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Article: Why Stock Markets Crash: Critical Events in Complex Financial Systems.(Book Review)
- Article from:
- Science News
- Article date:
- April 5, 2003
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Copyright informationCOPYRIGHT 2003 Science Service, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DIDIER SORNETTE
Here a scientist treads on economists' territory. Sornette applies cutting-edge thinking in the field of complexity and the theory of critical phenomena to the inner workings of the stock market. The objective is a potentially lucrative one: to predict the market's peaks and valleys. As Sornette points out, "Market crashes exemplify in a dramatic way the spontaneous emergence of extreme events in self-organizing systems," meaning that the science he employs should work. Generally, economists believe that stock market crashes are explained by effects that occur in short time scales--hours, days, or weeks at most. Sornette argues to the contrary, ...
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