From Minority Games to real markets

We address the question of market efficiency using the Minority Game (MG) model. First we show that removing unrealistic features of the MG leads to models which reproduce a scaling behavior close to what is observed in real markets. In particular we find that i) fat tails and clustered volatility arise at the phase transition point and that ii) the crossover to random walk behavior of prices is a finite size effect. This, on one hand, suggests that markets operate close to criticality, where the market is marginally efficient. On the other it allows one to measure the distance from criticality of real market, using cross-over times. The artificial market described by the MG is then studied as an ecosystem with different_species_ of traders. This clarifies the nature of the interaction and the particular role played by the various populations.Comment: 9 pages, 7 figures, to appear in Quantitative Financ

Universality classes in directed sandpile models

We perform large scale numerical simulations of a directed version of the two-state stochastic sandpile model. Numerical results show that this stochastic model defines a new universality class with respect to the Abelian directed sandpile. The physical origin of the different critical behavior has to be ascribed to the presence of multiple topplings in the stochastic model. These results provide new insights onto the long debated question of universality in abelian and stochastic sandpiles.Comment: 5 pages, RevTex, includes 9 EPS figures. Minor english corrections. One reference adde

Crack roughness and avalanche precursors in the random fuse model

We analyze the scaling of the crack roughness and of avalanche precursors in the two dimensional random fuse model by numerical simulations, employing large system sizes and extensive sample averaging. We find that the crack roughness exhibits anomalous scaling, as recently observed in experiments. The roughness exponents ($\zeta$, $\zeta_{loc}$) and the global width distributions are found to be universal with respect to the lattice geometry. Failure is preceded by avalanche precursors whose distribution follows a power law up to a cutoff size. While the characteristic avalanche size scales as $s_0 \sim L^D$, with a universal fractal dimension $D$, the distribution exponent $\tau$ differs slightly for triangular and diamond lattices and, in both cases, it is larger than the mean-field (fiber bundle) value $\tau=5/2$

Optimizing interpolation of shoot density data from a Posidonia oceanica seagrass bed

A case study on the optimization of Posidonia oceanica density interpolation, using a data set from a large meadow at Porto Conte Bay (NW Sardinia, Italy), is presented. Ordinary point kriging, cokriging and a weighted average based on inverse square distance were used to interpolate density data measured in 36 sampling stations. The results obtained from different methods were then compared by means of a leave-one-out cross-validation procedure. The scale at which interpolation was carried out was defined on the basis of the Hausdorff dimension of the variogram. Optimizing spatial scale and data points search strategy allowed obtaining more accurate density estimates independently of the interpolation method

Universality in sandpiles

We perform extensive numerical simulations of different versions of the sandpile model. We find that previous claims about universality classes are unfounded, since the method previously employed to analyze the data suffered a systematic bias. We identify the correct scaling behavior and conclude that sandpiles with stochastic and deterministic toppling rules belong to the same universality class.Comment: 4 pages, 4 ps figures; submitted to Phys. Rev.

Non conservative Abelian sandpile model with BTW toppling rule

A non conservative Abelian sandpile model with BTW toppling rule introduced in [Tsuchiya and Katori, Phys. Rev. E {\bf 61}, 1183 (2000)] is studied. Using a scaling analysis of the different energy scales involved in the model and numerical simulations it is shown that this model belong to a universality class different from that of previous models considered in the literature.Comment: RevTex, 5 pages, 6 ps figs, Minor change

Corrections to scaling in the forest-fire model

We present a systematic study of corrections to scaling in the self-organized critical forest-fire model. The analysis of the steady-state condition for the density of trees allows us to pinpoint the presence of these corrections, which take the form of subdominant exponents modifying the standard finite-size scaling form. Applying an extended version of the moment analysis technique, we find the scaling region of the model and compute the first non-trivial corrections to scaling.Comment: RevTeX, 7 pages, 7 eps figure

Is Europe Evolving Toward an Integrated Research Area?

Efforts toward European research and development (R&D) integration have a long history, intensifying with the Fifth Framework Programme (FP) in 1998 (1–3) and the launch of the European Research Area (ERA) initiative at the Lisbon European Council in 2000. A key component of the European Union (EU) strategy for innovation and growth (4, 5), the ERA aims to overcome national borders through directed funding, increased mobility, and streamlined innovation policies

Gravity model in the Korean highway

We investigate the traffic flows of the Korean highway system, which contains both public and private transportation information. We find that the traffic flow T(ij) between city i and j forms a gravity model, the metaphor of physical gravity as described in Newton's law of gravity, P(i)P(j)/r(ij)^2, where P(i) represents the population of city i and r(ij) the distance between cities i and j. It is also shown that the highway network has a heavy tail even though the road network is a rather uniform and homogeneous one. Compared to the highway network, air and public ground transportation establish inhomogeneous systems and have power-law behaviors.Comment: 13 page