Book by Benoit Mandelbrot Richard L Hudson
"synopsis" may belong to another edition of this title.
"Everyone knows that every so often the markets experience swings of mood, when prices jump in a flurry of trading. But classical market theory says they shouldn't.... Mandelbrot, the mathematician who discovered fractals, argues that we don't have to abandon the notion of randomness to create a model of the markets that more accurately reflects their reality."From the Publisher:
From the inventor of fractal geometry, a revolutionary new theory that overturns our understanding of how markets work. Benoit B. 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. To these classic lines we can now add another example: Markets are not the safe bet your broker may claim. In his first book for a general audience, Mandelbrot, with co-author Richard L. 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.As he did for the physical world in his classic , Mandelbrot here uses fractal geometry to propose a new, more accurate way of describing market behavior. 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. With his fractal tools, Mandelbrot has gotten to the bottom of how financ
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Book Description Basic Books, 2004. Hardcover. Book Condition: New. Bookseller Inventory # P110465043550