Skip to content
Register Sign in Wishlist

Dynamics of Markets
Econophysics and Finance

$36.00 USD

textbook
  • Date Published: January 2011
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9780511838637

$ 36.00 USD
Adobe eBook Reader

You will be taken to ebooks.com for this purchase
Buy eBook Add to wishlist

Looking for an inspection copy?

This title is not currently available on inspection

Description
Product filter button
Description
Contents
Resources
Courses
About the Authors
  • Standard texts and research in economics and finance ignore the absence of evidence from the analysis of real, unmassaged market data to support the notion of Adam Smith's stabilizing Invisible Hand. The neo-classical equilibrium model forms the theoretical basis for the positions of the US Treasury, the World Bank and the European Union, accepting it as their credo. It provides the theoretical underpinning for globalization, expecting to achieve the best of all possible worlds via the deregulation of all markets. In stark contrast, this text introduces a empirically based model of financial market dynamics that explains volatility, prices options correctly and clarifies the instability of financial markets. The emphasis is on understanding how real markets behave, not how they hypothetically 'should' behave. This text is written for physics graduate students and finance specialists, but will also serve as a valuable resource for those with a less mathematical background.

    • Shows that Adam Smith's famous 'Invisible Hand' is unreliable
    • Provides an alternative model of dynamics of markets and options pricing
    • Formulates finance theory by using Green functions
    Read more

    Reviews & endorsements

    '… a refreshing text about the main ideas of econophysics.' International Statistical Institute

    '… not merely an incremental improvement, but … a major improvement of the Black-Scholes theory.' Zentralblatt fur Mathematik

    '… excellent little book … McCauley … fully takes on board the volatility of the markets.' Steven Bishop, University College London

    '… well written. The reader is not burdened with lengthy accounts and lots of plots of outdated data … This is an important contribution to the understanding of how financial markets actually perform and both students and researchers interested in econophysics should study this book carefully.' Mathematical Reviews

    See more reviews

    Customer reviews

    Not yet reviewed

    Be the first to review

    Review was not posted due to profanity

    ×

    , create a review

    (If you're not , sign out)

    Please enter the right captcha value
    Please enter a star rating.
    Your review must be a minimum of 12 words.

    How do you rate this item?

    ×

    Product details

    • Date Published: January 2011
    • format: Adobe eBook Reader
    • isbn: 9780511838637
    • contains: 23 b/w illus.
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    Preface
    1. The moving target
    2. Neo-classical economic theory
    3. Probability and stochastic processes
    4. Scaling the ivory tower of finance
    5. Standard betting procedures in portfolio selection theory
    6. Dynamics of financial markets, volatility and option pricing
    7. Thermodynamic analogies vs. instability of markets
    8. Scaling, correlations and cascades in finance and turbulence
    9. What is complexity?
    References
    Index.

  • Author

    Joseph L. McCauley, University of Houston
    Joseph McCauley is Professor of Physics at the University of Houston, Texas.

Sign In

Please sign in to access your account

Cancel

Not already registered? Create an account now. ×

Sorry, this resource is locked

Please register or sign in to request access. If you are having problems accessing these resources please email lecturers@cambridge.org

Register Sign in
Please note that this file is password protected. You will be asked to input your password on the next screen.

» Proceed

You are now leaving the Cambridge University Press website. Your eBook purchase and download will be completed by our partner www.ebooks.com. Please see the permission section of the www.ebooks.com catalogue page for details of the print & copy limits on our eBooks.

Continue ×

Continue ×

Continue ×

Find content that relates to you

Join us online

This site uses cookies to improve your experience. Read more Close

Are you sure you want to delete your account?

This cannot be undone.

Cancel

Thank you for your feedback which will help us improve our service.

If you requested a response, we will make sure to get back to you shortly.

×
Please fill in the required fields in your feedback submission.
×