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for the last two centuries. Almost all the other rich countries have followed a different path. In the
) show that the results of an economics experiment are broadly similar when classroom students are replaced with 'zero-intelligence; random agents; Farmer et al. (2005) show that the assumption of 'zero-intelligence' agents can explain many of the statistical features of double- auction trading data from the
ction 1.1 above. In a very perceptive paper; 'The Rich Are Different!: Pareto Law from asymmetric inter
nce and economics covered in these papers, this area has also recently been extensively researched by others from the field of econophysics such as Farmer et al, Wyart et al and Bouchaud et al [Farmer et al 2005, Wyart et al 2008, Bouchaud et al 2009]. The convergence of the work of economists and physicist
ron was by Gerstein and Mandelbrot (1964). Though rich with possibilities, it has been only very recentl
tral entropy,” which is equivalent to the normalized variance of the distribution of frequencies in a power spectral transformation of a time series (Farmer et al, 1980). This has been successfully applied to brain enzyme and receptor fluctuations 246 HOUSE_OVERSIGHT_013746 (Russo and Mandell, 1984a; Mandel
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