A thermodynamic description of the time evolution of a stock market index

Zarikas, V; Christopoulos, AG; Rendoumis, VL

dc.contributor.author	Zarikas, V	en
dc.contributor.author	Christopoulos, AG	en
dc.contributor.author	Rendoumis, VL	en
dc.date.accessioned	2014-03-01T01:58:26Z
dc.date.available	2014-03-01T01:58:26Z
dc.date.issued	2009	en
dc.identifier.issn	14502275	en
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/28682
dc.relation.uri	http://www.scopus.com/inward/record.url?eid=2-s2.0-77953980482&partnerID=40&md5=a7b687a4f6753394f48c4626bfe3f144	en
dc.subject	Athens stock index	en
dc.subject	Econophysics	en
dc.subject	Stock index	en
dc.subject	Thermodynamics	en
dc.subject	Time evolution	en
dc.title	A thermodynamic description of the time evolution of a stock market index	en
heal.type	journalArticle	en
heal.publicationDate	2009	en
heal.abstract	The scope of this paper is to present a phenomenological analysis for the time evolution of a Stock Index. The model which is introduced represents a new methodology for the description of the up and down trends of a stock index and also an example is presented referring to the Athens Stock Index (ASI). The day-by-day closing prizes of the ASI exhibit exponential laws. This behavior supports an alternative formalism based on the thermodynamic concepts of Physics in order to study the macroscopic properties of stock markets. Hence, the Newton's law of cooling is introduced as a pattern for up and down trends of the ASI. The results encourage us to construct a more complete thermodynamic model in order to understand the time evolution and the behavior of the ASI. © EuroJournals, Inc. 2009.	en
heal.journalName	European Journal of Economics, Finance and Administrative Sciences	en
dc.identifier.issue	16	en
dc.identifier.spage	74	en
dc.identifier.epage	85	en