Criticality and punctuated equilibrium in a spin system model of a financial market

A. Ponzi, Y. Aizawa

Research output: Contribution to journalArticle

12 Citations (Scopus)


Recent works on self-organized criticality (SOC) in pulse coupled relaxation oscillators have shown SOC to be related to frustrated attempts of the system to synchronize. Criticality has also been connected to punctuated equilibrium behaviour. We describe a model which shows a non-equilibrium phase transition and seems to link these two ideas. Near the transition, punctuated equilibrium behaviour is seen, with avalanches occurring on all scales. This scaling is described by an exponent very near 1.

Original languageEnglish
Pages (from-to)1739-1746
Number of pages8
JournalChaos, Solitons and Fractals
Issue number11
Publication statusPublished - 2000 Sep


ASJC Scopus subject areas

  • Statistical and Nonlinear Physics

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