RIETI Policy Symposium

What Can Be Learned from Large-Scale Business Data: An Approach Integrating Economics and Physics (Handouts)

Information

  • Time and Date: 14:00-18:30; Thursday, March 5, 2009
  • Venue: Star Hall, Josui Kaikan
    2-1-1 Hitotsubashi, Chiyoda-ku, Tokyo
  • Handouts

    Opening Remarks

    FUJITA Masahisa's photo

    FUJITA Masahisa (President and Chief Research Officer, RIETI / Professor, Konan University / Adjunct Professor, Institute of Economic Research, Kyoto University)

    Bio

    Professor Fujita served as Professor of the Institute of Economic Research at Kyoto University; President of the Institute of Developing Economies - JETRO (2003-2007); and Professor in the Department of Economics/Regional Science at the University of Pennsylvania. His research and teaching interests are urban economics, regional economics, international trade, and spatial economics. He holds a Ph.D. in Regional Science from the University of Pennsylvania.
    Major works: The Spatial Economy: Cities, Regions, and International Trade (with P. Krugman and A.J. Venables), MIT Press, 1999; Economics of Agglomeration: Cities, Industrial Location, and Regional Growth (with J. Thisse), Cambridge University Press, 2002; Spatial Economics, vol. 1, 2 (editor), The International Library of Critical Writings in Economics, Edward Elgar Publishing, Inc., 2005; Regional Integration in East Asia: From the Viewpoint of Spatial Economics (editor), Macmillan, 2007
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    Aims of the Symposium

    WATANABE Tsutomu's photo

    WATANABE Tsutomu (Faculty Fellow, RIETI / Professor, Institute of Economic Research and Research Center for Price Dynamics, Hitotsubashi University)

    Bio

    Dr. Watanabe is a Professor for the Institute of Economic Research at Hitotsubashi University. Prior to joining the faculty at Hitotsubashi University in 1999, he worked for the Bank of Japan (1982-1999). His areas of expertise include monetary policy, international finance, and corporate finance. Dr. Watanabe holds a Ph.D. in Economics from Harvard University (1992) and B.A. in Economics from the University of Tokyo (1982). A selection of his publications and papers includes: "A Statistical Analysis of Price Fluctuations in an Online Market," Economic Review , Vol. 59, No. 4, 2008, (in Japanese); "Optimal Monetary Policy at the Zero Interest Rate Bound: The Case of Endogenous Capital Formation," COE/RES Discussion Paper Series , 2005; "Characteristic Market Behaviors Caused by Intervention in Foreign Exchange Market," Nikkei Econophysics III Proceedings ; "Output-inflation tradeoff at near-zero inflation rates," Journal of Japanese and International Economies , 14, 2000
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    Keynote Speech

    "Frontier of Network Science: From the topology of the WWW to the business web"

    Albert-László BARABÁSI's photo

    Albert-László BARABÁSI (Professor, Department of Physics, Northeastern University)

    Bio

    Dr. BARABÁSI is an expert in the field of Network Science, where his work has led to the discovery of scale-free networks and the proposed Barabasi-Albert model to explain the widespread emergence of networks in natural, technological, and social systems. He is a Professor of Physics at Notre Dame University and Director of the Northeastern University Center for Complex Network Research. Prior to joining the faculty at Notre Dame in 1995, he worked one year as a Research Physicist for IBM. He holds a Ph.D. in Physics from Boston University (1994) and M.S. in Theoretical Physics from Eotvos University in Budapest, Hungary (1989). His recently published books include: The Structure and Dynamics of Networks , Princeton University Press, 2006; Linked: How Everything Is Connected to Everything Else and What It Means for Business, Science, and Everyday Life , New York: Plume, 2003; Linked: The New Science of Networks , Cambridge: Perseus, 2002, (available in Japanese); "Morphological and Compositional Evolution of Heteroepitaxial Semiconductor Thin Films," Materials Research Society , Vol. 618, 2000

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    "Information Spirals in Social Network Dynamics for Large Internet Databases: YouTube, Open Source Softwares, Cyber-risks, Financial Markets"

    Didier SORNETTE's photo

    Didier SORNETTE (Professor, Department of Management, Technology and Economics, ETH Zürich)

    Bio

    Dr. Sornette is Professor on the Chair of Entrepreneurial Risks in the Department of Management, Technology and Economics at ETH Zurich (Swiss Federal Institute of Technology, Zurich). He is also a Professor of Physics and of Earth Sciences at ETH Zurich. Prior to joining the faculty at ETH in 2006, he was a Professor in the Department of Earth and Space Sciences at UCLA (1995-2006), and Research Director in physical sciences (1990-2006) and Research Scientist (1981-1990) at the French National Center for Scientific Research (CNRS). His areas of research include the prediction of crises and extreme events in complex systems with applications to finance, economics, marketing, earthquakes, and landslides; physics of complex systems and pattern formation in spatio-temporal structures, dynamical system theory, pattern recognition, and time series analysis; and finance and economics pertaining to the detection of pockets of predictability in financial markets, theory of bubbles and crashes and tests, large risks and tail dependence, theory of derivatives, portfolio optimization, trading strategies, insurance, macro-economics, agent-based models, market microstructure He is a member of the Swiss Finance Institute and the Director of Research for Insight Research LLC, a California-based firm developing alternative quantitative methods for investments, risk measures and asset allocations. Dr. Sornette holds a Ph.D. from the University of Nice (1985) and an M.S. in Physical Sciences from Ecole Normale Superieure (1981).
    His recently published books include: Extreme Financial Risks, From Dependence to Risk Management , Heidelberg: Springer, 2005; Why Stock Markets Crash? Critical Events in Complex Financial Systems , Princeton University Press, 2003, (available in Japanese); Critical Phenomena in Natural Sciences, Chaos, Fractals, Self-Organization and Disorder: Concepts and Tools , Heidelberg: Springer Series in Synergetics, 2nd edition, 2006

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    "Human Behavior in Marketing"

    TAKAYASU Misako's photo

    TAKAYASU Misako (Associate Professor, Department of Computational Intelligence & Systems, Science Interdisciplinary Graduate School of Science & Engineering, Tokyo Institute of Technology)

    Bio

    Dr. Takayasu is an Associate Professor in the Department of Computational Intelligence and Systems Science at the Tokyo Institute of Technology, where she specializes in Statistical Physics, Information Physics and Econophysics. Prior to joining the faculty of the Tokyo Institute of Technology in 2004, Dr. Takayasu was an Associate Professor in the Department of Information Science at Future University-Hakodate (2000-2004), Assistant Professor in the Department of Science and Technology at Keio University (1997-2000), Visiting Researcher in the Physics Department at Boston University (1996-1997), and Postdoctoral Fellow at the Graduate School of Information Sciences at Tohoku University (1993-1996). She holds a Ph.D. in Science from Kobe University and a B.A. in Physics from Nagoya University.

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    Q&A

    Co-chair: TAKAYASU Hideki's photo

    Co-chair: TAKAYASU Hideki (Senior Researcher, Sony Computer Science Laboratories, Inc.)

    Bio

    Dr. Takayasu is a Senior Researcher at Sony Computer Science Laboratories, Inc. Prior to joining Sony in 1997, he was a Professor in the Graduate School of Information Sciences at Tohoku University (1993-1997); Associate Professor (1988-1993) and Assistant professor (1986-1988) in the Department of Earth Sciences at Kobe University; and a Postdoctoral Fellow in the Department of Physics at Kyoto University (1985). His research specialties are statistical physics, fractal theories, and econophysics. He earned his Ph.D. and B.S. in Physics at Nagoya University

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    Co-chair: WATANABE Tsutomu's photo

    Co-chair: WATANABE Tsutomu (Faculty Fellow, RIETI / Professor, Institute of Economic Research and Research Center for Price Dynamics, Hitotsubashi University)

    Panel Discussion "How to Use Large-Scale Business Data"

    Chair: WATANABE Tsutomu's photo

    Chair: WATANABE Tsutomu (Faculty Fellow, RIETI / Professor, Institute of Economic Research and Research Center for Price Dynamics, Hitotsubashi University)

    Panelists (Alphabetical order)

    DEGUCHI Hiroshi's photo

    DEGUCHI Hiroshi (Professor, Department of Computational Intelligence & Systems Science Interdisciplinary Graduate School of Science and Engineering Tokyo Institute of Technology)

    Bio

    Professor Deguchi has been with the Department of Computational Intelligence and Systems Science at Tokyo Institute of Technology since 2001. Previously he was an Associate Professor in the Graduate School of Economics at Kyoto University (1997-2001) and in the Department of Commercial Science at Chuo University (1995-1997); and Research Assistant in the Economics Department at both the International University of Japan (1989-1995) and Fukushima University (1987-1989). Professor Deguchi's research interests cover a wide area of interdisciplinary and transdisciplinary fields including mathematics, organizational and management sciences, economics, evolutionary economics, sociology, anthropology, gaming simulation, agentbased modeling, and philosophy of sciences. He created a new paradigm of social economic system theory, "Establishment of Agent-Based Social System Science" (ABSSS), and is now developing a new simulation language for agent-based modeling for social and organizational architecture design, called SOARS (Spot-Oriented Agent Role Simulator / Social and Organizational Architecture Simulator). He is also an editor of the Springer Series on Agent-Based Social Systems (Springer-Verlag). Professor Deguchi holds a Ph.D. in Economics from Kyoto University (2001) and a Ph.D. in Science from the Tokyo Institute of Technology (1986). He also earned his Bachelor Degree at the Tokyo Institute of Technology. A selection of his papers and publications include: Economics as an Agent-Based Complex System Springer-Verlag, 2004; Design of a Hybrid-Learning Environment Based on SOARS  IEEE Computer Society Press, 2005; A Test Bed for Interdisciplinary Research into Agent-Based Artificial Markets Evolutionary Controversies in Economics, A New Trans-disciplinary Approach Springer-Verlag Tokyo, 2001

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    IWATA Kazumasa's photo

    IWATA Kazumasa (President, Economic and Social Research Institute [ESRI], Cabinet Office, Government of Japan)

    Bio

    Mr. Iwata was named President of the Economic and Social Research Institute for the Cabinet Office of the Government of Japan in June 2008. Previously, he was a Deputy Governor with the Bank of Japan (2003-2008), Director-General in charge of economic assessment and policy analysis for the Cabinet Office (2001-2003) and Professor in the Department of Advanced Social and International Studies at the University of Tokyo (1986-2001). During his academic career, he served as Visiting Professor at the University of Alberta and Yale University.

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    MATSUMOTO Oki's photo

    MATSUMOTO Oki (President & CEO, Monex Group, Inc.)

    Bio

    Mr. Matsumoto earned his BA in Law from the University of Tokyo (1987). He began his career at Salomon Brothers Asia, Ltd. in 1987 and later joined Goldman Sachs (Japan) Ltd. in 1990. He was the head of their Fixed Income Business and became General Partner of the Goldman Sachs Group, L.P. in 1994 at the age of 30, the youngest at that time. Upon the deregulation of stock brokerage commissions in Japan in 1999, he jointly capitalized Monex, Inc., an online brokerage firm, with Sony Corporation. Monex integrated its business with Nikko Beans and established Monex Beans Holdings, Inc. (now Monex Group, Inc.) in 2004 where he is presently President & CEO. He has served as Financial Counsel to the Prime Minister and a standing committee member of TSE and JSDA. He has become an outside director of Tokyo Stock Exchange Group, Inc., Tokyo Stock Exchange, Inc. and Shinsei Bank, Ltd. since June 2008.
    【Monex Group, Inc.】
    Monex Group, Inc. was established in 2004 as a holding company of Monex, Inc. and Nikko Beans, Inc., both established in 1999. In 2005, Monex, Inc. and Nikko Beans, Inc. merged and became Monex, Inc., the main securities subsidiary of the Group. The Group also contains the companies of asset management business, investor education business, M&A business, FX business, etc. under its umbrella with overseas offices in New York and Beijing. Monex Group, Inc. is listed in the first section of TSE and is continuing to grow its businesses, aspiring to become a technology-based global online retail financial service provider.

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    Didier SORNETTE's photo

    Didier SORNETTE (Professor, Department of Management, Technology and Economics, ETH Zürich)

    H. Eugene STANLEY's photo

    H. Eugene STANLEY (Professor, Department of Physics, Center for Polymer Studies, Boston University)

    Bio

    Dr. Stanley has been a faculty member at Boston University since 1976 and is currently Director of the Center for Polymer Studies in addition to Professor of Biomedical Engineering, Chemistry, Physics, and Physiology. His previous experience includes professor in the Physics Department at M.I.T. (1969-1976), Research Fellow in the Physics Department at the University of California Berkeley (1968-1969) and staff member of the Solid State Physics Group at M.I.T. (1967-1968). His main current focus is on understanding the anomalous behavior of liquid water in bulk, nano-confined, and biological environments. He has also worked on a range of other topics in complex systems, such as quantifying correlations among the constituents of the Alzheimer brain, and quantifying fluctuations in non-coding and coding DNA sequences, inter-beat intervals of the healthy and diseased heart. Dr. Stanley has a Ph.D. in Physics from Harvard University (1967) and a B.A. in Physics from Wesleyan University (1962). Selected publications include: An Introduction to Econophysics: Correlations and Complexity in Finance ; Biological Systems Under Extreme Conditions: Structure and Function ; From Newton to Mandelbrot: A Primer in Theoretical Physics With Fractals for the Personal Computer ; Fractal Concepts in Surface Growth , Albert-Laszlo Barabasi, and H. Eugene Stanley

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    Q&A

    Closing Remarks

    OIKAWA Kozo's photo

    OIKAWA Kozo (Chairman, RIETI)

    Bio

    Prior to his current position, Mr. Oikawa served as Senior Executive Director, Development Bank of Japan (2003-2005); Advisor, Nomura Research Institute, Ltd. (2002-2003); Research Counselor, TEPIA (2002-2003); Commissioner, Japan Patent Office; Director-General, Bureau of Equipment, Japan Defense Agency; Director-General for Policy Coordination, Minister's Secretariat; Councilor, Cabinet Secretariat; Deputy Director-General for Security Export Control, International Trade Administration Bureau; Director, Coordination Division, Bureau of Equipment, Japan Defense Agency; Director, Small Enterprise Policy Division, Small and Medium Enterprise Agency; Counselor, Japanese Mission to European Community, Ministry of Foreign Affairs; Director, Paper, Pulp & Printing Division, Consumer Goods Industries Bureau. Mr. Oikawa graduated from the University of Tokyo with a B.A. in Economics.
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    Reception and Closing Ceremony of "APFA7 & Tokyo Tech - Hitotsubashi Interdisciplinary Conference"