Post on 30-Sep-2020
INDIAN SCHOOL OF ECONOPHYSICS
Kishore C. Dash
Reader in Physics
Neelashaila Mahavidyalaya, Rourkela
1 Introduction
Kolkata can be considered as the epicentre of econophysics studies in India. Incidentally the
term ‘Econophysics’ was coined by H. Eugene Stanley in second statistical physics
conference at Calcutta University in 1995. The term ‘econophysics’ has been included [1] in
‘The New Palgrave Dictionary of Economics’ (written by economist J. Barkley Rosser Jr).
The entry starts with “According to Bikas Chakrabarti (. . . ), the term econophysics was
neologized in 1995 at the second Statphys-Kolkata conference in Kolkata (formerly
Calcutta), India . . . ”. Another note [2] “The physics of our finances” published in New
Scientist in July 2012 highlighted the contributions from India (Fig. 1). Recently an entry on
econophysics has also been included in “Encyclopedia of Philosophy and the Social
Sciences” published by SAGE Publications (2013) and the entry on it has been written by
Bikas K. Chakrabarti[3]
Figure 1: Recent reporting on econophysics research from India.
According to econophysics group of Houston University, Econophysics, also known as the
physics of finance, is the study of the dynamical behavior of financial and economic markets.
According to University of Maryland group of econophysicists, Econophysics is the
applications of statistical physics to economics and finance. Econophysics: Using Statistical
Physics Concepts to Better Understand Economic Questions, according to Boston University
econophycists[4]. In an interview with Kausik Gangopadhyay, Prof. Economics, IIM,
Kozhikode, Prof. Gene Stanley replies to his questions as follows[5]
2 A bit of History – I would like to present here a bit of
history in Indian perspective. The research on economics by
physicists is not new. Many physicists have contributed
significantly in the development of economics[6]. Arthashastra, whose meaning is ‘Science
of Economics’ is an extraordinary detailed manual on statecraft by one of classical India’s
greatest minds – Kautilya, Vishnugupta or Chanakya(350-283 B.C) and is read in Europe
even today. Chanakya is touted as the "Pioneer Economist of India" and was the adviser and
Prime Minister of Emperor Chandragupta. Chanakya was a professor at the University of
Takshila (located in present day Pakistan) and was an expert in commerce, warfare,
economics, etc. Artha, literally wealth, is one of the four supreme aims prescribed by Hindu
tradition. It is used in the sense of
a. Material well being
b. Livlihood
c.Economically productive activity particularly in agriculture, cattle rearing and trade
d. Wealth of Nations
Therefore, Arthashastra is ‘the science of economics’, including starting productive
enterprises, taxation, revenue collection, budget and accounts. Arthashastra contains 15 books
which cover numerous topics on economics, administration, government etc. It is written
An artists imagination of Chanakya
Chanakya Born c. 370 BC
Died c. 283 BC
Pataliputra
Other names Kauṭilya,
Vishnugupta
Alma mater Takshashila
Occupation Teacher and royal
advisor
Founder of the Maurya Empire
mainly in prose but also incorporates 380 shlokas. The
first five books deal with internal administration and
the last eight on a state’s relations with its neighbours.
‘Arthashastra’ – Science of Economics &
Government existed even before Kautilya.
Unfortunately, all the earlier works are lost and
Kautilya’s Arthashastra is the earliest text that has
come down to us.
2.1 Income distribution in societies
Meghnad Saha(1893–1956) was an Indian
astrophysicist noted for his development in 1920 of the
thermal ionization equation’. In his later years Saha
increasingly turned his attention to the social relation of
science and founded the outspoken journal Science and
Culture in 1935. He was the founder of the Saha
Institute of Nuclear Physics, Kolkata. He along with his
collaborators had already discussed at length in their
text book in the 1950s, the possibility of using a
Maxwell–Boltzmann velocity distribution (a gamma
distribution) in an ideal gas to represent the income
distribution in societies: “suppose in a country, the
assessing department is required to find out the average
income per head of the population. They will proceed
somewhat in the similar way . . .(the income
distribution) curve will have this shape because the
number of absolute beggars is very small, and the
number of millionaires is also small, while the majority of the population have average
income.” (“Distribution of velocities” in A Treatise on Heat, M.N. Saha and B.N. Srivastava,
Indian Press, Allahabad, 1950;pp. 132–134).
Meghnad Saha
Meghnad Saha in Berlin
Born 6 October 1893
Shaoratoli, Dhaka, Bengal, British
India Died 16 February 1956 (aged 62)
Residence India
Nationality - Indian
Fields- Physics
Institutions - Allahabad University
University of Calcutta
Imperial College London
Alma mater- Dhaka College
Presidency College of the University of
Calcutta
Known for Thermal ionisation
Prize – Griffith Prize
2.2 Indian Statistical Institute
Prasanta Chandra Mahalanobis
Indian Statistical Institute (I.S.I.) was first set up by Prasanta Chandra Mahalanobis in the
Presidency College in Kolkata. It was registered as a non-profit making learned society for
the advancement of statistics in India in 1932. Within a few years the Institute's
achievements in research that included innovative projects on sample surveys of agricultural
crops and socio-economic after-effects of the Bengal famine (1943-44) as well as path
breaking research publications of Professor R.C. Bose on experimental designs in the Annals
of Eugenics (1939) brought recognition in India and abroad. The Institute is now considered
as one of the foremost centres in the world for training and research in statistics and the
related sciences. Under the leadership of Professor P. C. Mahalanobis, the Institute also
initiated and promoted the interaction of statistics with natural and social sciences to
unfold the role of statistics as a key technology which explicated the twin aspects of
statistics - its general applicability and its dependence on other disciplines for its own
development. ISI is probably the first such institute in the world, which brought a closeness
between natural and social science with the help of statistics. The major objectives of the
Institute, as given in its Memorandum, are
(a) to promote the study and dissemination of knowledge of statistics, to develop statistical
theory and methods, and their use in research and practical applications generally, with
special reference to problems of planning of national development and social welfare;
Indian Statistical Institute, Kolkata
(b) to undertake research in various fields of natural and social sciences with a view to the
mutual development of statistics and these sciences;
(c) to provide for, and undertake, the collection of information, investigation, projects and
operational research for purposes of planning and the improvement of efficiency of
management and production.
3 Present Scenerio
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
organised here on regular basis. Over the last two decades many papers, books and reviews
have been written by the Indian scientists in this field[3].
3.1 Books: Following books have been published by Indian econophysicists.
• S. Sinha, A. Chatterjee, A. Chakraborti and B. K. Chakrabarti, Econophysics:An
Introduction, Wiley-VCH, Berlin, 2010.
• B. K. Chakrabarti, A. Chakraborti, S. R. Chakravarty and A. Chatterjee, Econophysics of
Income and Wealth Distributions, Cambridge University
Press, Cambridge, 2013.
• P. Sen, B. K. Chakrabarti, Sociophysics: An introduction, Oxford University Press, Oxford,
2013.
3.2 Papers: Many papers have been published by Indian econophysicists in many journals
and books since 2005. About 60 papers have been published by International journals like
EPJ B, Physica A, Phys scripta T, PRE, Int. Journal of Mod. Phy. C, Current Science, Chaos,
Solitons and Fractals, Economics E. Journal, New J. Phys., J. Of Phys., Fractals, Economic
and political weekly etc. Similarly papers have also been published in Indian Journals like
Pramana, Physics News, Science and Culture(Special Issue on Econophysics) . Many ppapers
have also been published in edited books, conference proceedings of coferences and
workshops organised in India and abroad. Indian econophysicists, whose papers have been
published include B. K. Chakrabarti, S. Marjit, S. Pradhan, A. Das, S. Yerlagadda, A.
Chakrabarti, P. K. Mohanty, S. S. Manna, I. Bose, S. Banerjee, A. Mehta, A. S. Majumdar,
D. Bagchi, P. Barat, D. P. Pal, H. P. Pal, A. Chatterjee, P. Bhattacharya, U. Basu, K.
Guhathakurta, M. Indranil, U. K. Basu, A. C. Ray, A. S. Chakrabarti, M. Mitra, K.
Gangopadhyay, B. Basu, S. Biswas, P. Sen, A. Sarkar, S. R. Chakraborty, V. K.
Ramchandran, M. Swaminathan, A. Bakshi, S. Bandapadhyay, B. Bhattacharya, A. Roy
Choudhury, N. Srivastav, Asim Ghose, S. Goswami, A K. Chandra, G. Mukherjee, P.
Majumdar, J. Basu, B. Sarkar, A. Bhattacharya, M. Chakrabarty, M. Gupta, B. Chakraborty ,
A. Sen, P. Banerjee, C. Mukharji, K. Choudhury from Kolkata, S. Sinha, S. Raghavendra, R.
K. Pan, S. V. Vikram, V. S. Vijayraghaban, S. Ghosh, S. Subramaniam from Chennai,
M.S.Santhanam, P.K.Panigrahi, J. C. Parikh, J Bandopadhyay, D. Angom, D.P. Ahalpara. K.
B. K. Mayya from Ahmedabad, S. Jain, S. Krishna, V. Kulkarni, N. Deo, S. Kumar, D.
Mishra, S. Datta, A. Mukherji, A. Kar, K. Ghosh Dastidar from Delhi, D. Dhar, V. Sasidevan,
A. K. Ray, V. A. Singh from Mumbai, P. Manimara from Hyderabad, A. Kargupta, D.
Chakrabarty from Pansukura, M.A.Saif, P. M. Gade, M. Dash from Pune, C.M.Kistawal, M.
B. Porecha. P. Pathak, P. Pande from Kanpur, K. Gangopadhyaya from Kozhikode, U. Kovur
from Pilani, K. C. Dash from Rourkela. Year No. of published papers
1995 1
2000 1 2001 1 2003 3
2004 3 2005 16 2006 25 2007 16 2008 5 2009 8 2010 32 2011 13 2012 18 2013 6
Fig. 2 – Year wise Paper publications in International, National journals and books
Total no of papers – 148
Edited Books – 01
Books – 3
Conference Proceedings – 07 (International)
Conference Proceedings(Souvenir) – 02(National)
3.3 Edited books and conference proceedings volumes from India:
Edited Book [7]:
• Eds. B. K. Chakrabarti, A. Chakraborti and A. Chatterjee, Econophysics and Sociophysics:
Trends and Perspectives, Wiley-VCH, Berlin, 2006.
List of proceedings volumes [8]:
• Eds. A. Chatterjee, S. Yarlagadda, B. K. Chakrabarti, Econophysics of Wealth
Distributions, New Economic Windows, Springer-Verlag, Milan, 2005 [proceedings of
ECONOPHYS-KOLKATA I: Econophysics of Wealth Distributions, 15-19 March 2005;
Organized by Saha Institute of Nuclear Physics].
• Eds. A. Chatterjee, B. K. Chakrabarti, Econophysics of Stock and other Markets, New
EconomicWindows, Springer-Verlag, Milan, 2006 [proceedings of ECONOPHYS-
KOLKATA II: Econophysics of Stock Markets and Minority Games, 14-17 February 2006;
Organized by Saha Institute of Nuclear Physics].
0 5 10 15 20 25 30 35
1995
2000
2001
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
• Eds. A. Chatterjee, B. K. Chakrabarti, Econophysics of Markets and Business Networks,
New Economic Windows, Springer-Verlag, Milan, 2007
[proceedings of ECONOPHYS-KOLKATA III: Econophysics & Sociophysics of Markets
and Networks, 12-15 March 2007; Organized by Saha Institute of Nuclear Physics].
• Eds. B. Basu, B. K. Chakrabarti, S. R. Chakravarty, K. Gangopadhyay, Econophysics &
Economics of Games, Social Choices and Quantitative Techniques, New Economic
Windows, Springer-Verlag, Milan, 2010 [proceedings of ECONOPHYS-KOLKATA IV :
Econophysics of Games and Social Choices, 9-13 March 2009; Jointly organized by Saha
Institute of Nuclear Physics, Kolkata & Indian Statistical Institute, Kolkata].
• Eds. F. Abergel, B. K. Chakrabarti, A. Chakraborti, Manipushpak Mitra, Econophysics of
Order-driven Markets, New EconomicWindows, Springer-Verlag, Milan, 2011 [proceedings
of ECONOPHYS-KOLKATA V : Econophysics of Order-Driven Markets, 9-13 March 2010;
Jointly organized by Saha Institute of Nuclear Physics, Indian Statistical Institute and Ecole
Centrale Paris ].
• Eds. F. Abergel, B. K. Chakrabarti, A. Chakraborti, A. Ghosh, Econophysics of Systemic
Risk and Network Dynamics, New Economic Windows, Springer-Verlag,Milan, 2012
[proceedings of ECONOPHYS-KOLKATA VI : Econophysics of Systemic Risk and
Network Dynamics, 21-25 October 2011; Jointly organized by Saha Institute of Nuclear
Physics and Ecole Centrale Paris].
• Eds. F. Abergel, H. Aoyama, B.K. Chakrabarti, A. Chakraborti and A. Ghosh,Econophysics
of Agent-based models, to be published by Springer Verlag (Italia), Milan, 2013 [proceedings
of ECONOPHYS-KOLKATA VII: Econophysics of Agent-based models, 8-12 November
2012; Jointly organized by Saha Institute of Nuclear Physics, Ecole Centrale Paris and Kyoto
University].
3.4 Institutions involved in Econophysics Research:
Major developments on such interdisciplinary research (on econophysics or sociophysics)
have come from Indian Statistical Institute, Kolkata, Saha Institution Nuclear Physics,
Kolkata. A large number of papers on econophysics have been published from SINP and
significant research activities are also being continued. A major international conference
series on econophysics, namely ‘Econophys-Kolkata’ is being organized regularly here
(seven events since 2005). Other places where econophysics research is being actively
pursued are: universities like Calcutta University, Delhi University, Pune University, etc. and
institutions like Institute of Mathematical Sciences (Chennai), S N Bose National Centre for
Basic Science (Kolkata), Tata Institute of Fundamental Research (Mumbai), Indian Institute
of Management (Kozhikode), PRL, Ahmedabad, IISER, Kolkata, IISER, Pune etc. National
level conferences on econophysics are now being held in several places; in particular,
Institute of Mathematical Sciences holds them quite regularly since 2004: First one was
“Workshop on The Economy as a Complex System”, Dec 6-7, 2004, the second one was
discussion meeting on “The Economy as a Complex System II: Economic Dynamics”, Dec
27-29, 2010 and the third one was “Brainstorming Meeting on Econophysics: Science for the
Economy”, July 30, 2013. Other (University Grant Commission sponsored) national level
conferences on econophysics include “Physics of Financial Markets - Challenges and
Opportunities”, Sept. 17-18, 2011, at Neelashaila Mahavidyalaya, Rourkela (Sambalpur
University, Odisha) and “Econophysics”, Aug. 18-19, 2012, at Hindol College, Khajuriakata
(Utkal University, Odisha).
3.5 City wise publications on econophysics
Table - 1
Here is a graphical presentation of the Indian cities where the major econophysics researches
have been carried out so far[3].
The dots represent the locations where major researches on econophysics have so far been
carried out (see Table 1).
From the above figure we find that econophysics research has been spreaded to East, West,
North and South of India.
4. A brief Introduction of Indian Econophysicists
Bikas K Chakrabarti [1952- :Prof. Chakrabarti is basically is a physicist, now he is
interested in economics and is considered as a pioneer in ‘Econophysics’. Now he is also a
visiting professor of Economics in Indian Statistical Institute, Kolkata. He has published
more than 170 papers in Physics, Economics and interdisciplinary journals. To his credit
there are 4 reviews in esteemed Reviews of Modern Physics. His papers have received more
than 2000 citations and his Hirsch index is 26 as reported by Web Science & 32 according to
Google Scholar. Some of the citations of Prof. Chakrabarti are
1.Editorial of Topical Issue on Physics in Society, European Physical Journal B, Vol 57
(2007) pp 121–125, incorporating 2 of Chakrabarti's, in an Editorial Choice-list of 21
"exemplifying pioneering" publications (earliest in 1872) in "Economy & Political
Economy";
2.Discussions on "pioneering" papers from "Chakrabarti's research group" (p 187; pp 185–
206) in Applied Partial Differential Equations (by Peter A. Markowich) Springer-verlag,
Berlin (2007);
3. Entry by economist J. Barkley Rosser, Jr. on Econophysics in The New Palgrave
Dictionary of Economics, 2nd Ed., Vol 2, Macmillan Publishers, NY (2008), pp 729–732,
beginning with "According to Bikas
Chakrabarti (...), the term 'econophysics' was
neologized in 1995 at the second Statphys-
Kolkata conference in Kolkata (formerly
Calcutta), India, by the physicist H. Eugene
Stanley ..." ;
4.Discussions by Victor Yakovenko on
"influential" (p. 2803) papers from "Kolkata
School" (p. 2808) in Encyclopedia of
Complexity and Systems Science, Vol. 3,
Springer-verlag, New York (2009) pp. 2800–
2826 (see also pp. 2792–2800);
5. Discussions by Victor Yakovenko and J.
Barkley Rosser, Jr. on "influential" (p. 1705) &
"elegant" (p. 1711) papers from "Kolkata
School" (p. 1711) in Reviews of Modern
Physics, Vol. 81 (2009) pp. 1703–1725;
6. Editorial of European Physical Journal:
Special Topics, Vol. 195 (2011), pp 1-2,
mentioning that the volume contains "... three
white papers of the EU project VISIONEER ...
followed by six commentaries from
distinguished researchers in the field of
complex system sciences ... Prof. Bikas
Chakrabarti, ...".[Home page of Prof.
Chakrabarti]
Earlier he was an editor of Pramana. Presently
he is in the editorial Board of: European
Physical Journal B, Indian Journal of Physics,
Journal of Economic Interaction & Coordination and Natural Science. In Econophysics he
has publishes the following books
1. Econophysics: An Introduction, S. Sinha, A. Chatterjee, A. Chakraborti and B. K.
Chakrabarti, Wiley-VCH, Berlin (2010) ["Verplicht" (Dutch; "Required/Mandatory"
English) in Econophysics 3rd year Graduate Course in Leiden University (2011)]
Bikas K Chakrabarti
Born 1952, Calcutta, India
Nationality Indian
Fields Physics, Economics
Institutions Saha Institute of Nuclear Physics, Kolkata
Indian Statistical Institute, Kolkata
Alma mater University of Calcutta
Awards – Shanti Swaroop Bhatnagar award
Known for –Income distribution, KPR problem
2. Econophysics of Income & Wealth Distributions, B. K. Chakrabarti, A. Chakraborti,
S. R. Chakravarty and A. Chatterjee Cambridge Univ. Press, Cambridge.
3. P. Sen, B. K. Chakrabarti, Sociophysics: An introduction, Oxford University Press,
Oxford, 2013.
Besides, to his credit there are about 15 edited books and proceedings.
Prof. Chakrabarti is constantly working to establish econophysics like other subjects
in interdisciplinary physics and trying his best to bridge the gap between physics and
economics. He is organising International workshops at Saha Institute of Nuclear
Physics(SINP), Kolkata annually since 2005 under the banner of Econophysics,
Kolkata. Due to his influence National conferences are being organised in Institute of
mathematical Sciences(IMS), Chennai and different institutes in neighbouring Odisha
State. Many scientists from SNBCBS, Kolkata, Calcutta University, IISER, Kolkata,
ISI, Kolkata, TIFR, Mumbai, IMS, Chennai, PRL, Ahmedabad, IISER, Pune, IIM,
Kozhikode, Neelashaila Mahavidyalaya, Rourkela,
Hindol College, Dhenkanal and many other
Institutes are actively working in this field. Two of
his students, Anirban Chakrabarty and Arnab
Chatterjee have already been awarded Ph. D degree
in econophysics and some others are pursuing their
Ph.D & Post Doctoral programme. Anirban
Chakrabarty is the first Ph. D in econophysics from
India and has also got Young Scientist award.
Chakrabarti’s work on ‘Kolkata Paise
Resturant’(KPR) problem is first of its kind, which
has been named after a city and has put some impact
in the sphere of econophysicists.
Deepak Dhar[1951- :Prof. Dhar is a distinguished
Professor, Department of Theoretical Physics, Tata Institute
of Fundamental Research Homi Bhabha Road, Mumbai,
India. He obtained Master of Science (Physics) from Indian
Inst. of Tech, Kanpur in1972, Ph. D. in Physics from
California Inst of Tech, Pasadena in 1978. He has received
Young Scientist Award in 1983, S. S. Bhatnagar award in
Physical Sciences 1991, J.R. Schrieffer Prize in Condensed
Matter Physics 1993 to name a few. 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, Editorial Board, Pramana, 2008-Member, Editorial Board, J. Phys. A, 2010-
Member, IUPAP Commision on Statistical Physics (1992-95). He has organized `School on
Statistical Physics', at T.I.F.R., 2004. Under his supervision eleven students have completed
their Ph.D. Prof. Dhar is one among the scientists who have contributed to econophysics from
India.
Recent Publications:
1. Cooperation amongst competing agents in minority games (with V. Sasidevan and
Bikas K. Chakrabarti)
Deepak Dhar
Born – 30 Oct. 1951
Alma Mater –Allahabad University, IIT,
Kanpur, Californis Institute of Tech.,
Pasadena
Institutions – Tata Institute of
Fundamental Research, Mumbai
Honours and awards – Young Scientist
award(1983),Bhatnagar award(1991),
J.R.Schrie_er Prize, 1993 etc.
2. Effect of Noise on Patterns Formed by Growing Sandpiles (with Tridib Sadhu)
Sitabhra Sinha :Sitabhra Sinha is a Professor in the Physics
group of the Institute of Mathematical Sciences (IMSc) at
Chennai (formerly known as Madras), and adjunct faculty of
the National Institute of Advanced Studies (NIAS),
Bangalore.
His Ph.D. work was on the nonlinear dynamics of recurrent
neural network models done at the Machine Intelligence Unit,
Indian Statistical Institute, Calcutta (1994-1998), postdoctoral
research is on nonlinear dynamics of spatially extended
systems with focus on biological systems at the Department
of Physics, Indian Institute of Science, Bangalore (1998-2000
and 2001-2002) and Weill Medical College of Cornell
University at New York City (2000-2001). He joined the
faculty of IMSc in September 2002.
His areas of research fall broadly under complex systems,
nonlinear dynamics and theoretical & computational
biophysics. Particular topics in which he is working currently
include:
Physics of cardiac arrhythmias - explaining the origin of and devising efficient control
methods for abnormal life-threatening disturbances in the rhythm of the heart (e.g.,
tachycardia and fibrillation) - spatio-temporal dynamics of spiral waves and spiral
turbulence in excitable media - dynamical pattern formation in biological cells and
tissue (e.g., periodic contractions in the uterus)
Network dynamics - role of mesoscopic organization, viz., modularity and hierarchy -
stability vs. complexity issues in structured networks with applications to biology and
ecology - eigenvalue statistics of non-hermitian random matrices - non-equilibrium
statistical mechanics of community assembly models
Systems biology - Intra-cellular signaling networks and their role in host-pathogen
interaction during infection - statistical analysis of epidemiological data - modelling
the spread of infectious diseases through contact networks in a population
Computational Neuroscience - modelling the entire nervous system of C. elegans to
understand the behavior of the organism as an emergent dynamical phenomenon -
meso-scale models of the dynamics in cortical areas of the brain - application of
neurodynamical chaos to information storage and processing - modelling low-level
visual processing in the retina
Physics of social and economic phenomena - genesis of scaling behavior (e.g., Pareto
law of wealth and income distribution, "inverse cubic law" of stock price fluctuations
in financial markets, etc.) in economics - emergence of popularity through self-
organization in a population of agents - phase transitions in collective (or social)
choice relevant to financial markets, movie revenue distribution and electoral
behavior
Emergence of computational complexity in cellular automata and related systems -
Phase transition in SAT-like problems
Sitabhra Sinha
Field – Physics
Alma Mater – Calcutta
University, ISI, Kolkata, IISc,
Bangalore, Cornell Univ.,
Newyork City
Institutes –IMSc, Chennai,
NIAS, Bangalore
Stochastic resonance, critical behavior and hysteresis in simple maps arising in
biological contexts
He was a participant during the Statistical Physics, Kolkata, conference in 1995, during
which the word ‘Econophysics’ was neolised by prof. Stanley. He is a regular attendee of
Econophysics Kolkata workshops, conducted at SINP, Kolkata. Moreover he organises
Econophysics Conferences at IMSc also.
Anirban Chakraborti: Chakraborti is an associate professor at école centrale Paris. He
obtained his M. Sc form Calcutta University and Ph. D from SINP, Kolkata. He is the first
Ph. D in econophysics from India. He has contributed to several interesting and important
areas, such as, Simulations of agent-based market models and their relation to different
theories in physics such as the kinetic theory of gases, percolation theory, and theory of self-
organization.
He has developed a variant of the famous Cont-Bouchaud model in Econophysics and
investigated under which circumstances the "stylized facts" of empirical return distributions
can be most successfully reproduced.
He along with co-authors has introduced a self-organizing model where agents trade with a
single commodity with the money they possess, and studied the role of money in the
economic market.
Quantitative Finance: Their group have made analysis of stock market data, both low
frequency (daily) and high frequency (intraday tick-by-tick), Study of the "stylized facts" of
the empirical data revealing the statistical properties of
financial time series
Economic taxonomy and Markowitz portfolio
optimization: They have studied the time dependence of
the recently introduced minimum spanning tree
description of correlations between stocks, called the
"asset tree'' and how it reflects the economic taxonomy.
Study of the dynamical evolution of the market
correlations: They performed correlation studies in the
price time-series of stocks, using (i) the minimum
spanning tree approach and (ii) the multidimensional
scaling tools
Study of Spectral and related properties: They calculated
the Hurst exponent and exponent from detrended
fluctuation analysis, of the financial time series data in
comparison to the random time series, and other important
spatio-temporal time series generated from GARCH
processes and couple-map lattices in chaotic regime.
Studies of extreme value statistics: The extreme event statistics plays a very important role in
the theory and practice of time series analysis. They applied this recently proposed method in
Anirban Chakraborti Alma Mater – Calcutta University, SINP, Kolkata Institutes – Ecole Centrale, Paris, BHU, India,Brookaoven National Lab, USA Research Interest- Econopysics, Quantitative finance, Statistical Physics Awards – INSA young scientist award, 2009
the empirical validation of an adapted financial market model of the intraday market
fluctuations.
Statistical Physics: His research on statistical physics focuses not only to its application to
problems in economic systems (Econophysics) but also to combinatorial optimization such as
the Travelling Salesman problem and study of “complex systems”.
Salesman Problem: He had studied several important aspects of the TSP and also some
specific questions which might help to understand the physics of TSP better.
Complex Systems: Study of systems with many interacting components, each component
being different, and their adaptation to continuously changing environment. He has been
involved in developing and understanding:
He is the reviewer of papers submitted to journals : Physical Review Letters, Physical
Review E, European Physical Journal B, Management Science, Physica A, Journal of
Economic Behavior & Organization, Communications in Mathematical Sciences, Journal of
Statistical Mechanics: Theory and Experiment, Fractals, New Journal of Physics, PLoS One,
Economics e-journal.
Besides he has convened a number of conferences and workshops and is a member of many
scientific bodies.
He has also co-authored and co-edited at least six books so far
and has contributed his papers in five books. He has many
reviews and invited articles. He has a large number of
publications in referred journals.
Sanjay Jain: Areas of his work: Dr. Sanjay Jain is a professor
in Physics at Delhi University, India. He is a member of the
External Faculty, Santa Fe Institute, Santa Fe, NM, USA
(2000-2006, 2007-2010). He was a visiting professor to Santa
Fe Institute, USA, during 1999 to 2000. He is basically a
theoretical physicist having interest in diversified fields. He
has also contribution to the field of ‘Econophysics’. His area of
works are as follows.
1. Structure and dynamics of complex networks, including
chemical, biological, and socio-economic networks
2. Mathematical modeling 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
Sanjay Jain
Field – Physics
Alma Mater –Delhi University, TIFR,
Mumbai
Institutes –Delhi University, IISc,
Bangalore, Santa Fe Instiute, USA,
Havard University
Subhrangsu Sekhar Manna: Prof. Manna did his M.Sc.(1978-1980) from Science
College, Calcutta University and Ph.D from Saha
Institute of Nuclear Physics in 1987. He had joined
IIT, Mumbai in 1992 and worked up to 1997, from
1998 he is a faculty at S. N. Bose National Centre for
Basic Sciences, Kolkata.
His Main areas of work are Critical Phenomena in
Complex Systems, Static and Dynamic Properties of
Complex Networks, Self-organized Non-equilibrium
critical Systems. He is the originator of the "Manna
Model" of stochastic Self-Organised Criticality &
also of the "Manna Universality Class" for dynamic
critical behavior and is known for the "Chatterjee-
Chakrabarti-Manna model of wealth distributions". He
has published a large number of papers basically on
complex networks.
Parongama Sen: Parongama Sen, a Kolkata based
statistical physicist did her M.Sc. from Calcutta University
in 1986 and Ph. D from Saha Institute of Nuclear Physics in
1993. After that she joined as a lecturer in College of
applied Sciences, University of Delhi, Research Associate
at Jawaharlal Nehru University New Delhi, SINP Kolkata,
PDF in University of Cologne, Lecturer in S.N. College,
Kolkata and now working in Calcutta University as an
Associate professor
Her research interests include Phase transitions and critical
phenomena in magnetic systems, networks, quantum
systems, percolation etc. Dynamical phenomena in complex
physical and social systems. She has a number of
publications in referred journals on econophysics, basically
on Ising Model, kinetic models of wealth exchange,
Complex Networks etc.
She has published two books. 1. ‘Quantum Ising Phases and
Transitions in Transverse Ising models, Lecture Notes in Physics M41, B. K. Chakrabarti, A.
Dutta and P. Sen, Springer- Verlag, 1996.
2. P. Sen, B. K. Chakrabarti, Sociophysics: An introduction, Oxford University Press,
Oxford, 2013.
Arnab Chatterjee: Arnab Chatterjee completed his M. Sc from University of Calcutta in the
year 2000 and awarded Ph. D from Jadavpur University on ‘Statistical Physics of Two Model
Dynamical Systems: Magnets and Trading Markets’ under supervision of Prof. Bikas K
Chakrabarti, SINP, Kolkata. He was a PDF at Condensed Matter and Statistical Physics
Section, The Abdus Salam International Centre for Theoretical Physics (ICTP), Trieste, Italy.
Centre de Physique Théorique, Université de la Méditerranée Aix Marseille II, Marseille,
Parongama Sen
Field – Statistical Physics
Alma mater – Calcutta
University, SINP, Kolkata
Institutes – Delhi University,
JNU, New Delhi, SINP,
University of Cologne,
S.N.College, Calcutta
UniversityResearch Interest -
Dynamical phenomena in
complex
physical and social systems.
S. S. Manna
Field – Physics
Alma mater – Calcutta University, Saha
Institute of Nuclear Physics, Kolkata
Institutes – IIT, Mumbai, SNBNCBS,
Kolkata
France, Research Scientist at ISI Foundation, Turin, Italy, and Postdoctoral Researcher at
BECS, Aalto University, Espoo, Finland (since Feb 2012)
His main area of research is basically applications of Statistical Physics to Condensed Matter
and Social Sciences. He has worked on Dynamic transition in Ising Systems, Statistical
physics of socio-economic systems (Econophysics and
Sociophysics), kinetic exchange models with quenched
and annealed disorder etc.. He has a number of
publications in the field of ‘Econophysics’ in referred
journals. Besides along with Bikas Chakrabarti and others,
he has edited and written a number of books , reviews on
Econophysics. His books include
1. Bikas K. Chakrabarti, Anirban Chakraborti, Satya R.
Chakravarty, Arnab Chatterjee, Econophysics of
Income 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, Leiden
University, Leiden, Netherlands.
2. Econophysics course in Department of Mathematics
and Statistics in University of Bern, Bern, Switzerland.
3. Mathematical Models in Economics and Finance
(MMEF) course in Université Paris 1 Panthéon-Sorbonne,
Paris, France.
The books edited by Arnab Chatterjee and others are
1. Arnab Chatterjee, Sudhakar Yarlagadda, Bikas K. Chakrabarti (Eds.), Econophysics of
Wealth Distributions, Springer-Verlag Italia, Milan (2005); ISBN: 978-88-470-0329-3.
2. Arnab Chatterjee, Bikas K. Chakrabarti (Eds.), Econophysics of Stock and other
Markets, Springer Verlag Italia, Milan (2006); ISBN: 978-88-470-0501-3.
3. Bikas K. Chakrabarti, Anirban Chakraborti, Arnab Chatterjee (Eds.), Econophysics and
Sociophysics, Wiley-VCH, Berlin (2006); ISBN-10: 3-527-40670-0.
Book review in Journal of Artificial Societies and Social Simulation, Vol 10, Issue 4, October
2007.
4. Arnab Chatterjee, Bikas K. Chakrabarti (Eds.), Econophysics of Markets and Business
Networks, Springer Verlag Italia, Milan (2007); ISBN: 978-88-470-0664-5.
Arnab Chatterjee
Field – Physics, Econophysics
Alma mater – University of Calcutta,
SINP, Kolkata
Institutes –ICTP, Trieste, Université de
la Méditerranée Aix Marseille II,
Marseille, ISI Foundation, Turin,
Aalto Univ, Finland
Research Interest - Statistical physics
of socio-economic systems
(Econophysics and Sociophysics)
Manipuspak Mitra
Manipuspak Mitra is a professor of Economics at Indian Institute of Statistics, Kolkata.
Besides economics he works on econophysics and
published some papers in physics journals and book
chapters on econophysics. His paper ‘Statistics of the
Kolkata Paise Restaurant problem’ jointly with Asim
Ghosh, Arnab Chatterjee and Bikas K. Chakrabarti with
focus on Statistical Physics Modelling in Economics and
Finance, was published in New Journal of Physics
12(075033), (2010). ‘The Kolkata Paise Restaurant
problem and resource utilization’ jointly with Anindya
Sundar Chakrabarti, Bikas K. Chakrabarti and Arnab
Chatterjee was published in Physica A, 388(12), 2420-
2426 (2009). Similarly he has many publications as book
chapters on econophysics like ‘Cycle Monotonicity in
Scheduling Models’ in New Economic Window Series,
Springer Verlag Italia, Milan, 2010, ‘Dominant Strategy
Implementation in Multi-unit Allocation Problems’ in
New EconomicWindow Series, Springer Verlag Italia,
Milan, 2010 etc.
Satya R. Chakravarty... is a Professor of Economics at
the Indian Statistical Institute, Kolkata. Professor
Chakravarty worked as a Visiting Professor at the
University of British Columbia, the University of
Karlsruhe, Germany, the Bar Ilan University, Israel, the
Kagawa University, Japan , the Paris School of
Economics, Paris, France, the Chinese University of
Hong Kong (1998), the Bocconi University, Milan, Italy the Yokohama National University,
Japan. He has over 80 publications in prestigious scholarly journals and edited volumes. He
has authored six books alongwith "Econophysics of Income and Wealth Distributions" (with
B. K. Chakrabarti, A. Chakraborti and A. Chatterjee), Cambridge University Press,
Cambridge, forthcoming. He also co-edited two books "Quantitative Economics: Theory and
Practice (with D. Coondoo and R. Mukherjee)", Allied Publishers, New Delhi, 1998 and
"Econophysics & Economics of Games, Social Choices and Quantitative Techniques" (with
Banasri Basu, Bikas K. Chakrabarti and Kausik Gangopadhyay), Springer-Verlag, Italia,
2009. He is a member of the editorial board of "The Journal of Economic Inequality" and a
member of the advisory board for the book series "Economic Studies in Inequality, Social
Exclusion and Well-Being", Springer-Verlag. Professor Chakravarty is a Co-Editor of the
Economics e-Journal, Kiel Institute for the World Economy. He has acted as a referee for
many journals.
He recieved the Mahalanobis Memorial Award of the Indian Econometric Society in
1994. This is the most coveted award for an economist in India. He has acted as an external
adviser to the World Bank, Washington, D.C., and as an adviser to the National Council of
Social Policy Evaluation, Mexico. He has also been a grantee of the Ford Foundation in
1980.
Satya R. Chakravarty, ISI, Kolkata
Field – Economics
Alma Mater –ISI, Kolkata
Institute – ISI, Kolkata
Research Interest - Welfare
Economics, Public Economics, Mathematical Finance, Industrial Organization and Game Theory
Awards - Mahalanobis Memorial
Award
Prasanta K. Panigrahi: Prasanta K. Panigrahi completed his M. Sc from Ravenshaw
College, Cuttack and Ph. D from University of Rochester, 1988.
He is now working as Professor of physics at Indian Institute
of Science Education and Research, Kolkata, since 2007. He is a
referee for Physical Review Letters, Physical Review B, Journal
of Physics, Pattern Recognition Letters, Physics Letter A,
Pramana, European Physics Letters. Besides Field Theory he
has also many publications in Econophysics basically on
wavelet transforms and analysis of stock markets. He has
published such papers in J. Quantitative Economics,
Resonance Phys. Rev. E, Pramana, Physica A,, J. Phys. A:
Math. Theor etc.
Nibedita Deo : Deo did her M.Sc from Delhi University and Ph.
D from Purdue University, USA. Besides statistical physics, her
research interest includes
Physics and Society:
Econophysics, Applications of
Statistical Physics to
Economics and Finance.She
has published many papers on
econophysics and is also
supervising Ph. D students. Sheis a regular attendee of
Econophysics –Kolkata series.
Kousik Guhathakurta: Kousik did his graduation in
production Engg., then did his MBA and Ph. D from
Jadavpur University, Kolkata. He is now working as an
Asst. Prof. At IIM, Kozhikode. His research interests are in
the field of Econophysics, Complexity and Empirical
Finance.He is a joint Managing Editor of IIMK Society &
Management Review. Before coming to teaching profession
he had Managerial position in various MNC/Indian
corporations for more than ten years. He has also presented
many papers in different international conferences like
Econophysics, Kolkata series and Greece. Some of his
recent publications and book reviews are as follows
Agent Based modelling of Housing Asset Bubble: A
Simple Utility Function Based Investigation”, (co-authored
by Kausik Gangopadhayay), Econophysics of Agent-Based
Models, F. Abergel et al. (eds.), Econophysics of Agent-
Based models, Springer International Publishing
Switzerland ,2013
"Examining Stock Markets: a non linear dynamics perspective: Examining the Geometric
Brownian Motion model with respect to Stock Price Movement in an Emerging Market”,(Co
authored by Bhattacharya, B., Roychowdhuri, A. (2012) Germany: LAP LAMBERT
Academic Publishing
Nibedita Deo
Field – Physics
Alma Mater – Ravenshaw College, Delhi University, Purdue UniversityInstitutes – Delhi University, Santa Fe,
I.I.Sc, Harvard University etc.
Honours and Awards- Akeley Memorial Award for Theoretical Physics – Best Graduate 1987, Purdue
University, USA, 1987, David Ross Fellowship, Purdue University, USA, 1984-1986,Radcliffe Fellow (Sept 1991-Aug 1992), Mary Ingraham Bunting Institute, Radcliffe College and Department of Physics,
Harvard University, USA.
Prasanta K. Panigrahi
Field – Physics Alma Mater – Ravenshaw College,
Utkal University, University of Rochester Institutes – University of Hyderabad, PRL, Ahmedabad, IISER, Kolkata Research Interest – Nonlinear dynamics,
wavelet transforms, field theory
Book Review:A Colossal Failure of Common Sense: The
Incredible Inside Story of the Collapse of Lehman Brothers,
Lawrence McDonald., & Patrick Robinson, In IIMB
Management Review 24(3), Sep 2012
Book Review: Econophysics and Companies, Hideaki Aoyama
Yoshi Fujiwara Yuichi Ikeda Hiroshi Iyetomi Wataru Souma,
Cambridge University Press In IIM Kozhikode Society &
Management Review 2(2) (Forthcoming)
Book Review: Econophysics and Companies, Hideaki Aoyama
Yoshi Fujiwara Yuichi Ikeda Hiroshi Iyetomi Wataru Souma,
Cambiridge University Press In IIM Kozhikode Society &
Management Review 2(2) (Forthcoming)
Agent Based modelling of Housing Asset Bubble: A Simple
Utility Function Based Investigation”, (co-authored by Kausik
Gangopadhayay), Econophysics of Agent-Based Models, F.
Abergel et al. (eds.), Econophysics of Agent-Based models,
Springer International Publishing Switzerland ,2013
Book Review: Econophysics and Companies, Hideaki Aoyama
Yoshi Fujiwara Yuichi Ikeda Hiroshi Iyetomi Wataru Souma,
Cambridge University Press In IIM Kozhikode Society &
Management Review 2(2) (Forthcoming)
Anita Mehta
Anita Mehta is a senior prof. of physics at SNBCBS, Kolkata. She did her M.A in Physics
and D. Phil from Oxford University. Her research interests are
on complexity in natural and intelligent systems. In the category
of natural systems, her focus remains granular physics, with an
emphasis on heterogeneities (static and dynamical), nucleation
phenomena in compaction and surface dynamics. Other areas in
which she has worked recently are game-theoretic models of
strategic learning, network dynamics and their role in risk
minimisation, optimal encodings on landscapes for NP-complete
problems, zero-temperature dynamics in constrained systems,
and the design and analysis of experiments on perception. She
has many publications and has been invited as speaker at many
conferences on ecoophysics. Some of her publications on
econophysics are as follows.
1. ’How the rich get richer’, Anita Mehta, A. S.
Majumdar, and J. M.Luck, pp. 199-204 in Econophysics of
Wealth Distributions, Springer-Verlag Italia, Ed. A. Chatterjee,
B. K. Chakrabarti and S. Yarlagadda(2005)
2. “Predatory trading and risk minimisation: how to
(b)eat the competition” Anita Mehta, in F. Abergel et al. (eds.),
Econophysics of Systemic Risk and Network Dynamics,New
Economic Windows, DOI 10.1007/978-88-470-2553-0_10,
Springer-Verlag Italia (2013).
Kausik Gangopadhyay is an Assistant Professor in the area of Economics at the Indian
Kousik Guhathakurta
Field - Finance,
Accounting and Control,
Alma Mater – Jadavpur University,IIM, Kozhikode Research Interest – Econophysics, Complexity,
Scientometrics
Anita Mehta
Alma Mater – Presidency College, Kolkata, Oxford University, Cornell University, SNBCBS, Kolkata
Research Interest -
complexity in natural and intelligent systems Awards – Rhodes Scholarship, Science Ambassador, Indo-US Science and Technology
Forum, Stree Shakti Samman award for
Indian Woman Scientist
Institute of Management, Kozhikode. He has earned his PhD from the University of
Rochester in 2007. Prior to that, he received the degrees of Bachelor of Statistics (Hons.) and
Master of Statistics from the Indian Statistical Institute. Primarily an Applied Economist, his
contribution in research lies in the areas like development economics and labour economics.
His research interest also extends to the spheres of interdisciplinary research, most notably
econophysics and urban management. His research articles have appeared in international
journals like Economics Letters, Physica A, Economics Quarterly, Urban Forestry and Urban
Greening. He has co-edited a volume published by Springer Verlag Italia entitled
"Econophysics and Economics of Games, Social Choices and Quantitative Techniques"
(2010). Apart from successfully teaching existing courses in reputed institutes like
University of Rochester, Indian Statistical Institute, Indian Institute of Management
Kozhikode, he has either offered new courses or experimented with the pedagogy of existing
courses. He is an associate editor of IIMK Society and Management, Sage Publication. His
publications include
1. Demand for Education:Is Culture a major Determinant? Kausik Gangopadhyay;Abhirup
Sarkar (2009)
2. Consumer Expenditure Distribution In India, 1983-2007:
Evidence Of Long Pareto Tail Abhik Ghosh;Kausik
Gangopadhyay;B.Basu (2010)
3. Income and Expenditure Distribution: A comparative
analysis Kausik Gangopadhyay;Banasri Basu (2010)
4. A Tale of Indian Cities: 1981-2010 Kausik Gangopadhyay;
Banasri Basu (2011)
5. Does stronger protection of intellectual property Stimulate
innovation? Kausik Gangopadhyay; Debasis Mondal (2012)
6. Extent of Poverty in India: A Different Dimension Kausik
Gangopadhyay; Kamal Singh (2012)
Besides, he has delivered talks in various econophysics
conferences.
5 Conclusion
Many researchers from India have been involved in econophysics research from the formal
beginning of the subject in 1995, and many Indian research institutes and universities are
involved in this research area. Some other important researchers are Raj Kumar Pan, Kausik
Gangopadhyaya, Y. Sudhakar, Anita Mehta, P. K. Mohanty, Amit Bhaduri, Abhirup Sarkar,
Indrani Bose etc. Apart from publications of important papers, several important conference
proceedings volumes and edited volumes, research monographs and text books on
econophysics have been published from India. Some of these papers have made good impact
and some of these books are being widely used in econophysics and sociophysics courses
started in many Universities. The first text book (in physics) on econophysics entitled
“Econophysics: An Introduction” has been written by Indian scientists. This book is already
being followed by many universities outside India like Leiden University, for their graduate
courses. There have also been some attempts to initiate such formal research groups or
centers in India. In particular, the “Policy Planing & Evaluation Committee” (PPEC) of the
Indian Statistical Institute, in its June 22 (2011) meeting considered a “Proposal for building
a Center for Econophysics & Quantitative Finance Research” and recommended that “PPEC
recognizes this to be an important proposal, but considering the availability of manpower and
the current focus of ERU (Economic Research Unit), it recommends that the proposal be
carried as a plan research project, but not as a full-fledged center at this point of time.
Kausik Gangopadhyay
Field- Economics
Alma Mater – ISI,
Kolkata, Rochester
University, USA, IIM,
Kozhikode
However, the recruitment of faculty members in the area of econophysics or related
disciplines may be made in ERU if needed.” The Human Resource Development Ministry
has proposed to constitute an award for social scientists on the lines of the Bhatnagar awards
for scientists. HRD Minister Kapil Sibal said this while speaking at a conference organised
by the Indian Council of Social Science & Research on 6th
Feb 2012. “For scientists we have
the Bhatnagar awards, but nothing for social scientists. We have proposed ten annual awards
to recognize advancement in the field of social science. I hope that due recognition to social
scientists and their contributions would spur thousands of aspiring scholars in the future.
These awards will be known as the Amartya Sen Awards.” Sibal said.
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, New Delhi, 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 Quantitative Techniques,
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, Manipushpak Mitra, 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).