We introduce the milestones of econophysics. It covers the scope of the field and contribution to the physics and economy community.
我们将介绍经济物理学的里程碑。它涵盖了该领域的范围以及对物理学和经济界的贡献。
{"title":"Introduction to Econophysics","authors":"Woo-Sung Jung, Seung-Jun Kim","doi":"10.3938/phit.31.022","DOIUrl":"https://doi.org/10.3938/phit.31.022","url":null,"abstract":"We introduce the milestones of econophysics. It covers the scope of the field and contribution to the physics and economy community.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114262750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Econophysics attempts to discover ‘laws of physics’ in the financial markets and applies the methodology of physics and mathematics to provide new insights. This article deals with the role of physics in the financial markets. It also looks at the functions of Korea Exchange, especially, operating markets, clearing, and CCP risk management.
{"title":"The Role of Physics and Exchange in Financial Market","authors":"Min-Young Lee","doi":"10.3938/phit.31.025","DOIUrl":"https://doi.org/10.3938/phit.31.025","url":null,"abstract":"Econophysics attempts to discover ‘laws of physics’ in the financial markets and applies the methodology of physics and mathematics to provide new insights. This article deals with the role of physics in the financial markets. It also looks at the functions of Korea Exchange, especially, operating markets, clearing, and CCP risk management.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123490323","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Physicists’ research in finance and economics began in the 1990s and has been applied to the challenges of this field ever since. One of the challenging issues of econophysics is to answer the questions: Can we solve the economic challenges? How does the statistical physics method contribute with the problem in the asset pricing model? How does the economics network structure and the global financial crisis co-evolve? To answer that questions, several theoretical and empirical studies have already been conducted on the anomalous phenomena of the economy and financial markets. Moreover, at the forefront of recent financial crisis research, extensive and rapid development has been achieved by combining text information and machine learning methodologies. Here, we discuss financial time series analysis and outline the future prospects for econophysics research.
{"title":"Economic System Research by Using Statistical Physics","authors":"A. Park, G. Oh","doi":"10.3938/phit.31.023","DOIUrl":"https://doi.org/10.3938/phit.31.023","url":null,"abstract":"Physicists’ research in finance and economics began in the 1990s and has been applied to the challenges of this field ever since. One of the challenging issues of econophysics is to answer the questions: Can we solve the economic challenges? How does the statistical physics method contribute with the problem in the asset pricing model? How does the economics network structure and the global financial crisis co-evolve? To answer that questions, several theoretical and empirical studies have already been conducted on the anomalous phenomena of the economy and financial markets. Moreover, at the forefront of recent financial crisis research, extensive and rapid development has been achieved by combining text information and machine learning methodologies. Here, we discuss financial time series analysis and outline the future prospects for econophysics research.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130833431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As global socioeconomic systems are getting more complex, their dynamics is also getting more turbulent nowadays. Traditional economics and finance have tried to understand and control them as quasi-equilibrium systems exposed to external shocks or perturbations. However, various local and global crises of last decades have posed the limitations of such approaches. The viewpoint of physicists dealing with abrupt changes, such as turbulence, critical phenomena and self-organization, has become very valuable for better understanding. Huge opportunities are open to physicists with fresh insights in many business fields confronting with such challengeable real-world problems.
{"title":"A Different Viewpoint for the Better Understanding of Turbulent Economic Systems: An Invitation to Physicists","authors":"Seungbyung Chae","doi":"10.3938/phit.31.026","DOIUrl":"https://doi.org/10.3938/phit.31.026","url":null,"abstract":"As global socioeconomic systems are getting more complex, their dynamics is also getting more turbulent nowadays. Traditional economics and finance have tried to understand and control them as quasi-equilibrium systems exposed to external shocks or perturbations. However, various local and global crises of last decades have posed the limitations of such approaches. The viewpoint of physicists dealing with abrupt changes, such as turbulence, critical phenomena and self-organization, has become very valuable for better understanding. Huge opportunities are open to physicists with fresh insights in many business fields confronting with such challengeable real-world problems.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127434341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
O. Kwon, Young Jin Kim, S. Baek, Hyeong-Chai Jeong
Agent-based modeling (ABM) is an interdisciplinary approach to understand macroscopic patterns of a large system, based on massive computation of its interacting constituents (i.e., agents). We explain when this approach is especially useful, with providing two game-theoretic examples: The first example is an analytically intractable model system, although the agents’ decision rules are easily programmable, for which ABM is the only feasible methodology. The second example argues that the payoff structure among agents can also be calculated from their microscopic interactions. These examples show that ABM is a powerful tool with a high degree of flexibility, but also that one has to carefully choose the level of complexity in a model because this choice directly affects the computational burden as well as the applicability of the model.
{"title":"Understanding and Applications of Agent-based Model","authors":"O. Kwon, Young Jin Kim, S. Baek, Hyeong-Chai Jeong","doi":"10.3938/phit.31.024","DOIUrl":"https://doi.org/10.3938/phit.31.024","url":null,"abstract":"Agent-based modeling (ABM) is an interdisciplinary approach to understand macroscopic patterns of a large system, based on massive computation of its interacting constituents (i.e., agents). We explain when this approach is especially useful, with providing two game-theoretic examples: The first example is an analytically intractable model system, although the agents’ decision rules are easily programmable, for which ABM is the only feasible methodology. The second example argues that the payoff structure among agents can also be calculated from their microscopic interactions. These examples show that ABM is a powerful tool with a high degree of flexibility, but also that one has to carefully choose the level of complexity in a model because this choice directly affects the computational burden as well as the applicability of the model.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116909678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Amid expectations for nuclear power as a carbon-free energy source are growing to prepare for climate change, deploying efforts for small modular reactors (SMRs) are being actively carried out for the application area to which existing large nuclear power plants are not proper to contribute. Sodium-cooled SMRs are also being developed as one of the candidates to lead the SMR market in the future. This manuscript introduces the background and history of the development of sodium-cooled fast reactors, and the current status of development of Sodium-cooled SMRs and microreactors that are being developed based on them.
{"title":"Sodium-cooled Small Modular Reactors","authors":"H. Joo, J. Eoh","doi":"10.3938/phit.31.019","DOIUrl":"https://doi.org/10.3938/phit.31.019","url":null,"abstract":"Amid expectations for nuclear power as a carbon-free energy source are growing to prepare for climate change, deploying efforts for small modular reactors (SMRs) are being actively carried out for the application area to which existing large nuclear power plants are not proper to contribute. Sodium-cooled SMRs are also being developed as one of the candidates to lead the SMR market in the future. This manuscript introduces the background and history of the development of sodium-cooled fast reactors, and the current status of development of Sodium-cooled SMRs and microreactors that are being developed based on them.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125313286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A loss of coolant in a nuclear power plant using solid nuclear fuel can cause a severe nuclear accident, surpassing a design-basis accident, and may include a meltdown and subsequent steam and hydrogen explosion leading to a major release of radioactive material to the environment. A molten salt reactor (MSR), one of the six concepts for a Generation-IV non-pressurized water reactor, utilizes liquid fuel in which the coolant and nuclear fuel are integrated. The integration of the fuel and coolant is fundamentally safe from severe accidents caused by a loss of coolant. Because an MSR operates at atmospheric pressure and high temperature compared to pressurized water reactors, the reactor structure is simple and thermal efficiency is excellent. An MSR can be deployed at any scale from a small micro-reactor to a large commercial nuclear power plant. At a time when the role of nuclear power is growing dramatically more significant for achieving “2050 Carbon Neutrality”, the MSR technology draws attention due to its superior safety and efficiency as well as an expectation that can resolve the spent nuclear fuel issue. This article briefly introduces the characteristics and the R&D status of MSRs.
{"title":"Change of Thinking, Molten Salt Reactor (MSR)","authors":"Chang Hwa Lee, Tae-Hyeong Kim, D. Yoon","doi":"10.3938/phit.31.021","DOIUrl":"https://doi.org/10.3938/phit.31.021","url":null,"abstract":"A loss of coolant in a nuclear power plant using solid nuclear fuel can cause a severe nuclear accident, surpassing a design-basis accident, and may include a meltdown and subsequent steam and hydrogen explosion leading to a major release of radioactive material to the environment. A molten salt reactor (MSR), one of the six concepts for a Generation-IV non-pressurized water reactor, utilizes liquid fuel in which the coolant and nuclear fuel are integrated. The integration of the fuel and coolant is fundamentally safe from severe accidents caused by a loss of coolant. Because an MSR operates at atmospheric pressure and high temperature compared to pressurized water reactors, the reactor structure is simple and thermal efficiency is excellent. An MSR can be deployed at any scale from a small micro-reactor to a large commercial nuclear power plant. At a time when the role of nuclear power is growing dramatically more significant for achieving “2050 Carbon Neutrality”, the MSR technology draws attention due to its superior safety and efficiency as well as an expectation that can resolve the spent nuclear fuel issue. This article briefly introduces the characteristics and the R&D status of MSRs.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132326534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Climate changes that are largely driven by the greenhouse gas emissions from fossil fuels. To cope with shrinking fossil fuel supplies and growing climate change, it is clear that a more resource-free, technology-led and environmentally friendly energy source will be required. The very high temperature reactor is a helium-cooled and graphite-moderated thermal reactor with refractory TRISO fuel. It is an inherent safe reactor that can produce heat up to 950 °C. Many countries are developing their own VHTRs as Generation IV reactors for the process heat supply and the massive hydrogen production without greenhouse gas emissions. The characteristics and the state of art for VHTR are introduced in this article as a potential candidate of future clean energy supply system including hydrogen.
{"title":"Very High Temperature Reactor as Safe and Diverse Energy Source","authors":"Yong Wan Kim, B. Park, C. Kim","doi":"10.3938/phit.31.020","DOIUrl":"https://doi.org/10.3938/phit.31.020","url":null,"abstract":"Climate changes that are largely driven by the greenhouse gas emissions from fossil fuels. To cope with shrinking fossil fuel supplies and growing climate change, it is clear that a more resource-free, technology-led and environmentally friendly energy source will be required. The very high temperature reactor is a helium-cooled and graphite-moderated thermal reactor with refractory TRISO fuel. It is an inherent safe reactor that can produce heat up to 950 °C. Many countries are developing their own VHTRs as Generation IV reactors for the process heat supply and the massive hydrogen production without greenhouse gas emissions. The characteristics and the state of art for VHTR are introduced in this article as a potential candidate of future clean energy supply system including hydrogen.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114900063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The world is doing its best to cope with the climate crisis. At a time when it is difficult to drastically reduce electricity consumption, interest in renewable energy is increasing to reduce carbon dioxide. However, renewable energy is fundamentally intermittent and needs to be complemented with other maneuverable measures. As a result, SMR (Small Modular Reactor)’s role is being highlighted for the purpose of replacing coal-fired power plants, desalination of seawater, supplying process heat, and district heating as well as supplementing renewable energy. In particular, it is paying attention to ‘light water’ SMR as the lead-off of the SMR market. Therefore, the technology and advantages of light water reactors, the development status of SMR in Korea, and strategies to enter the SMR market with SMART and innovative SMR are discussed in this paper.
{"title":"Lead-off of the SMRMarket, Light Water SMR","authors":"Jihan Chun, Taeho Lee, H. Kang, Jongwook Kim","doi":"10.3938/phit.31.018","DOIUrl":"https://doi.org/10.3938/phit.31.018","url":null,"abstract":"The world is doing its best to cope with the climate crisis. At a time when it is difficult to drastically reduce electricity consumption, interest in renewable energy is increasing to reduce carbon dioxide. However, renewable energy is fundamentally intermittent and needs to be complemented with other maneuverable measures. As a result, SMR (Small Modular Reactor)’s role is being highlighted for the purpose of replacing coal-fired power plants, desalination of seawater, supplying process heat, and district heating as well as supplementing renewable energy. In particular, it is paying attention to ‘light water’ SMR as the lead-off of the SMR market. Therefore, the technology and advantages of light water reactors, the development status of SMR in Korea, and strategies to enter the SMR market with SMART and innovative SMR are discussed in this paper.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132879251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article aims to introduce several synthesis methods to grow single-crystalline samples, which are widely used in experimental condensed matter physics studies. In order to understand the crystal growth in high-temperature melts, the concept of congruent/incongruent melting is explained based on a binary phase diagram. Then principles and practices of the Czochralski, flux-growth, and floating-zone growth methods are described. In addition, the chemical vapor transport method is briefly mentioned.
{"title":"Brief Introduction to Single Crystal Growth Techniques","authors":"S. Khim","doi":"10.3938/phit.31.015","DOIUrl":"https://doi.org/10.3938/phit.31.015","url":null,"abstract":"This article aims to introduce several synthesis methods to grow single-crystalline samples, which are widely used in experimental condensed matter physics studies. In order to understand the crystal growth in high-temperature melts, the concept of congruent/incongruent melting is explained based on a binary phase diagram. Then principles and practices of the Czochralski, flux-growth, and floating-zone growth methods are described. In addition, the chemical vapor transport method is briefly mentioned.","PeriodicalId":365688,"journal":{"name":"Physics and High Technology","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122401900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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