Jhun, Jennifer and Palacios, Patricia and Weatherall, James Owen (2017) Market Crashes as Critical Phenomena? Explanation, Idealization, and Universality in Econophysics. [Preprint]
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Abstract
We study the Johansen-Ledoit-Sornette (JLS) model of financial market crashes (Johansen, Ledoit, and Sornette [2000,]. "Crashes as Critical Points." Int. J. Theor. Appl. Finan 3(2) 219-255). On our view, the JLS model is a curious case from the perspective of the recent philosophy of science literature, as it is naturally construed as a “minimal model” in the sense of Batterman and Rice (Batterman and Rice [2014] “Minimal Model Explanations.” Phil. Sci. 81(3): 349–376. ) that nonetheless provides a causal explanation of market crashes, in the sense of Woodward’s interventionist account of causation (Woodward [2003]. Making Things Happen. Oxford: Oxford University Press).
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| Item Type: | Preprint | ||||||||||||
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| Keywords: | Johansen-Ledoit-Sornette Model; Econophysics; Renormalization group; Minimal Models; Explanation; Universality; Infinite Idealization | ||||||||||||
| Subjects: | General Issues > Causation Specific Sciences > Economics General Issues > Explanation General Issues > Models and Idealization Specific Sciences > Physics Specific Sciences > Physics > Statistical Mechanics/Thermodynamics |
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| Depositing User: | James Owen Weatherall | ||||||||||||
| Date Deposited: | 08 Apr 2017 13:24 | ||||||||||||
| Last Modified: | 08 Apr 2017 13:24 | ||||||||||||
| Item ID: | 12976 | ||||||||||||
| Subjects: | General Issues > Causation Specific Sciences > Economics General Issues > Explanation General Issues > Models and Idealization Specific Sciences > Physics Specific Sciences > Physics > Statistical Mechanics/Thermodynamics |
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| Date: | 2017 | ||||||||||||
| URI: | https://philsci-archive.pitt.edu/id/eprint/12976 |
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