Market crashes as critical phenomena? Explanation, idealization, and universality in econophysics.
We study the Johansen-Ledoit-Sornette (JLS) model of financial market crashes (Johansen et al. in Int J Theor Appl Financ 3(2):219-255, 2000). 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...
| Publicado en: | Synthese Vol. 195; no. 10; pp. 4477 - 4506 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Springer Nature
Oct2018
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| Sumario: | We study the Johansen-Ledoit-Sornette (JLS) model of financial market crashes (Johansen et al. in Int J Theor Appl Financ 3(2):219-255, 2000). 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 (Philos Sci 81(3):349-376, 2014) that nonetheless provides a causal explanation of market crashes, in the sense of Woodward’s interventionist account of causation (Woodward in Making things happen: a theory of causal explanation. Oxford University Press, Oxford, 2003). |
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