Econophysics, State of the Science and Bibliographic Production: a Bibliometric Analysis
Authors: Rodrigues Rui Manuel dos Santos Vigário , Santana Thiago Pires , Dias Rui Manuel Teixeira Santos , Silva Filho Aloísio Machado da , Galvão Rosa , Zebende Gilney Figueira , Gonçalves Sidalina 
Published: November 2024

Objective: This article aims to investigate the state of the art regarding the scientific production of Econophysics as a field of study. The aim is to map the annual production of articles, types of documents, most relevant authors, most productive countries, institutions, journals, scientific collaboration networks, and associated themes and trends.

Theoretical Framework: Econophysics applies physics procedures to analyze financial markets and solve economic problems, using tools such as fractal theory and Brownian motion. The term Econophysics was created by H. Eugene Stanley in 1995. Bibliometric mapping, conducted with software such as Bibliometrix and R-Project, is essential for understanding trends in the academic literature on Econophysics.

Method: Bibliometric analysis was used to map the existing scientific literature on the field of Econophysics. This science is described as a method that employs the resources of mathematics, statistics, and computing to bring the scientific memory of a specific area of knowledge. The Scopus database was used to collect data on the main publications during the period from 1996 to 2024. The Bibliometrix and R-Project software produced keyword co-occurrence maps, citation analysis, and collaboration networks between authors and institutions. The main metrics analyzed include the number of publications per year, the main thematic areas, the sources of publications, the most cited authors, and the geographical distribution of scientific contributions.

Results and Discussion: A total of 1,805 publications between 1996 and 2024 (June), of which 1,450 are scientific articles related to Econophysics. The data suggest a consistent increase in article publications until 2006, after which there was stability between 80 to 100 articles published annually. The percentage of international collaboration is 20.83%, highlighting the collaborative aspect among various countries. The average number of citations of the articles is 22.41%. When analyzing the co-occurrence of keywords, the three main thematic groups were identified—finance, physics, and economics—and the most frequently used terms were trade and financial markets. 793 articles were published by the journal Physica A, which leads the publication ranking. Zhou, Stanley, and Mantegna are the most productive and highly referenced writers. And the nations that contribute the most to the development of Econophysics are China, the United States of America, and Japan.

Research Implications: It is a broader view of the evolution of Econophysics, the main trends, and the areas of research that have emerged in recent decades. It helps understand how physics algorithms can be used to solve economic problems, promoting a more equitable economy.

Originality/Value: This study pioneers the conducting of a comprehensive bibliometric analysis of the literature on econophysics, a relatively new field that combines physical science and economics. The originality lies in the application of various analysis methods through the Bibliometrix and R-Project software to map and analyze the scientific production in this area, providing a better understanding of the evolution and current state of the research. This work contributes to the literature by providing a detailed overview of research trends, main contributions, and gaps in knowledge.