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Affiliation(s)

Warsaw University of Technology, Warsaw, Poland

ABSTRACT

The article presents results of reflections on practical applications of econophysical models in different fields and areas of the management support and answers the question: In what areas and scopes of the management process is usage of econophysical models already effective or very likely to be effective? It discusses the problem of gravity models and minority games used in economic and social sciences. Their applications in areas such as trade, transport, analysis of financial market fluctuations, or decision making are presented. An attempt is made to identify missing pieces in the area of broadly understood management, and possible directions for further research are suggested. The paper uses research methods such as desk research and literature review.

KEYWORDS

gravity model, minority game, El Farol bar problem, econophysics, management, economics

Cite this paper

Economics World, Jan.-Feb. 2018, Vol. 6, No. 1, 34-44 doi: 10.17265/2328-7144/2018.01.004

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