Seminar talk: Efficiency of Random strategies and Self-Organized Criticality in Socio-Economic Systems
Professor Andrea Rapisarda (Università di Catania, Italy)
On occasion of the Ig Nobel Night at UiO, Professor Andrea Rapisarda (Università di Catania, Italy) will give a seminar talk on:
Efficiency of Random strategies and Self-Organized Criticality in Socio-Economic Systems
The lecture will consist of two parts. In the first one I will show how, inspired by physics examples, random strategies can be successfully applied to face problems of inefficient dynamics in social systems.
In the second part I will apply random strategies to financial markets and present a model, characterized by self-organized criticality, which is able to generate endogenously a realistic price dynamics and to reproduce well-known stylized facts. In a community of heterogeneous traders, the spreading of information, based on a realistic imitative behavior, drives contagion and causes market fragility. It will be shown how the introduction of a small number of random traders is able to stabilize the market and produce beneficial effects both at micro and at macro level.
Everybody is welcome!
For more information on the Ig Nobel Night at UiO see