Physics – Physics and Society
Scientific paper
2004-12-04
in the monograph entitled ``Extreme Events in Nature and Society,'' Series: The Frontiers Collection, S. Albeverio, V. Jentsch
Physics
Physics and Society
23 pages with 6 figures, to be published in a monograph on extreme events, V. Jentsch editor (Springer, 2005)
Scientific paper
Are large biological extinctions such as the Cretaceous/Tertiary KT boundary due to a meteorite, extreme volcanic activity or self-organized critical extinction cascades? Are commercial successes due to a progressive reputation cascade or the result of a well orchestrated advertisement? Determining the chain of causality for extreme events in complex systems requires disentangling interwoven exogenous and endogenous contributions with either no clear or too many signatures. Here, I review several efforts carried out with collaborators, which suggest a general strategy for understanding the organization of several complex systems under the dual effect of endogenous and exogenous fluctuations. The studied examples are: Internet download shocks, book sale shocks, social shocks, financial volatility shocks, and financial crashes. Simple models are offered to quantitatively relate the endogenous organization to the exogenous response of the system. Suggestions for applications of these ideas to many other systems are offered.
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