Rethinking Classical Economics: Market Physics and Wiki-like Platforms

Market ScienceA Brief Introduction Edward Tsang 20 March 2012

Classical Economics • Built on critical assumptions • Everybody is perfectly rational • Everybody thinks the same way • Everybody has full information • Market has changed! • By many things • Computing plays a big role

Our Proposals • Wiki-like platform How much weight can we put on various positions? • Market physics

Synopsis • Classical Economics is a castle • … built on sand (flawed assumptions) • Computation was never considered • … it has shifted the ground • Everything must be rebuilt • No more flawed assumptions • New foundations proposed: • Market physics • Wiki-like platform

Further Information • High Frequency Finance Project • http://www.bracil.net/finance/HFF • More technical info on Event Calculus • Search for “Event Calculus” on YouTube • Centre for Computational Finance and Economic Agents (CCFEA) • http://www.essex.ac.uk/ccfea • Contact: Edward Tsang

Rethinking Classical Economics: Market Physics and Wiki-like Platforms

Rethinking Classical Economics: Market Physics and Wiki-like Platforms

Presentation Transcript

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