Workpackage : WP7
Econophysics - collaboration and research visits
Start date or start event : 3 month

Objectives :

1. Integration of the COPIRA group within the European interdisciplinary academic education and research.
2. Development of new advanced tools for the description of complex economic and financial systems.
3. Reforming the educational system in natural sciences towards interdisciplinary applications as a contribution to the social and economic development of the region.
4. Dissemination of knowledge and international contacts towards local computer science, economic and financial enterprises.

Description :
The research area is the same as in WP6. Members of the COPIRA group are active in econophysics since 2 years, their first articles have been published in renown journals and even cited in recent issue of "Nature". This package assumes mutual visits to the research centres active in the pioneering field of econophysics. The collaboration will concentrate in the first phase on analysis of the price and volatility correlations in major trading markets on the basis of recent scientific achievements based on random matrix theory, stable distributions and the theory of turbulent flow. The expected results will be disseminated, among others, during the first planned conference (see WP6) In the second phase it is planned to design automated (computer) trading strategies on all time horizons. Educational part of the package assumes to deliver a series of lectures on the developed formalism for Ph.D. students in computer science, economy and physics. A regional open seminar on econophysics will also be held with the European visitors among the lecturers.
Number of visits :

• 1st yr - 2 visits (Budapest,Prague)
• 2nd yr - 2 visits (Palermo,Fribourg),
• 3rd yr - 3 visits (Budapest,Fribourg,Prague) , (3-4 days each visit)

Partners involved :

• Etvoes University, Budapest, Hungary,
• Academy of Sciences of the Czech Republic,
• Universita di Palermo, Italy,
• Universite de Fribourg, Switzerland.

Deliverables :

1. Report on the status of the collaboration and obtained results
2. Lecture course for graduate and undergraduate students.
3. Regional seminar on econophysics established.

Milestones and expected results :

1. Establishing European cooperation of the group with European partner institutions.
2. Dissemination of advanced information technology towards students, private economic and financial sector and society.
3. Common publications in renowned journals.