INTERNATIONAL WORKSHOP ON ECONOPHYSICS AND STATISTICAL FINANCE
PALERMO UNIVERSITY
28-30 September 1998

Preliminary Program

Morning session
 
08:00 - 09:30  Registration 
 
 
 
09:30 - 10:00 Welcome Address
 
 
 
10:00 - 10:30 H. Eugene Stanley (Dept. of Physics, Boston University, USA)   
Can Statistical Physics Contribute to the Science of Economics? 
 
 
10:30 - 11:00 Coffee break 
 
11:00 - 11:30 Hideki Takayasu (Sony CSL, Tokyo, Japan) Critical Fluctuations of Demand and Supply.
11:30 - !2:00 Neil F. Johnson (Physics Department, Oxford University, England)  Crowd Effects and Volatility in Markets With Competing Agents. 
12:00 - 12:30 Reinaldo R. Rosa (Instituto Nacional de Pesquisas Espaciais, Brazil) A Coupled Map Lattice Representation for Management and Decision Making.
 
12:30 - 16:00 Lunch break 
 
 
Afternoon session
 
16:00 - 16:30 Thomas Lux (Department of Economics, University of Bonn, Germany) Scaling and Criticality in a Stochastic Multi-Agent Model of a Financial Market. 
16:30 - 17:00 Stefano Galluccio (Fixed Income Research Team, Paribas, London)  Quasi-analytical American Option Pricing in Gaussian Interest-rate Models.
17:00 - 17:30 Matti Estola (School of Business and Economics, Jyvaskyla Univ., Finland)  On the Dynamics of Asset Prices: A Stochastic Approach.
17:30 - 18:00 Jose Ramon Sanchez-Galan (Dpto. Economia de la Empresa, S. Pablo Ceu University, Spain) Multicriteria Decision in the Analysis of Monetary Funds in the Spanish Financial Market. 
18:00 - 18:30 Janos Kertesz (Dept. of Theoretical Physics, Technical University of Budapest, Budapest, Hungary) Limits of Scaling in the Statistics of Returns in Stock Market Indices. 
18:30 - 19:00 Lutz Molgedey (Institut fuer Physik, Humbolt-Universitaet zu Berlin, Berlin, Germany)  
Linear and Nonlinear Correlations of Implied Volatility and Its Underlying Asset Price Returns. 
 
 
 


 
Morning session
 
 
09:00 - 09:30 Y.-C. Zhang (Institute of Theoretical Physics, Fribourg University, Switzerland) Towards a Theory of a Marginally Efficient Markets (MEM). 
09:30 - 10:00 Luca Biferale (Dipartimento di Fisica, "Tor Vergata" University, Rome, Italy) Transient Multiaffine Behaviors in ARCH and GARCH Processes. 
10:00 - 10:30 Angela Hilgers (Institut fuer Theoretische Physik, Aachen, Germany) Economic Processes Modeled by Dynamical Systems 
 
 
10:30 - 11:00 Coffee break 
 
11:00 - 11:30 Per Bak (Niels Bohr Institute, Copenhagen, Denmark) Sequential Stock Markets. 
11:30 - 12:00 Matteo Marsili (SISSA, Trieste, Italy)  On the Evolutionary Dynamics in Games. 
12:00 - 12:30 Makoto Nirei (Graduate School of Economics, University of Chicago, USA) Self-Organized Criticality in a Random Network Model.
 
 
12:30 - 16:00 Lunch break 
 
Afternoon session
 
 
16:00 - 16:30 Welcome Address of the Palermo City Mayor Prof. Leoluca Orlando 
 
 
16:30 - 17:00 Misako Takayasu (Faculty of Science and Technology, Keio Univ., Japan) Zipf's Law in Income Distribution of Comapanies.
17:00 - 17:30 Nicolas Vandewalle (Institut de Physique, Universite de Liege, Belgium)  The Crossing of Mobile Averages Demystified.
17:30 - 18:00 Balazs Janecsko (Dept. of Physics of Complex Systems, Eotvos University, Hungary)  Statistical Analysis of 5 s Index Data of the Budapest Stock Exchange. 
18:00 - 18:30 Stefan Zemke (DEpt. of Computer and System Sciences, Stockholm Univ., Sweden)  Nonlinear Index Prediction
18:30 - 19:00 Gianaurelio Cuniberti (INFM and Dept. of Physics, Genoa Univ., Italy)  Prior Information in the Bond-Future Market: a Possibility of Arbitrage? 
 
 



 
Morning session
 
 
09:00 - 09:30 Imre Kondor (Dept. of Physics of Complex Systems, Eotvos University, Hungary)   Limits to Rational Portfolio Selection and Chaos in Spin Glasses. 
09:30 - 10:00 Fernando Fagundes Ferreira (Instituto de Fisica de Sao Carlos, USP, Brazil) Probabilistic Analysis of the Number Partitioning Problem. 
10:00 - 10:30 Francesco Mainardi (Department of Physics, University of Bologna, Italy) Discrete Random-walk Generation of Stable Laws.
 
 
10:30 - 11:00 Coffee break 
 \
11:00 - 11:30 Angelo Vulpiani (Dipartimento di Fisica, Universita' "La Sapienza", Roma, Italy) Pricing Derivatives in Incomplete Markets. 
11:30 - 12:00 Antonella Basso (Dipartimento di Matematica Applicata, Universita' di Venezia, Italy)  A Constrained Estimation Procedure for the Parameters of a Diffusion Process. 
12:00 - 12:30 Patrizia Monachesi (Dipartimento di Fisica, Universita' dell'Aquila, Italy)  Effects of a Stochastic Volatility on the Scaling of Asset Prices. 
 
 
 Afternoon session
 
 
16:00 - 16:30 Maurizio Serva (Dipartimento di Matematica, Universita' dell'Aquila, Italy)  Multiscaling and Clustering of Volatility. 
16:30 - 17:00 Enrico Scalas (INFM and Dept. for Advanced Sciences and Technologies, East-Piedmont University, Alessandria, Italy) Volatility in the Italian Stock Market: an Empirical Study. 
17:00 - 17:30 Ricardo Gimeno Nogues (Departemento Metodos Cuantitativos, ICADE, Madrid, Spain) Stationary Tests for Financial Time Series. 
17:30 - 18:00 Zoltan Palagyi (Dept. Of Mathematics, Budapest University of Economics, Hungary) Empirical Study of Stock Price Dynamics in an Emerging Market.
 
 
 
18:00 - 18:30 Closing remarks.