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Fractals and Economics

  • Reference work entry
Complex Systems in Finance and Econometrics

Article Outline

Glossary

Definition of the Subject

Introduction

Examples in Economics

Basic Models of Power Laws

Market Models

Income Distribution Models

Future Directions

Bibliography

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Abbreviations

Fractal:

An adjective or a noun representing complex configurations having scale-free characteristics or self‐similar properties. Mathematically, any fractal can be characterized by a power law distribution.

Power law distribution:

For this distribution the probability density is given by a power law, \({p(r)=c\cdot r^{-\alpha -1}}\), where c and α are positive constants.

Foreign exchange market:

A free market of currencies, exchanging money in one currency for other, such as purchasing a United States dollar (USD) with Japanese yen (JPY). The major banks of the world are trading 24 hours and it is the largest market in the world.

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Author information

Authors and Affiliations

  1. Tokyo Institute of Technology, Tokyo, Japan

    Misako Takayasu

  2. Sony Computer Science Laboratories Inc, Tokyo, Japan

    Hideki Takayasu

Authors
  1. Misako Takayasu
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  2. Hideki Takayasu
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Editor information

Editors and Affiliations

  1. RAMTECH LIMITED, 122 Escalle Lane, Larkspur, CA, 94939, USA

    Robert A. Meyers Ph. D. (Editor-in-Chief) (Editor-in-Chief)

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© 2009 Springer-Verlag

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Takayasu, M., Takayasu, H. (2009). Fractals and Economics. In: Meyers, R. (eds) Complex Systems in Finance and Econometrics. Springer, New York, NY. https://doi.org/10.1007/978-1-4419-7701-4_25

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  • DOI: https://doi.org/10.1007/978-1-4419-7701-4_25

  • Publisher Name: Springer, New York, NY

  • Print ISBN: 978-1-4419-7700-7

  • Online ISBN: 978-1-4419-7701-4

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