The mechanism of double-exponential growth in hyper-inflation

被引：20

作者：

Mizuno, T ^{[1
]}

Takayasu, M

Takayasu, H

机构：

[1] Chuo Univ, Fac Sci & Engn, Dept Phys, Bunkyo Ku, Tokyo 1128551, Japan

[2] Future Univ Hakodate, Dept Complex Syst, Hakodate, Hokkaido 0418655, Japan

[3] Sony Corp, Comp Sci Labs Inc, Shinagawa Ku, Tokyo 1410022, Japan

来源：

PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS | 2002年 / 308卷 / 1-4期

关键词：

econophysics; inflation; market price;

D O I：

10.1016/S0378-4371(02)00598-8

中图分类号：

O4 [物理学];

学科分类号：

0702 ;

摘要：

Analyzing historical data of price indices, we find an extraordinary growth phenomenon in several examples of hyper-inflation in which, price changes are approximated nicely by double-exponential functions of time. In order to explain such behavior we introduce the general coarse-graining technique in physics, the Monte Carlo renormalization group method, to the price dynamics. Starting from a microscopic stochastic equation describing dealers' actions in open markets, we obtain a macroscopic noiseless equation of price consistent with the observation. The effect of auto-catalytic shortening of characteristic time caused by mob psychology is shown to be responsible for the double-exponential behavior. (C) 2002 Elsevier Science B.V.. All rights reserved.

引用

页码：411 / 419

页数：9

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