Existing economic theories do not provide satisfactory answers as to what degree economic phenomena can be predicted and controlled, and in what situations. Against this background, people working on the financial Practical Fruits of Econophysics: Proceedings of The Third Nikkei Econophysics Symposium. Some economic phenomena are predictable and controllable, and some are impos sible to foresee. Against this background, people working on the financial front lines in real life have to rely on empirical rules based on experiments that often lack a solid foundation.

This book is the proceedings of the third Nikkei symposium on ''Practical Fruits of Econophysics," held in Tokyo, November , In the first symposium held in , empirical rules were established by analyzing high-frequency finan cial data, and various kinds of theoretical approaches were confimied. In the second symposium, in , the predictability of imperfections and of economic fluctua tions was discussed in detail, and methods for applying such studies were reported.

The third symposium gave an overview of practical developments that can immedi ately be applied to the financial sector, or at least provide hints as to how to use the methodology.

NonTrivial Scaling of Fluctuations in the Trading Activity of NYSE. Temporal Characteristics of Moving Average of Foreign Exchange Markets. Recurrence Analysis Near the NASDAQ Crash of April Systematic Tuning of Optimal WeightedMovingAverage of YenDollar.

Econophysics to Unravel the Hidden Dynamics of Commodity Markets. Portfolio Selection in a Noisy Environment Using Absolute Deviation. Application of PCA and Random Matrix Theory to Passive Fund Management.

Application of Noise Level Estimation for Portfolio Optimization.

A TimeDependent Measure of Asset Performance. Clustering Financial Time Series. MacroPlayers in Stock Markets.

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Are Firm Growth Rates Random? Evidence from Japanese Small Firms. Trading Volume and Information Dynamics of Financial Markets. Order Book Dynamics and Price Impact.

Quantitative Forecasting and Modeling Stock Price Fluctuations.

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Successful Price Cycle Forecasts for SP Futures Using. Financial Markets Dynamic Distribution Function Predictability.

Evidence for Superdiffusion and Momentum in Stock Price Changes. An AgentBased Model of Financial Returns in a Limit Order Market.

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What Information is Hidden in Chaotic Time Series? Simple Stochastic Modeling for Fat Tails in Financial Markets. Emergence of TwoPhase Behavior in Markets through Interaction. A GameTheoretic Stochastic Agents Model for Enterprise Risk Management.

Growth and Fluctuations for SmallBusiness Firms. The Skeleton of the Shareholders Networks. Change of Ownership Networks in Japan.

Dependence of Distribution and Velocity of Money on Required Reserve. Inequalities of Wealth Distribution in a Society with Social Classes.

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Analyzing Money Distributions in Ideal Gas Models of Markets. PowerLaw Behaviors in High Income Distribution. Personal Versus Economic Freedom. Four Ingredients for New Approaches to Macroeconomic Modeling. Analysis of Retail Spatial Market System by the Constructive Simulation. Visualization of Microstructures of Economic Flows and Adaptive Control. Proceedings of The Third Nikkei Existing economic theories do not provide satisfactory answers as to what degree Rare and NotSoRare Events in Finance.