Financial Models and Society: Villains or Scapegoats?

Financial Models and Society: Villains or Scapegoats?

by Ekaterina Svetlova


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This innovative book employs the social studies of finance approach, which aims to enhance the dialogue between finance and sociology by addressing the blind spots of economic and financial theories. In so doing, it challenges the accusations made towards financial models in the aftermath of the last economic crisis and argues that they cannot be condemned indiscriminately. Their influence on markets and society is not straightforward, but determined by the many ways in which models are created and then used. Ekaterina Svetlova analyses the various patterns of the application of models in asset management, risk management and financial engineering to demonstrate that their power is far more fragile than widespread criticism would indicate.

This unique and stimulating book furthers our understanding of the influence of financial models on markets and society more broadly. It will be of value to academics in the social studies of finance, economic sociology, philosophy of economics and political economy. It will also useful to practitioners who design and apply models within financial markets, regulators and policy-makers involved in the stability of financial markets, as well as any readers with a general interest in these areas.

Product Details

ISBN-13: 9781784710019
Publisher: Elgar, Edward Publishing, Inc.
Publication date: 11/15/2014
Pages: 192
Product dimensions: 6.50(w) x 1.50(h) x 9.50(d)

About the Author

Ekaterina Svetlova, University of Leicester, UK

Table of Contents

Contents: 1. Introduction 2. Models in finance: General considerations 3. From representation to performativity and beyond 4. Financial models in decision-making 5. Models in “decision-selling” 6. Conclusions and discussion References Index

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