SciELO - Scientific Electronic Library Online

vol.35 issue69Financing SME in the software and informatics services sector in ArgentinaTax shields, financial expenses and losses carried forward author indexsubject indexarticles search
Home Pagealphabetic serial listing  

Services on Demand



Related links

  • On index processCited by Google
  • Have no similar articlesSimilars in SciELO
  • On index processSimilars in Google


Cuadernos de Economía

Print version ISSN 0121-4772


SALAZAR, Boris. Mandelbrot, Fama and the emergence of econophysics. Cuad. Econ. [online]. 2016, vol.35, n.69, pp.637-662. ISSN 0121-4772.

It is argued that Mandelbrot's stable Lévy-Pareto distributions were not accepted into the emerging field of financial economics due to their incompatibility with the analytical techniques and properties of equilibrium economics, and to the absence -both in physics and in economics- of analytical solutions to the infinite variance associated with those distributions. Whilst physicists made stable Lévy distributions plausible, creating Econophysics in the meantime, economists just forgot about them, suggesting their strong bias towards desirable properties and against established facts.

Keywords : Efficient markets hypothesis; Mandelbrot; Fama; stable Lévy-Pareto distributions; Gaussian distribution; Kuhn; Lakatos; methodology.

        · abstract in Spanish | French | Portuguese     · text in English     · English ( pdf )


Creative Commons License All the contents of this journal, except where otherwise noted, is licensed under a Creative Commons Attribution License