A short review of the econophysics research done in Estonia, devoted to the
15th anniversary of the term "econophysics".Comment: Submitted to the special issue on "Econophysics" of the journal
  Science & Culture (http://www.scienceandculture-isna.org/journal.htm), a
  publication of the Indian Science News Association, established in 193

Heinsalu, E.

Kalda, J.

Kitt, R.

Patriarca, M.

Science and Culture

English

arXiv

Texto completo ArXiv Number 1006.3708The term “econophysics”, proposed in 1995 in Kolkata
by E. H. Stanley, celebrates 15 years; however, the studies
of economic systems using the tools of statistical physics
initiated much earlier. Indeed, V. Pareto formulated his
famous law of income distribution already in 1897 [1],
and only three years later, L. Bachelier put forward the
random walk model as the fundamental model for ﬁnancial time-series [2]. Further, E. Majorana pointed out
that statistical mechanics is a tool that can be applied
also in social sciences [3]. In 1963 B. Mandelbrot found
that the time-series of cotton price undergoes large ﬂuctuations [4]. The studies of econophysics have developed
at an ever accelerating rate since 80’s, particularly fast
after the adoption of the very term, until drawing the attention of Estonian physicists at the beginning of the new
century. The present paper is aimed to provide a short
overview of the econophysical research in Estonia, which
thus far has resulted in more than 15 research papers.This work has been supported by the targeted financing
project SF0690030s09, Estonian Science Foundation grant
no. 7466 (M.P., E.H.), Spanish MICINN project FISICOS
(FIS2007-60327), Govern Balear, and FEDER (E.H.), and
Estonian Science Foundation grant no. 7909 (R.K., J.K.).Peer reviewe

Econophysics studies in Estonia

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