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Engine, Not a Camera How Financial Models Shape Markets

ISBN-10: 0262633671
ISBN-13: 9780262633673
Edition: 2008
Authors: Donald MacKenzie
List price: $34.00 Buy it from $15.58
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Description: Winner, 2007 British International Studies Association's (BISA) International Political Economy Group (IPEG) Book Prize. and Winner of the 2005 John Desmond Bernal Prize awarded jointly by the Society for Social Studies of Science (4S) and the  More...

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Book details

List price: $34.00
Copyright year: 2008
Publisher: MIT Press
Publication date: 8/29/2008
Binding: Paperback
Pages: 392
Size: 6.00" wide x 9.25" long x 1.00" tall
Weight: 1.012
Language: English

Winner, 2007 British International Studies Association's (BISA) International Political Economy Group (IPEG) Book Prize. and Winner of the 2005 John Desmond Bernal Prize awarded jointly by the Society for Social Studies of Science (4S) and the Institute for Scientific Information. In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "t;futures."t; By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream--chaos theorist Benoit Mandelbrot's model of "t;wild"t; randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.

Donald W. MacKenzie grew up on Ulva and wrote his memoirs in 2000.

Acknowledgments
Performing Theory?
Transforming Finance
Theory and Practice
Tests, Anomalies, and Monsters
Pricing Options
Pits, Bodies, and Theorems
The Fall
Arbitrage
Models and Markets
An Example of Modigliani and Miller's "Arbitrage Proof" of the Irrelevance of Capital Structure to Total Market Value
Levy Distribution
Sprenkle's and Kassouf's Equations for Warrant Prices
The Black-Scholes Equation for a European Option on a Non-Dividend-Bearing Stock
Pricing Options in a Binomial World
Repo, Haircuts, and Reverse Repo
A Typical Swap-Spread Arbitrage Trade
List of Interviewees
Glossary
Notes
Sources of Unpublished Documents
References
Series List
Index

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