The 4th in a series of workshops titled The Economy as a Complex System that have taken place in the Institute of Mathematical Sciences (IMSc), Chennai from 2004, the meeting will be a forum where physicists, economists and mathematicians will come together to discuss diverse scientific approaches to understand economic phenomena. One of the focal themes of the meeting will be the prospects of using the tools of statistical physics in economics, an enterprise that was dubbed “econophysics” just over two decades ago (although physicists have been working on economics problem even earlier). It is now also just about half a century from the publication of Mandelbrot’s famous paper that showed that price fluctuations (measured by logarithmic returns) are not distributed according to a normal distribution as widely believed at the time but rather has fat tails better described by a power law This observation has had far-reaching implications showing that the kind of phenomena that forms the subject matter of statistical physics may also include economic systems. From the 1990s onwards there has been a virtual avalanche of publications in econophysics – focusing on properties of financial markets, wealth and income distribution, strategic decision making, etc.
As discussed in the recent special issue “Discussion and Debate: Can Economics be a Physical Science?”of European Physical Journal- Special Topics (https://link.springer.com/journal/11734/225/17/page/1), a distinct character of this literature has been the emphasis on uncovering “universal” phenomena in economic and social context, through applications of methods borrowed from statistical physics. Analysis of high frequency trading data from financial markets has led to the discovery of a number of remarkably invariant features (e.g., the inverse cubic law of price fluctuations). This workshop will focus on this theme and discuss the problems & potentials of viewing (and modelling) socio-economic phenomena through the lens of physical science.


The workshop aims to initiate discussion and debate between scientists from different disciplines who are united in their common aim of understanding the collective behavior of homo economicus.


Confirmed Speakers


Please send e-mail to [ ecs17@imsc.res.in ] to apply for participation (enclosing CV and statement of purpose). Limited accommodation may be available for outstation participants (please mention in your letter if you would like to request for accommodation).

Note : PhD students and postdoctoral fellows are requested to arrange for a letter of recommendation from a senior scientist familiar with their work.

Tentative Event Schedule

Time Speakers Talk title
9:15am-9:30am Opening Session Welcome
9:30am-10:10am Sheri Markose Novelty Production by Digital Agents: The Logical Foundations and
Policy Design Implications of Complex Adaptive Systems
10:10am-11:50am Damien Challet TBA
10:50am-11:30am Tea / Coffee
11:30am-12:10pm Nils Bertschinger TBA
12:10pm-12:50pm Anirban Chakraborti TBA
12:50pm-14:00pm Lunch
14:00pm-14:40pm Zbigniew R. Struzik TBA
14:40pm-15:20pm Siew Ann Cheong Big Data and Bottom-Up Agent-Based Simulations of Economies
15:20pm-16:00pm Tea / Coffee
16:00pm-16:40pm Sugata Marjit TBA
16:40pm-17:20pm Rituparna Sen TBA
17:20pm-18:00pm Sanjay Jain TBA

Time Speakers Talk title
9:30am-10:10am Frederick Abergel TBA
10:10am-10:50am Bikas K. Chakrabarti TBA
10:50am-11:30am Tea / Coffee
11:30am-12:10pm Kimmo Kaski TBA
12:10pm-12:50pm Tiziana Di Matteo TBA
12:50pm-14:00am Lunch
14:00pm-14:40pm Taisei Kaizoji TBA
14:40pm-15:20pm M S Santhanam TBA
15:20pm-16:10pm Tea / Coffee
16:10pm-16:50pm Wataru Souma Study of early warning indicators of financial crisis
16:50pm-17:30pm V Sasidevan TBA


Event Location

Ramanujan Auditorium
The Institute of Mathematical Sciences (IMSc),
Chennai- 600113
Phone: +91-44-22543301
Email: sitabhra@imsc.res.in