrence McDonald., & Patrick Robinson, In IIMBManagement Review 24(3), Sep 20122. Econophysics and Companies, Hideaki Aoyama Yoshi Fujiwara Yuichi IkedaHiroshi Iyetomi Wataru Souma, Cambridge University Press In IIM KozhikodeSociety & Management Review 2(2) (Forthcoming)3. Econophysics and Companies, Hideaki Aoyama Yoshi Fujiwara Yuichi IkedaHiroshi Iyetomi Wataru Souma, Cambiridge University Press In IIM KozhikodeSociety & Management Review 2(2) (Forthcoming)

Anita Mehta, Prasant Panigrahi, Nibedita Deo,

References• References:•• [1] The New Palgrave Dictionary of Economics, 2nd Ed., Eds. S. N. Durlauf and L. E. Blume, Vol. 2, p

729, Macmillan, NY (2008).• [2] The physics of our finances, S. Battersby, New Scientist, 28, p. 41 (2012).• [3] Econophysics Research in India in last two decades http://arxiv.org/abs/arXiv:1308.2191• [4] http://www.eoht.info/page/American+school+of+econophysics• [5] www.saha.ac.in/cmp/camcs/01_KSM_507763_Rep1.pdf ·PDF file Kausik Gangopadhyay Eugene H. Stanley IIM

Kozhikode Society & Management Review 2(2) ... SAGE Publications Los Angeles, London, NewDelhi, Singapore, Washington DC

• [6] Dash, Kishore C. (2014). “Evolution of Econophysics” (pg. 1) (abs), in: Econophysics of Agent-Based Models(§14: Evolution of Econophysics, pgs. 235-86). Springer.

• [7] Econophysics and Sociophysics: Trends and Perspectives, Eds. B. K. Chakrabarti, A. Chakraborti and A.Chatterjee,Wiley-VCH, Berlin (2006).

• [8] Econophysics of Wealth Distributions, Eds. A. Chatterjee, S. Yarlagadda, B. K. Chakrabarti, Springer-Verlag, Milan (2005); Econophysics of Stock and other Markets, Eds. A. Chatterjee, B. K. Chakrabarti, Springer-Verlag, Milan (2006); Econophysics of Markets and Business Networks, Eds. A. Chatterjee, B. K.Chakrabarti, Springer-Verlag, Milan (2007); Econophysics & Economics of Games, Social Choices and QuantitativeTechniques, Eds. B. Basu, B. K. Chakrabarti, S. R. Chakravarty, K. Gangopadhyay, Springer-Verlag, Milan (2010);Econophysics of Order-driven Markets, Eds. F. Abergel, B. K. Chakrabarti, A. Chakraborti, ManipushpakMitra, Springer-Verlag, Milan (2011); Econophysics of Systemic Risk and Network Dynamics, Eds. F. Abergel, B. K.Chakrabarti, A. Chakraborti, A. Ghosh, Springer-Verlag, Milan (2012); Econophysics of Agent-based models, Eds. F.Abergel, H. Aoyama, B.K. Chakrabarti, A. Chakraborti and A. Ghosh, to be published by Springer-Verlag, Milan(2013).

• References:•• [1] The New Palgrave Dictionary of Economics, 2nd Ed., Eds. S. N. Durlauf and L. E. Blume, Vol. 2, p

729, Macmillan, NY (2008).• [2] The physics of our finances, S. Battersby, New Scientist, 28, p. 41 (2012).• [3] Econophysics Research in India in last two decades http://arxiv.org/abs/arXiv:1308.2191• [4] http://www.eoht.info/page/American+school+of+econophysics• [5] www.saha.ac.in/cmp/camcs/01_KSM_507763_Rep1.pdf ·PDF file Kausik Gangopadhyay Eugene H. Stanley IIM

Kozhikode Society & Management Review 2(2) ... SAGE Publications Los Angeles, London, NewDelhi, Singapore, Washington DC

• [6] Dash, Kishore C. (2014). “Evolution of Econophysics” (pg. 1) (abs), in: Econophysics of Agent-Based Models(§14: Evolution of Econophysics, pgs. 235-86). Springer.

• [7] Econophysics and Sociophysics: Trends and Perspectives, Eds. B. K. Chakrabarti, A. Chakraborti and A.Chatterjee,Wiley-VCH, Berlin (2006).

• [8] Econophysics of Wealth Distributions, Eds. A. Chatterjee, S. Yarlagadda, B. K. Chakrabarti, Springer-Verlag, Milan (2005); Econophysics of Stock and other Markets, Eds. A. Chatterjee, B. K. Chakrabarti, Springer-Verlag, Milan (2006); Econophysics of Markets and Business Networks, Eds. A. Chatterjee, B. K.Chakrabarti, Springer-Verlag, Milan (2007); Econophysics & Economics of Games, Social Choices and QuantitativeTechniques, Eds. B. Basu, B. K. Chakrabarti, S. R. Chakravarty, K. Gangopadhyay, Springer-Verlag, Milan (2010);Econophysics of Order-driven Markets, Eds. F. Abergel, B. K. Chakrabarti, A. Chakraborti, ManipushpakMitra, Springer-Verlag, Milan (2011); Econophysics of Systemic Risk and Network Dynamics, Eds. F. Abergel, B. K.Chakrabarti, A. Chakraborti, A. Ghosh, Springer-Verlag, Milan (2012); Econophysics of Agent-based models, Eds. F.Abergel, H. Aoyama, B.K. Chakrabarti, A. Chakraborti and A. Ghosh, to be published by Springer-Verlag, Milan(2013).

Conclusion

• 1. …….• 2……….

Thank s forTolerating

me

Thank s forTolerating

me