Patterns in the Dark: Understanding Risk and Financial Crisis With Complexity Theory - Rilegato

Peters, Edgar E.

Rilegato

ISBN 10: 047123947X ISBN 13: 9780471239475

Casa editrice: John Wiley & Sons Inc, 1999

Riassunto

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.

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Informazioni sull?autore

EDGAR E. PETERS is Chief Investment Strategist for PanAgora Asset Management. He is the author of Chaos and Order in the Capital Markets: A New View of Cycles, Prices, and Market Volatility and Fractal Market Analysis: Applying Chaos Theory to Investment and Economics, both published by Wiley.

Dalla quarta di copertina

Patterns in the Dark is that rare book that offers an entirely new perspective on an issue of ongoing concern to investors: the unpredictability of financial markets. In this groundbreaking work, leading investment strategist and authority on chaos theory Edgar
Peters makes accessible ways of understanding market behavior that--until now--were
known only to specialists. In a lucid and engaging style, Peters explains how processes
with a large number of independent agents, such as free markets, can spontaneously
organize themselves into a coherent system. He draws on the work of the Austrian school
of economics and complexity theory to show how free markets are by their nature
continually evolving complex systems that require uncertainty to operate successfully.
Using everyday examples, Peters shows how complex systems use uncertainty to adapt to
changes in their environment and to absorb unexpected shocks. As proof, he cites
instructive examples of how rash or heavy-handed attempts to eliminate uncertainty in
markets have invariably led to disaster. Patterns in the Dark draws on a broad range of
human knowledge and experience to clarify the behavior of a system that now operates on
a global, 24-hour, and thoroughly interconnected basis. Peters illuminates the complex
operation of the marketplace by including keen observations drawn from science,
mathematics, and artistic creation as well as economics. His models include the social
vision of the Austrian economists, Darwinian ideas of evolution, the laws of physics, and
the creative risks of the artist. His meditations on financial markets weigh the effects of
limitations vs. rules, risk vs. uncertainty, and order vs. chaos. As a guide to a world
marketplace that has become increasingly complex anti uncertain, Patterns in the Dark
offers the investor a rich source of insight, illumination, and wisdom.

Dettagli dell'edizione

• Editore: John Wiley & Sons Inc
• Data di pubblicazione: 1999
• Lingua: Inglese
• ISBN 10: 047123947X
• ISBN 13: 9780471239475
• Rilegatura: Copertina rigida
• Numero edizione: 1
• Numero di pagine: 222
• Contatto del produttore: non disponibile
• Persona responsabile: non disponibile