Download EBOOK Louis Bachelier's Theory of Speculation: The Origins of Modern Finance PDF for free


Download EBOOK Louis Bachelier's Theory of Speculation: The Origins of Modern Finance PDF for free Category: Biography
The author of the book: Louis Bachelier
Format files: PDF, EPUB, TXT, DOCX
The size of the: 637 KB
Language: English
ISBN-13: 9780691117522
Edition: Princeton University Press
Date of issue: 5 September 2006

Description of the book "Louis Bachelier's Theory of Speculation: The Origins of Modern Finance":

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 Theorie de la Speculation 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 PDF 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 ePub. 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.

Download EBOOK Louis Bachelier's Theory of Speculation: The Origins of Modern Finance PDF for free


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Louis Bachelier

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Download EBOOK Louis Bachelier's Theory of Speculation: The Origins of Modern Finance PDF for free



Download EBOOK Louis Bachelier's Theory of Speculation: The Origins of Modern Finance for free

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