Complexity, Risk & Financial Markets
Paperback Engels 2001 9780471399810Samenvatting
A groundbreaking look at complexity theory and its implications in the world of finance
Complexity theory tells us that processes with a large number of seemingly independent agents–such as free markets–can spontaneously organize themselves into a coherent system. In this fascinating book, Edgar Peters brings together scientific theory, the artistic process, and economics to show how the randomness and uncertainty of complexity theory can be applied to financial markets. Written in an engaging and accessible style, this is a thoughtful, conceptual look at the way free markets are, by their nature, continually evolving complex systems. Expanding on previous explorations of chaos theory, Peters draws on real–life examples ranging from the Asian crisis to America′s love of conspiracy to show that complexity and randomness are necessary for the free markets to operate in a competitive manner.
Specificaties
Lezersrecensies
Inhoudsopgave
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<br /> UNCERTAINTY, COMPLEXITY, AND SPONTANEOUS ORGANIZATION.
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<br /> Imposing Order: Conspiracies and the Mathematics of Ignorance.
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<br /> Uncertainty, Vagueness, and Ambiguity: The Need for Information.
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<br /> Complexity and Time: The Dynamics of Uncertainty.
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<br /> FREE MARKETS AND THE NEED FOR UNCERTAINTY.
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<br /> Subjectivism: "The Economics of Time and Ignorance."
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<br /> Diversity and Knowledge.
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<br /> Crisis and Competition: Creative Destruction in Free Markets.
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<br /> Economic Evolution: Change in Real Time.
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<br /> Creativity: Uncertainty, Innovation, and Entrepreneurs.
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<br /> Rules and Law: Limits in Complexity.
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<br /> Degrees of Order: Balancing Rules, Freedom, and Uncertainty.
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<br /> The Need for Uncertainty.
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<br /> References.
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<br /> Index.
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