Physics of Finance: Gauge Modelling in Non-Equilibrium Pricing

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9780471877387: Physics of Finance: Gauge Modelling in Non-Equilibrium Pricing
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One of the newest and most controversial approaches to financialpricing. In Physics of Finance the author applies the methods oftheoretical physics to financial economics to develop an altogetheroriginal method for pricing financial assets that steps outside theequilibrium paradigm in finance.
In Physics of Finance, basic assumptions underlying equilibriumpricing are re-examined, the risk factors hidden in theimplications of equilibrium theory and the potential profit inunstable markets are discussed and gauge modelling is introduced.

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In Physics of Finance Kirill Ilinski offers the first insight inbook form into what could become a totally new approach to pricingfinancial assets.

Equilibrium asset pricing is a cornerstone of contemporary financeand is widely used for a variety of purposes, from asset allocationto risk management. However, recent events, such as the collapse ofLong Term Capital Management has prompted the need to re-examinethe basic assumptions underlying equilibrium pricing. In response,and based on several year's research and work that applies themethods of theoretical physics to financial economics, the authorhas developed an important new approach that steps outside theequilibrium paradigm in finance.

In Physics of Finance:
* Basic assumptions underlying equilibrium pricing arere-examined
* The risk factors hidden in the implications of equilibrium theoryand the potential profit in unstable markets are discussed atlength
* Gauge modelling, an important new approach to the problem oftackling non-equilibrium pricing, is introduced
Physics of Finance has the potential to set off a new wave ofthinking in financial circles. Written by a respected physicist andendorsed by highly regarded financial academics, this book willcertainly generate heated debate and keen controversy in thefinancial community, both in academic and professional circles.Proving invaluable traders and financial engineers. Physics ofFinance could be the first major step in a new journey infinance.

"The author applies field theory to non-equilibrium market dynamicsthus opening an entirely new view on the subject. The result is ahighly entertaining read packed with novel ideas. It will be aconstant source of inspiration for both theoretical physicists andfinancial analysts for years to come"
Oliver Brockhaus, Head of Equity Derivatives Research, Chase

"A fascinating book and an excellent read. Refreshingly differentfrom the thousands of nondescript books on quantitativefinance."
Paul Wilmott

From the Inside Flap:

There are already a number of different techniques employed in theworld of international finance which claim to give the user anedge, provide a model to predict market behaviour or to pricefinancial assets and derivatives accurately. Each of thesetechniques has its supporters and detractors, and while somemethodologies, such as Black-Scholes, have become predominant, thefinancial world is constantly on the look-out for new theorieswhich can better and more accurately help the analysts andtraders.

Kirill Ilinski, who has been developing and publishing his theoryover the past four years, offers in Physics of Finance what couldbecome a totally new method of pricing financial assets, applyingthe techniques of physics to the world of finance. This book couldprove to be the pivotal publication as the next generation oftraders and financial engineers begin the search for the nextsignificant stage in modern finance.

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