Dynamical analogy between economical crisis and earthquake dynamics within the nonextensive statistical mechanics framework

dc.contributor.author	Ποτηράκης, Στέλιος	el
dc.contributor.author	Ζήτης, Παύλος	el
dc.contributor.author	Ευταξίας, Κωνσταντίνος	el
dc.date.accessioned	2015-06-06T18:56:42Z
dc.date.available	2015-06-06T18:56:42Z
dc.date.issued	2015-06-06
dc.identifier.uri	http://hdl.handle.net/11400/15362
dc.rights	Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ηνωμένες Πολιτείες	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/us/	*
dc.source	http://www.sciencedirect.com	en
dc.subject	Economic crisis
dc.subject	Pre-seismic electromagnetic emissions
dc.subject	Προσεισμικές ηλεκτρομαγνητικές εκπομπές
dc.subject	Οικονομική κρίση
dc.title	Dynamical analogy between economical crisis and earthquake dynamics within the nonextensive statistical mechanics framework	en
heal.type	journalArticle
heal.classification	Technology
heal.classification	Electronics
heal.classification	Τεχνολογία
heal.classification	Ηλεκτρονική
heal.classificationURI	http://id.loc.gov/authorities/subjects/sh85133147
heal.classificationURI	http://id.loc.gov/authorities/subjects/sh85042383
heal.classificationURI	N/A-Τεχνολογία
heal.classificationURI	N/A-Ηλεκτρονική
heal.keywordURI	http://zbw.eu/stw/descriptor/10343-6
heal.identifier.secondary	DOI: 10.1016/j.physa.2013.03.006
heal.language	en
heal.access	campus
heal.publicationDate	2013
heal.bibliographicCitation	Potirakis, S., Zitis, P. and Eftaxias, K. (2013) Dynamical analogy between economical crisis and earthquake dynamics within the nonextensive statistical mechanics framework. "Physica A: Statistical Mechanics and its Applications", 392 (13), p.2940-2954	en
heal.abstract	The field of study of complex systems considers that the dynamics of complex systems are founded on universal principles that may be used to describe a great variety of scientific and technological approaches of different types of natural, artificial, and social systems. Several authors have suggested that earthquake dynamics and the dynamics of economic (financial) systems can be analyzed within similar mathematical frameworks. We apply concepts of the nonextensive statistical physics, on time-series data of observable manifestations of the underlying complex processes ending up with these different extreme events, in order to support the suggestion that a dynamical analogy exists between a financial crisis (in the form of share or index price collapse) and a single earthquake. We also investigate the existence of such an analogy by means of scale-free statistics (the Gutenberg-Richter distribution of event sizes). We show that the populations of: (i) fracto-electromagnetic events rooted in the activation of a single fault, emerging prior to a significant earthquake, (ii) the trade volume events of different shares/economic indices, prior to a collapse, and (iii) the price fluctuation (considered as the difference of maximum minus minimum price within a day) events of different shares/economic indices, prior to a collapse, follow both the traditional Gutenberg-Richter law as well as a nonextensive model for earthquake dynamics, with similar parameter values. The obtained results imply the existence of a dynamic analogy between earthquakes and economic crises, which moreover follow the dynamics of seizures, magnetic storms and solar flares.	en
heal.journalName	Physica A: Statistical Mechanics and its Applications	en
heal.journalType	peer-reviewed
heal.fullTextAvailability	true