The complex gyrations of IBM's stock price and the dollar-euro exchange rate can now be reduced to straightforward formulae that yield a far better model of how risky they are. As he did for the physical world in his classic The Fractal Geometry of Nature, Mandelbrot here uses fractal geometry to propose a new, more accurate way of describing market behavior. Hudson, shows how the dominant way of thinking about the behavior of markets-a set of mathematical assumptions a century old and still learned by every MBA and financier in the world-simply does not work. In his first book for a general audience, Mandelbrot, with co-author Richard L. To these classic lines we can now add another example: Markets are not the safe bet your broker may claim. Mandelbrot, one of the century's most influential mathematicians, is world-famous for making mathematical sense of a fact everybody knows but that geometers from Euclid on down had never assimilated: Clouds are not round, mountains are not cones, coastlines are not smooth. Log in Create account × SummaryĪ groundbreaking mathematician presents a new model for understanding financial markets.īenoit B. In order to save audiobooks to your Wish List you must be signed in to your account.
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