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Dynamics of Markets : Econophysics and Finance. 市場の動学-経済物理学とファイナンス
・ISBN 978-0-521-82447-7 hard US$ 75.00
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電子版あり 大学・学術機関向け電子ブック(eBook)ISBN 978-0-511-60658-8
| 著者・編者 | McCauley, Joseph L., |
|---|---|
| 出版社 | (Cambridge U. Pr., UK) |
| 出版年月 | 2004 |
| ページ数 | 209 pp. |
| 言語 | ENG |
| ニュース番号 | <514-245 000-60624> |
解説
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.