EU COST Action P10: "Physics of Risk"
The main objective of this project is to apply methods developed in statistical physics to accomplish a new quantitative understanding of the assessment of risk. So, different from various other activities in the field of risk management, this project invites the collaboration of physicists. In fact, in recent years statistical physics has successfully contributed to many interdisciplinary fields ranging from regulatory networks in biology to financial market models. Therefore, a transfer of methods and tools from statistical physics into the area of risk assessment should be a promising endeavour. An additional objective is to increase the understanding of the fundamental principles underlying the problems of uncertainty and complexity in the socioeconomic realms.The scientific programme of the COSTP10 action rests on three mutually interlocking Working Groups (WG).
WG 1 Physics and Risk will develop direct studies of phenomena in financial markets and will bring together physicists with financial experts, economists and other pertinent disciplines. Observed time series and related measurements will form the basis of activity. In physical terms this might be described as a study of issues at a macroscopic level.
WG 2 Agent Models encompasses efforts to develop descriptions at the microscopic level. This will also involve sociologists who are concerned with social behaviour and dynamics. For example, in developing an understanding of economic activity, it is clear that one requires better characterisation of the nature and dynamics of the interacting investors. This leads to the development of models of the basic building blocks or agents.
WG 3 Networks, Dynamics and Topology aims to put this research into a coherent framework rooted in the nature of the underlying networks of interacting agents. This will generate new insights into the structure and dynamics of complex systems from nonlinearity, emergence and selfcriticality.
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