Pricing the Future: Finance, Physics, and the 300-year Journey to the Black-Scholes Equation
Autor George G. Szpiroen Limba Engleză Hardback – 28 noi 2011 – vârsta de la 13 ani
Options
have
been
traded
for
hundreds
of
years,
but
investment
decisions
were
based
on
gut
feelings
until
the
Nobel
Prize–winning
discovery
of
the
Black-Scholes
options
pricing
model
in
1973
ushered
in
the
era
of
the
“quants.”
Wall
Street
would
never
be
the
same.
InPricing
the
Future,
financial
economist
George
G.
Szpiro
tells
the
fascinating
stories
of
the
pioneers
of
mathematical
finance
who
conducted
the
search
for
the
elusive
options
pricing
formula.
From
the
broker's
assistant
who
published
the
first
mathematical
explanation
of
financial
markets
to
Albert
Einstein
and
other
scientists
who
looked
for
a
way
to
explain
the
movement
of
atoms
and
molecules,Pricing
the
Futureretraces
the
historical
and
intellectual
developments
that
ultimately
led
to
the
widespread
use
of
mathematical
models
to
drive
investment
strategies
on
Wall
Street.
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Specificații
ISBN-13: 9780465022489
ISBN-10: 0465022480
Pagini: 320
Dimensiuni: 165 x 244 x 25 mm
Greutate: 0.54 kg
Ediția:1
Editura: BASIC BOOKS
Colecția Basic Books
ISBN-10: 0465022480
Pagini: 320
Dimensiuni: 165 x 244 x 25 mm
Greutate: 0.54 kg
Ediția:1
Editura: BASIC BOOKS
Colecția Basic Books
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Notă biografică
George
G.
Szpirois
a
mathematician,
financial
economist,
and
journalist.
He
is
the
Israel
correspondent
of
the
Swiss
dailyNeue
Zürcher
Zeitungand
has
published
inScience,Nature,
and
theJerusalem
Report.
He
is
the
author
ofKepler's
Conjecture,
The
Secret
Life
of
Numbers,
Poincaré's
Prize,
andNumbers
Rule.
He
lives
in
Switzerland.
Recenzii
Robert
P.
Inman,
Richard
K.
Mellon
Professor
of
Finance
and
Economics,
The
Wharton
School
of
the
University
of
Pennsylvania
“One of the major intellectual achievements of the 20th century was the theory of option pricing. This is its story, and it's absolutely fascinating. Options have been around since the buying and selling of tulips and the very first efforts of investors to control their downside risk. But the economic value of such protections was not finally understood until the Nobel Prize winning research of Fischer Black, Myron Scholes, and Robert Merton in the 1970's. It could not have happened without 350 years of serious thinking by botanists, physicists, chemists, and mathematicians. Finally, by 1960 all the pieces were in place, and Black, Scholes, and Merton solved the puzzle. The book should be required reading of all first year PhD students in finance, and economics, simply to see what is needed for path-breaking research. For the rest of us with an interest in the origins of important ideas, this is a great read.”
Sylvia Nasar, author of Grand Pursuit: The Story of Economic Genius and A Beautiful Mind: The Life of Mathematical Genius and Nobel Laureate John Nash
“George Szpiro's crisp prose, clever vignettes and refreshingly concise explanations make finance history go down like gelato on a summer's day.”
Andrew Lo, Harris & Harris Group Professor of Finance and Director of the Laboratory for Financial Engineering, Massachusetts Institute of Technology
"This is a fascinating historical account of the origins of modern finance and the Black-Scholes/Merton option-pricing formula, by a consummate expositor who also happens to be a first-rate financial economist. Those who think finance is a science will be surprised by the serendipitous events that delayed the discovery of the option-pricing formula by 73 years; those who think finance is an art will be shocked by the deep connections between option-pricing, physics, and probability theory. No matter what your background, you'll want to read this book slowly—like a rare vintage port, it's meant to be sipped slowly and every drop savored."
“One of the major intellectual achievements of the 20th century was the theory of option pricing. This is its story, and it's absolutely fascinating. Options have been around since the buying and selling of tulips and the very first efforts of investors to control their downside risk. But the economic value of such protections was not finally understood until the Nobel Prize winning research of Fischer Black, Myron Scholes, and Robert Merton in the 1970's. It could not have happened without 350 years of serious thinking by botanists, physicists, chemists, and mathematicians. Finally, by 1960 all the pieces were in place, and Black, Scholes, and Merton solved the puzzle. The book should be required reading of all first year PhD students in finance, and economics, simply to see what is needed for path-breaking research. For the rest of us with an interest in the origins of important ideas, this is a great read.”
Sylvia Nasar, author of Grand Pursuit: The Story of Economic Genius and A Beautiful Mind: The Life of Mathematical Genius and Nobel Laureate John Nash
“George Szpiro's crisp prose, clever vignettes and refreshingly concise explanations make finance history go down like gelato on a summer's day.”
Franklin
Allen,
Nippon
Professor
of
Finance
and
Economics,
The
Wharton
School
of
the
University
of
Pennsylvania
“George Szpiro has written a wonderful book. Often finance is viewed as one of the driest of fields. Szpiro makes the history of the option pricing formula fascinating at many levels. He starts with the history of options, bringing in the Tulipmania, the Dutch East India Company, the Amsterdam Bourse, Joseph de La Vega, John Law's colorful life and on and on. The mathematical tools needed for deriving the formula and the people who developed them are also heroes of the tale. The climax is reached with Fisher Black, Myron Scholes and Robert Merton's time together at MIT and the derivation of the formula that revolutionized finance. It is a book that is very difficult to put down. This will be true for beginning students of finance as well as the highest earning traders. I thoroughly recommend it!”
“George Szpiro has written a wonderful book. Often finance is viewed as one of the driest of fields. Szpiro makes the history of the option pricing formula fascinating at many levels. He starts with the history of options, bringing in the Tulipmania, the Dutch East India Company, the Amsterdam Bourse, Joseph de La Vega, John Law's colorful life and on and on. The mathematical tools needed for deriving the formula and the people who developed them are also heroes of the tale. The climax is reached with Fisher Black, Myron Scholes and Robert Merton's time together at MIT and the derivation of the formula that revolutionized finance. It is a book that is very difficult to put down. This will be true for beginning students of finance as well as the highest earning traders. I thoroughly recommend it!”
Andrew Lo, Harris & Harris Group Professor of Finance and Director of the Laboratory for Financial Engineering, Massachusetts Institute of Technology
"This is a fascinating historical account of the origins of modern finance and the Black-Scholes/Merton option-pricing formula, by a consummate expositor who also happens to be a first-rate financial economist. Those who think finance is a science will be surprised by the serendipitous events that delayed the discovery of the option-pricing formula by 73 years; those who think finance is an art will be shocked by the deep connections between option-pricing, physics, and probability theory. No matter what your background, you'll want to read this book slowly—like a rare vintage port, it's meant to be sipped slowly and every drop savored."