The Misbehavior of Markets: A Fractal View of Financial Turbulence [NOOK Book]

Overview


Mathematical superstar and inventor of fractal geometry, Benoit Mandelbrot, has spent the past forty years studying the underlying mathematics of space and natural patterns. What many of his followers don't realize is that he has also been watching patterns of market change. In The (Mis)Behavior of Markets, Mandelbrot joins with science journalist and former Wall Street Journal editor Richard L. Hudson to reveal what a fractal view of the world of finance looks like. The result is a revolutionary reevaluation of...
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The Misbehavior of Markets: A Fractal View of Financial Turbulence

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Overview


Mathematical superstar and inventor of fractal geometry, Benoit Mandelbrot, has spent the past forty years studying the underlying mathematics of space and natural patterns. What many of his followers don't realize is that he has also been watching patterns of market change. In The (Mis)Behavior of Markets, Mandelbrot joins with science journalist and former Wall Street Journal editor Richard L. Hudson to reveal what a fractal view of the world of finance looks like. The result is a revolutionary reevaluation of the standard tools and models of modern financial theory. Markets, we learn, are far riskier than we have wanted to believe. From the gyrations of IBM's stock price and the Dow, to cotton trading, and the dollar-Euro exchange rate--Mandelbrot shows that the world of finance can be understood in more accurate, and volatile, terms than the tired theories of yesteryear.The ability to simplify the complex has made Mandelbrot one of the century's most influential mathematicians. With The (Mis)Behavior of Markets, he puts the tools of higher mathematics into the hands of every person involved with markets, from financial analysts to economists to 401(k) holders. Markets will never be seen as "safe bets" again.
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Product Details

  • ISBN-13: 9780465004683
  • Publisher: Basic Books
  • Publication date: 3/22/2007
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 368
  • Sales rank: 385,565
  • File size: 2 MB

Meet the Author


Benoit B. Mandelbrot is Sterling Professor of Mathematical Sciences at Yale University and a Fellow Emeritus at IBM's Thomas J. Watson Laboratory. He is the inventor of fractal geometry, whose most famous example, the Mandelbrot Set, has been replicated on millions of posters, T-shirts, and record albums. He was a leading figure in James Gleick's Chaos and has received the Wolf Prize in Physics, the Japan Prize in science and technology, and awards from the U.S. National Academy of Sciences, the IEEE, and numerous universities in the U.S. and abroad. His books include Fractals: Form, Chance and Dimension, which was later expanded into the classic The Fractal Geometry of Nature, which has sold more than 200,000 copies. This is his first book for lay readers on finance, a subject he has studied since the 1960s. He lives in Scarsdale, New York. Richard L. Hudson was the managing editor of the Wall Street Journal's European edition for six years, and a Journal reporter and editor for twenty-five years. He is a 1978 graduate of Harvard University and a 1991 Knight Fellow of MIT. He lives in Brussels, Belgium.
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Table of Contents

Abstract v
Acknowledgments xiii
Prelude: Introducing a Maverick in Science xv
Part I The Old Way
Chapter I Risk, Ruin, and Reward 3
Chapter II By the Toss of a Coin or the Flight of an Arrow? 25
Chapter III Bachelier and His Legacy 43
Chapter IV The House of Modern Finance 59
Chapter V The Case Against the Modern Theory of Finance 79
Pictorial Essay: Images of the Abnormal 88
Part II The New Way
Chapter VI Turbulent Markets: A Preview 111
Chapter VII Studies in Roughness: A Fractal Primer 123
Pictorial Essay: A Fractal Gallery 132
Chapter VIII The Mystery of Cotton 147
Chapter IX Long Memory, from the Nile to the Marketplace 173
Chapter X Noah, Joseph, and Market Bubbles 197
Chapter XI The Multifractal Nature of Trading Time 207
Part III The Way Ahead
Chapter XII Ten Heresies of Finance 225
Chapter XIII In the Lab 253
Notes 277
Bibliography 303
Index 318
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