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Quantum Field Theory for Economics and Finance

£140.00

  • Author: Belal Ehsan Baaquie, The International Centre for Education in Islamic Finance, Malaysia
  • Date Published: August 2018
  • availability: Available
  • format: Hardback
  • isbn: 9781108423151

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  • An introduction to how the mathematical tools from quantum field theory can be applied to economics and finance, providing a wide range of quantum mathematical techniques for designing financial instruments. The ideas of Lagrangians, Hamiltonians, state spaces, operators and Feynman path integrals are demonstrated to be the mathematical underpinning of quantum field theory, and which are employed to formulate a comprehensive mathematical theory of asset pricing as well as of interest rates, which are validated by empirical evidence. Numerical algorithms and simulations are applied to the study of asset pricing models as well as of nonlinear interest rates. A range of economic and financial topics are shown to have quantum mechanical formulations, including options, coupon bonds, nonlinear interest rates, risky bonds and the microeconomic action functional. This is an invaluable resource for experts in quantitative finance and in mathematics who have no specialist knowledge of quantum field theory.

    • Quantum field theory is treated as a mathematical discipline, making it easy to see its applications to economics and finance
    • Models of economics and finance illustrate the applications to quantum mechanics so readers can see direct connections
    • Most models are adapted to the market and can be calibrated and tested empirically, confirming their accuracy
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    Reviews & endorsements

    'This book could be just the volume for someone wanting to make the transition from calculating matrix elements to designing financial instruments, from spinors to swaps or from operators to options … The book's structure interleaves traditional lessons in quantum field theory with topics in econophysics, producing a rather novel result.' Stephen J. Blundell, Contemporary Physics

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    Product details

    • Date Published: August 2018
    • format: Hardback
    • isbn: 9781108423151
    • length: 714 pages
    • dimensions: 253 x 178 x 37 mm
    • weight: 1.56kg
    • contains: 183 b/w illus. 21 tables
    • availability: Available
  • Table of Contents

    Foreword
    Preface
    Acknowledgements
    1. Synopsis
    Part I. Introduction:
    2. Quantum mechanics
    3. Classical field theory
    4. Acceleration action
    5. Option theory
    6. Path integral of asset prices
    Part II. Linear Quantum Fields:
    7. Scalar quantum field
    8. Dirac spinor field
    9. Photon gauge field
    10. Forward interest rates' quantum field
    11. Risky interest rates' quantum fields
    12. Bonds: index-linked stochastic coupons
    Part III. Nonlinear Quantum Fields:
    13. Operator expectation and S matrix
    14. Nonlinear scalar field: Feynman diagrams
    15. Renormalization
    16. β-function
    fixed points
    17. Renormalization group and phase transitions
    18. Effective action
    19. Nonlinear interest rates' quantum field
    20. Simulation of nonlinear interest rates
    21. Interest rates range accrual swap
    Part IV. 2D Quantum Fields:
    22. Two dimensional quantum electrodynamics
    23. Bosonic string theory
    24. Futures asset prices
    25. Epilogue
    References
    Index.

  • Author

    Belal Ehsan Baaquie, The International Centre for Education in Islamic Finance, Malaysia
    Belal Ehsan Baaquie is a Professor at The International Centre for Education in Islamic Finance. He received his training in theoretical physics at the California Institute of Technology and Cornell University, New York, specializing in quantum field theory. He later developed an interest in finance and economics, and started applying quantum mathematics to these fields. He has written two books on quantum finance: Quantum Finance (Cambridge, 2007) and Interest Rates and Coupon Bonds in Quantum Finance (Cambridge, 2009) in addition to several other books focusing on topics from quantum mechanics and mathematics to books on the leading ideas in science.

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