An Empirical Study of Price Correlations: 2. The Decrease in Price Correlation with Distance and the Concept of Correlation Length
The dependence of the correlation between wheat price fluctuations on different markets with respect to the distance between those markets is investigated. It is shown that the decrease in the correlation is exponential and is governed by a characteristic distance which is called the correlation length for wheat prices. This is a measure of the level of market integration in a given area. The magnitude of the correlation length is compared for different cereals: wheat, rye, and oats, and the evolution of the correlation length during the 19th century is studied. In particular, it is observed that subsistence crises are characterised by a collective behaviour of the economy which results in a sudden peak in the correlation length. Last, the part played by the spatial correlation between precipitations is investigated. It appears to be rather small; consequently, the price-correlation length is primarily the result of economic factors.
Fifteen years of econophysics: worries, hopes and prospects
This anniversary paper is an occasion to recall some of the events that shaped institutional econophysics. But in these thoughts about the evolution of econophysics in the last 15 years we also express some concerns. Our main worry concerns the relinquishment of the simplicity requirement. Ever since the groundbreaking experiments of Galileo some three centuries ago, the great successes of physicists were largely due to the fact that they were able to decompose complex phenomena into simpler ones. Remember that the first observation of the effects of an electrical current was made by Alessandro Volta (1745-1827) on the leg of a frog! Clearly, to make sense this observation had to be broken down into several separate effects. Nowadays, with computers being able to handle huge amounts of data and to simulate any stochastic process no matter how complicated, there is no longer any real need for such a search for simplicity. Why should one spend time and effort trying to break up complicated phenomena when it is possible to handle them globally? On this new road there are several stumbling blocks, however. Do such global mathematical descriptions lead to a real understanding? Do they produce building blocks which can be used elsewhere and thus make our knowledge and comprehension to grow in a cumulative way? Should econophysics also adopt the "globalized" perspective that has been endorsed, developed and spread by the numerous "Complexity Departments" which sprang up during the last decade?
Slotted Waveguide Antenna With Two Radiation Nulls
A design of a linear array antenna having two radiation nulls and otherwise omnidirectional radiation pattern is reported. A new configuration of a waveguide broad wall longitudinal slot doublet with positive and negative offsets with respect to the waveguide center line is used to design the array. This type of doublet produces two radiation nulls. Each of the null directions can be shifted at least up to plusmn25deg by proper choice of slot offset. Resonance and radiation characteristics of the proposed doublet are also presented. Finally, one linear array antenna consisting of seven doublets has been fabricated. Measurements show that the 15 dB null widths are 14.2deg and the null depths are at least 24.8 dB. Maximum gain ripple in the omnidirectional region is 1.75 dB.