We briefly review the method of free random variables and its relation to random matrices. To demonstrate use of the approach, we apply the formalism to study the effect of static disorder on the density of states in a model Hamiltonian system.

We suggest that Free Random Variables, represented here by large random matrices with spectral Lévy disorder, may be relevant for several problems related to the modeling of financial systems. In particular, we consider a financial covariance matrix composed of asymmetric and free random Lévy...