Louis Bachelier's Theory of Speculation - The Origins of Modern Finance Bachelier LouisPevná vazba
Louis Bachelier's Theory of Speculation - The Origins of Modern Finance Bachelier LouisPevná vazba March 29, 1900, is considered by many to be the day mathematical finance was born. The jury, while…
Specifikacia Louis Bachelier's Theory of Speculation - The Origins of Modern Finance Bachelier LouisPevná vazba
Louis Bachelier's Theory of Speculation - The Origins of Modern Finance Bachelier LouisPevná vazba
March 29, 1900, is considered by many to be the day mathematical finance was born. The jury, while noting that the topic was "far away from those usually considered by our candidates," appreciated its high degree of originality. On that day a French doctoral student, Louis Bachelier, successfully defended his thesis Theorie de la Speculation at the Sorbonne.
In mathematical terms Bachelier's achievement was to introduce many of the concepts of what is now known as stochastic analysis. 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. 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
The Origins of the Modern World
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