Models. Behaving. Badly. PDF ePub eBook

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Models. Behaving. Badly. free pdf Quants, physicists working on Wall Street as quantitative analysts, have been widely blamed for triggering financial crises with their complex mathematical models. Their formulas were meant to allow Wall Street to prosper without risk. But in this penetrating insider's look at the recent economic collapse, Emanuel Derman--former head quant at Goldman Sachs--explains the collision between mathematical modeling and economics and what makes financial models so dangerous. Though such models imitate the style of physics and employ the language of mathematics, theories in physics aim for a description of reality--but in finance, models can shoot only for a very limited approximation of reality. Derman uses his firsthand experience in financial theory and practice to explain the complicated tangles that have paralyzed the economy. "Models.Behaving.Badly. "exposes Wall Street's love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.

About Emanuel Derman

Emanuel Derman is a professor at Columbia University and Director of the university's program in financial engineering. Until his retirement in 2002, he spent sixteen years at Goldman Sachs as a quant.

Details Book

Author : Emanuel Derman
Publisher : Simon
Data Published :
ISBN : 1439164991
EAN : 9781439164990
Format Book : PDF, Epub, DOCx, TXT
Number of Pages : 231 pages
Age + : 15 years
Language : English
Rating :

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