Peters Complexity, Risk, and Financial Markets

1. Auflage 2001
ISBN: 978-0-471-43709-3
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 256 Seiten, E-Book

Reihe: Wiley Investment Series

A groundbreaking look at complexity theory and its implications inthe world of finance
Complexity theory tells us that processes with a large number ofseemingly independent agents-such as free markets-can spontaneouslyorganize themselves into a coherent system. In this fascinatingbook, Edgar Peters brings together scientific theory, the artisticprocess, and economics to show how the randomness and uncertaintyof complexity theory can be applied to financial markets. Writtenin 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 previousexplorations of chaos theory, Peters draws on real-life examplesranging from the Asian crisis to America's love of conspiracy toshow that complexity and randomness are necessary for the freemarkets to operate in a competitive manner.

Autoren/Hrsg.

Peters, Edgar E.

Inhaltsverzeichnis

Introduction: Life, Risk, and Uncertainty.
UNCERTAINTY, COMPLEXITY, AND SPONTANEOUS ORGANIZATION.
Imposing Order: Conspiracies and the Mathematics ofIgnorance.
Uncertainty, Vagueness, and Ambiguity: The Need forInformation.
Complexity and Time: The Dynamics of Uncertainty.
FREE MARKETS AND THE NEED FOR UNCERTAINTY.
Subjectivism: "The Economics of Time and Ignorance."
Diversity and Knowledge.
Crisis and Competition: Creative Destruction in Free Markets.
Economic Evolution: Change in Real Time.
Creativity: Uncertainty, Innovation, and Entrepreneurs.
Rules and Law: Limits in Complexity.
Degrees of Order: Balancing Rules, Freedom, and Uncertainty.
The Need for Uncertainty.
References.
Index.

Über Autor(innen)

EDGAR E. PETERS is Chief Investment Strategist and Director of Systematic Asset Allocation for PanAgora Asset Management, a global investment management firm. He is a frequent lecturer on market theory and has taught investment and portfolio management at Babson College, Boston College, and Bentley College. He is the author of Chaos and Order in the Capital Markets and Fractal Market Analysis, as well as numerous articles in professional journals.