Minisymposium (ID: SS-RWFDNO)

Continuous-time random walks, fractional diffusion and non-local operators: Applications to physics, finance, and engineering

Organizers: Mark M. Meerschaert (Michigan State University, USA), Enrico Scalas (University of Eastern Piedmont, Italy and BCAM - Basque Center for Applied Mathematics, Basque Country, Spain)

Diffusion and relaxation phenomena are at the foundation of many physical processes. They also occur in heterogeneous media where anomalies appear. Normal diffusion cannot explain the empirical findings. Among the proposals to describe anomalous diffusion and relaxation, continuous-time random walks and related fractional-calculus models are linear, even if the operators involved are non-local in space and involve memory in time. Similar methods can be used for the description of price fluctuations in financial markets. In this session, these models will be introduced, and some recent developments in the theory and practical applications to physics, finance, and engineering will be presented.

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