Bøker av Didier Sornette

The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of materials. In this book, Didier Sornette boldly applies his varied experience in these areas to propose a simple, powerful, and general theory of how, why, and when stock markets crash. Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. Sornette proposes a radically different view: the underlying cause can be sought months and even years before the abrupt, catastrophic event in the build-up of cooperative speculation, which often translates into an accelerating rise of the market price, otherwise known as a "e;bubble."e; Anchoring his sophisticated, step-by-step analysis in leading-edge physical and statistical modeling techniques, he unearths remarkable insights and some predictions--among them, that the "e;end of the growth era"e; will occur around 2050. Sornette probes major historical precedents, from the decades-long "e;tulip mania"e; in the Netherlands that wilted suddenly in 1637 to the South Sea Bubble that ended with the first huge market crash in England in 1720, to the Great Crash of October 1929 and Black Monday in 1987, to cite just a few. He concludes that most explanations other than cooperative self-organization fail to account for the subtle bubbles by which the markets lay the groundwork for catastrophe. Any investor or investment professional who seeks a genuine understanding of looming financial disasters should read this book. Physicists, geologists, biologists, economists, and others will welcome Why Stock Markets Crash as a highly original "e;scientific tale,"e; as Sornette aptly puts it, of the exciting and sometimes fearsome--but no longer quite so unfathomable--world of stock markets.

The history of mankind is a story of ascent to unprecedented levels of comfort, productivity and consumption, enabled by the increased mastery of the basic reserves and flows of energy. This miraculous trajectory is confronted by the consensus that anthropogenic emissions are harmful and must decrease, requiring de-carbonization of the energy system. The mature field of indicator-based sustainability assessment provides a rigorous systematic framework to balance the pros and cons of the various existing energy technologies using lifecycle assessments and weighting criteria covering the environment, economy, and society, as the three pillars of sustainability. In such a framework, nuclear power is ranked favorably, but since emphasis is often placed on radioactive wastes and risk aversion, renewables are usually ranked top. However, quantifying the severity of the consequences of nuclear accidents on a rough integral cost basis and balancing severity with low core-damage accident probabilities indicates that the average external cost of such accidents is similar to that of modern renewables, and far less than carbon-based energy.This book formulates the overall goal and associated unprecedented demanding criteria of taming nuclear risks by excluding mechanisms that lead to serious accidents and avoiding extremely long stewardship times as far as possible, by design. It reviews the key design features of nuclear power generation, paving the way for the exploration of radically new combinations of technologies to come up with "revolutionary" or even "exotic" system designs. The book also provides scores for the selected designs and discusses the high potential for far-reaching improvements, with small modular lines of the best versions as being most attractive.Given the ambition and challenges, the authors call for an urgent increase in funding of at least two orders of magnitude for a broad international civilian "super-Apollo" program on nuclear energy systems. Experience indicates that such investments in fundamental technologies enable otherwise unattainable revolutionary innovations with massive beneficial spillovers to the private sector and the public for the next generations.

The history of mankind is a story of ascent to unprecedented levels of comfort, productivity and consumption, enabled by the increased mastery of the basic reserves and flows of energy. This miraculous trajectory is confronted by the consensus that anthropogenic emissions are harmful and must decrease, requiring de-carbonization of the energy system. The mature field of indicator-based sustainability assessment provides a rigorous systematic framework to balance the pros and cons of the various existing energy technologies using lifecycle assessments and weighting criteria covering the environment, economy, and society, as the three pillars of sustainability. In such a framework, nuclear power is ranked favorably, but since emphasis is often placed on radioactive wastes and risk aversion, renewables are usually ranked top. However, quantifying the severity of the consequences of nuclear accidents on a rough integral cost basis and balancing severity with low core-damage accident probabilities indicates that the average external cost of such accidents is similar to that of modern renewables, and far less than carbon-based energy.This book formulates the overall goal and associated unprecedented demanding criteria of taming nuclear risks by excluding mechanisms that lead to serious accidents and avoiding extremely long stewardship times as far as possible, by design. It reviews the key design features of nuclear power generation, paving the way for the exploration of radically new combinations of technologies to come up with ¿revolutionary¿ or even ¿exotic¿ system designs. The book also provides scores for the selected designs and discusses the high potential for far-reaching improvements, with small modular lines of the best versions as being most attractive.Given the ambition and challenges, the authors call for an urgent increase in funding of at least two orders of magnitude for a broad international civilian ¿super-Apollö program on nuclear energy systems. Experience indicates that such investments in fundamental technologies enable otherwise unattainable revolutionary innovations with massive beneficial spillovers to the private sector and the public for the next generations.

Concepts, methods and techniques of statistical physics in the study of correlated, as well as uncorrelated, phenomena are being applied ever increasingly in the natural sciences, biology and economics in an attempt to understand and model the large variability and risks of phenomena.