Title： From an event-based definition of time to the discovery of scaling laws

Speaker： Professor Richard Olsen, University of Essex

Time：10:00 a.m. January 21 2014 (Tuesday)

Location：Room 703,Siyuan Building

Abstract: In time series analysis a researcher's choice of time scale impacts his observations. I argue that we need to change the approach and replace the exogenous time scale with an intrinsic time scale. I introduce an event based definition of time and show how this approach brings to light scaling laws that have not been reported before. The scaling laws can be used to develop a new class of economic and financial models. The talk concludes with a pitch to rethink the foundations of classical economics and come up with a relativity theory of economics.