Models. Behaving. Badly Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life

Name: Models. Behaving. Badly Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life
Price: 5.7 USD
Availability: InStock
ISBN: 9781439164990

ISBN-10: 1439164991

ISBN-13: 9781439164990

Edition: N/A

Authors: Emanuel Derman

List price: $17.99

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Now in paperback, “a compelling, accessible, and provocative piece of work that forces us to question many of our assumptions” (Gillian Tett, author of Fool’s Gold).Emanuel Derman was one of the financial engineers whose mathematical models became crucial for Wall Street. The reliance investors put on such quantitative analysis was catastrophic for the economy, setting off the ongoing string of financial crises that began with the mortgage market in 2007 and continues today. Here Derman looks at why people—bankers in particular—still put so much faith in these models, and why it’s a terrible mistake to do so. Though financial models imitate the style of physics and employ the language…

Book details

List price: $17.99
Publisher: Free Press
Publication date: 7/24/2012
Binding: Paperback
Pages: 240
Size: 5.50" wide x 8.44" long x 0.70" tall
Weight: 0.462
Language: English

Emanuel Derman is a professor at Columbia University and Director of their program in financial engineering, and is alos the head of Risk Partners, a fund of funds.nbsp; Until his retirement in 2002, he spent 16 years at Goldman Sachs as a "Quant".nbsp; His book My Life as a Quant was one of Business Week's top ten books of the year.nbsp; Dr. Derman has received many awards for his research and writing, among them being named the IAFE/Sungard Financial Engineer of the Year 2000.nbsp; He was elected to the Risk Hall of Fame in 2002 and received the 2006 Wilmott Award for Contributions to Quantitative Finance.




Models



A Foolish Consistency



Metaphors, Models, and Theories



Models Behaving



The Absolute



The Sublime



Models Behaving Badly



The Inadequate



Breaking the Cycle


Appendix: Escaping Bondage


Acknowledgments


Notes


Index