The Physics of Wall Street: a brief History of Predicting the Unpredictable
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A Brief Histor y of Predicting the Unpredictable J A M E S O W E N W E A T H E R A L L JAMES OWEN WEA THERALL T H E P H S I C S O F W L L S T R E E T How physics transformed finance, and why it could prevent the next crisis A F T E R T H E E C O N O M I C M E L T D O W N of 2008, many pundits placed the blame on “complex fi nancial instruments” like derivatives and the physicists and mathematicians who dreamed them up. But a young academic named James Weatherall began to question this narrative. Were the physicists really at fault? In this important and engaging book, Weatherall tells the story of how physicists came to Wall Street and how their ideas changed fi nance forever. Taking us from fi n-de-siècle Paris to Rat Pack–era Las Vegas, from wartime government labs to yippie communes, Weatherall shows how physicists suc- cessfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles. But models — whether in sci- ence or fi nance — have limitations; they break down under certain condi- tions. And in 2008, sophisticated models fell into the hands of people who didn’t understand their purpose, and didn’t care. It was a catastrophic misuse of science. Th e solution, however, is not to give up on models; it’s to make them bet- ter. And Weatherall reveals the people and ideas on the cusp of a new era in fi nance. Th e Physics of Wall Street is riveting history that will change how we think about our economic future. J A M E S O W E N W E A T H E R A L L is a physicist, philosopher, and mathematician. He holds graduate degrees from Harvard, the Stevens Institute of Technology, and the University of Califor- nia, Irvine, where he is presently an assistant professor of logic and philosophy of science. He has written for Slate and Scientifi c American. THE PHYSICS OF W ALL STREET Download 3.76 Kb. Do'stlaringiz bilan baham: |
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