- This topic is empty.
November 21, 2020 at 11:30 am #13075Anna Rush
Louis Bachelier’s Theory of Speculation
The Origins of Modern Finance
by Louis Bachelier
- Format: hardcover, 188 pages
- Release date: September 25, 2006
- ISBN: 9780691117522 (0691117527)
- Genres: economics, history, finance
- Language: english
- Publisher: Princeton University Press
- Author: Louis Bachelier
About The Book
March 29, 1900, is considered by many to be the day mathematical finance was born. On that day a French doctoral student, Louis Bachelier, successfully defended his thesis Th�orie de la Sp�culation at the Sorbonne. The jury, while noting that the topic was far away from those usually considered by our candidates, appreciated its high degree of originality. This book provides a new translation, with commentary and background, of Bachelier’s seminal work.
Bachelier’s thesis is a remarkable document on two counts. In mathematical terms Bachelier’s achievement was to introduce many of the concepts of what is now known as stochastic analysis. His purpose, however, was to give a theory for the valuation of financial options. He came up with a formula that is both correct on its own terms and surprisingly close to the Nobel Prize-winning solution to the option pricing problem by Fischer Black, Myron Scholes, and Robert Merton in 1973, the first decisive advance since 1900.
Aside from providing an accurate and accessible translation, this book traces the twin-track intellectual history of stochastic analysis and financial economics, starting with Bachelier in 1900 and ending in the 1980s when the theory of option pricing was substantially complete. The story is a curious one. The economic side of Bachelier’s work was ignored until its rediscovery by financial economists more than fifty years later. The results were spectacular: within twenty-five years the whole theory was worked out, and a multibillion-dollar global industry of option trading had emerged.
EPUB book Louis Bachelier’s Theory of Speculation buy on iPad. MOBI ebook Louis Bachelier’s Theory of Speculation Louis Bachelier on Books-a-Million. FictionBook Louis Bachelier’s Theory of Speculation by Louis Bachelier read for PC on Walmart.
Hardback Louis Bachelier’s Theory of Speculation download. TXT ebook Louis Bachelier’s Theory of Speculation. Online book Louis Bachelier’s Theory of Speculation Louis Bachelier download iOS on Dymocks.