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ISBN#9780547317274
BIB ID#1611789
Call# 332.632 W

The physics of Wall Street

0
Author
Publisher
Boston : Houghton Mifflin Harcourt, 2013.
Subjects
Description
320
Summary
Primordial seeds -- Swimming upstream -- From coastlines to cotton prices -- Beating the dealer -- Physics hits the street -- The prediction company -- Tyranny of the dragon king -- A new Manhattan project. A Harvard scholar argues that mathematical models can provide solutions to current economic challenges, explaining that the economic meltdown of 2008 was based on a misunderstanding of scientific models rather than on the models themselves.

Reviews and Notes

Summary/Annotation ->  After the economic meltdown of 2008, Warren Buffett famously warned, "beware of geeks bearing formulas." But as James Weatherall demonstrates, not all geeks are created equal. While many of the mathematicians and software engineers on Wall Street failed when their abstractions turned ugly in practice, a special breed of physicists has a much deeper history of revolutionizing finance. Taking us from fin-de-siècle Paris to Rat Pack-era Las Vegas, from wartime government labs to Yippie communes on the Pacific coast, Weatherall shows how physicists successfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles. The crisis was partly a failure of mathematical modeling. But even more, it was a failure of some very sophisticated financial institutions to think like physicists. Models--whether in science or finance--have limitations; they break down under certain conditions. And in 2008, sophisticated models fell into the hands of people who didn't understand their purpose, and didn't care. It was a catastrophic misuse of science. The solution, however, is not to give up on models; it's to make them better. Weatherall reveals the people and ideas on the cusp of a new era in finance. We see a geophysicist use a model designed for earthquakes to predict a massive stock market crash. We discover a physicist-run hedge fund that earned 2,478.6% over the course of the 1990s. And we see how an obscure idea from quantum theory might soon be used to create a far more accurate Consumer Price Index. Both persuasive and accessible, The Physics of Wall Street is riveting history that will change how we think about our economic future.

Availability

LocationCall NumberItem TypeVolumeBarcodesort iconStatus
Auburndale332.632 WAdult Hard Cover0228564406715Available
Rego Park332.632 WAdult Hard Cover0228564323589Available
Laurelton332.632 WAdult Hard Cover0228564285531Available
Sunnyside332.632 WAdult Hard Cover0228564275458Available
Kew Gardens Hills332.632 WAdult Hard Cover0228564228671Due 9-4-2014
Central Adult Non-Fiction332.632 WAdult Hard Cover0228564224209Due 9-11-2014
Flushing332.632 WAdult Hard Cover0228546350635Available

Marc Record

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