<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-4772</journal-id>
<journal-title><![CDATA[Cuadernos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Econ.]]></abbrev-journal-title>
<issn>0121-4772</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-47722016000300637</article-id>
<article-id pub-id-type="doi">10.15446/cuad.econ.v35n69.44320</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[MANDELBROT, FAMA AND THE EMERGENCE OF ECONOPHYSICS]]></article-title>
<article-title xml:lang="es"><![CDATA[Mandelbrot, Fama y el surgimiento de la econofísica]]></article-title>
<article-title xml:lang="fr"><![CDATA[Mandelbrot, Fama et apparition de l'éconophysique]]></article-title>
<article-title xml:lang="pt"><![CDATA[Mandelbrot, Fama e o surgimento da econofísica]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Salazar]]></surname>
<given-names><![CDATA[Boris]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad del Valle Department of Economics ]]></institution>
<addr-line><![CDATA[Cali ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2016</year>
</pub-date>
<volume>35</volume>
<numero>69</numero>
<fpage>637</fpage>
<lpage>662</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-47722016000300637&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-47722016000300637&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-47722016000300637&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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. JEL: B30, B40, G14.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se argumenta que las distribuciones Lévy-Pareto estables de Mandelbrot no se aceptaron en el campo emergente de la economía financiera debido a su incompatibilidad con las técnicas y propiedades analíticas de la economía de equilibrio, y a la ausencia -tanto en la física como en la economía- de soluciones analíticas para la varianza infinita asociada con aquellas distribuciones. Si bien los físicos hicieron posibles las distribuciones Lévy estables, creando entretanto la econofísica, los economistas simplemente las olvidaron, sugiriendo su fuerte sesgo hacia las propiedades deseables y en contra de los hechos establecidos. JEL: B30, B40, G14.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé On explique que les distributions Lévy-Pareto stables de Mandelbrot n'ont pas été acceptées dans le domaine émergent de l'économie financière étant donné leur incompatibilité avec les techniques et les propriétés analytiques de l'économie d'équilibre, et l'absence -tant dans la physique que dans l'économie- de solutions analytiques pour la variance infinie associée à ces distributions. Bien que les physiciens aient réussi à rendre les distributions Lévy stables, créant ainsi l'éconophysique, les économistes les ont tout simplement oubliées, suggérant leur forte inclination envers les propriétés désirables et contre les faits établis. JEL: B30, B40, G14.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Argumenta-se que as distribuições Lévy-Pareto estáveis de Mandelbrot não foram aceitas no campo emergente da economia financeira devido à sua incompatibilidade com as técnicas e propriedades analíticas da economia de equilíbrio, e à ausência, tanto na física quanto na economia, de soluções analíticas para a variância infinita associada àquelas distribuições. Embora os físicos tornaram possíveis as distribuições Lévy estáveis, criando, entretanto, a econofísica, os economistas simplesmente as esqueceram, sugerindo sua forte tendência para as propriedades desejáveis e contra dois fatos estabelecidos. JEL: B30, B40, G14.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Efficient markets hypothesis]]></kwd>
<kwd lng="en"><![CDATA[Mandelbrot]]></kwd>
<kwd lng="en"><![CDATA[Fama]]></kwd>
<kwd lng="en"><![CDATA[stable Lévy-Pareto distributions]]></kwd>
<kwd lng="en"><![CDATA[Gaussian distribution]]></kwd>
<kwd lng="en"><![CDATA[Kuhn]]></kwd>
<kwd lng="en"><![CDATA[Lakatos]]></kwd>
<kwd lng="en"><![CDATA[methodology]]></kwd>
<kwd lng="es"><![CDATA[hipótesis de mercados eficientes]]></kwd>
<kwd lng="es"><![CDATA[Mandelbrot]]></kwd>
<kwd lng="es"><![CDATA[Fama]]></kwd>
<kwd lng="es"><![CDATA[distribuciones Lévy-Pareto estables]]></kwd>
<kwd lng="es"><![CDATA[distribución Gaussiana]]></kwd>
<kwd lng="es"><![CDATA[Kuhn]]></kwd>
<kwd lng="es"><![CDATA[Lakatos]]></kwd>
<kwd lng="es"><![CDATA[metodología]]></kwd>
<kwd lng="fr"><![CDATA[hypothèse de marchés efficients]]></kwd>
<kwd lng="fr"><![CDATA[Mandelbrot]]></kwd>
<kwd lng="fr"><![CDATA[Fama]]></kwd>
<kwd lng="fr"><![CDATA[distributions Lévy-Pareto stables]]></kwd>
<kwd lng="fr"><![CDATA[distribution Gaussienne]]></kwd>
<kwd lng="fr"><![CDATA[Kuhn]]></kwd>
<kwd lng="fr"><![CDATA[Lakatos]]></kwd>
<kwd lng="fr"><![CDATA[méthodologie]]></kwd>
<kwd lng="pt"><![CDATA[Hipóteses de mercados eficientes]]></kwd>
<kwd lng="pt"><![CDATA[Mandelbrot]]></kwd>
<kwd lng="pt"><![CDATA[Fama]]></kwd>
<kwd lng="pt"><![CDATA[distribuições Lévy-Pareto estáveis]]></kwd>
<kwd lng="pt"><![CDATA[distribuição Gaussiana]]></kwd>
<kwd lng="pt"><![CDATA[Kuhn]]></kwd>
<kwd lng="pt"><![CDATA[Lakatos]]></kwd>
<kwd lng="pt"><![CDATA[metodologia]]></kwd>
</kwd-group>
</article-meta>
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