Financial Market Complexity

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Johnson, Norman

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ISBN:9780198526650
Editorial: Oxford University Press
Fecha de la edición:2003
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Nº Pág.:240
Idiomas:Ingles,Inglés

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Financial markets are a fascinating example of "complexity in action": a real-world complex system whose evolution is dictated by the decisions of crowds of traders who are continually trying to win in a vast global "game". This book draws on ideas from the science of complexity and complex systems, to address the following questions: how do financial markets behave?; why do financial markets behave in the way that they do?; and what can we do to minimize risk, given this behaviour? Standard finance textbooks invariably make a series of apparently innocuous assumptions about how financial markets behave. This book shows how these assumptions can give misleading answers to crucially important practical problems, such as minimizing financial risk, coping with extreme events such as crashes or drawdowns, and pricing derivatives. After discussing the background to the concept of complexity and the structure of financial markets in chapter 1, chapter 2 examines the assumptions upon which standard finance theory is built

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