Applications: almost every field in science
- Financial engineering, see for example Patriarca et al, Physica 340, page 334 (2004).
- Neuroscience, see for example Lipinski, Physics Medical Biology 35, page 441 (1990) or Farnell and Gibson, Journal of Computational Physics 208, page 253 (2005)
- Tons of applications in physics
- and chemistry
- and biology, medicine
- Nobel prize in economy to Black and Scholes
\frac{\partial V}{\partial t}+\frac{1}{2}\sigma^{2}S^{2}\frac{\partial^{2} V}{\partial S^{2}}+rS\frac{\partial V}{\partial S}-rV=0.
The Black and Scholes equation is a partial differential equation, which describes the price
of the option over time. It is a diffusion equation with a random term.
The list of applications is endless