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BACHELIER, Louis.

Le Jeu, la Chance et le Hasard.

Paris: Ernest Flammarion, Editeur, 1914 Stock Code: 143405
£750.00
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"The mathematical expectation of the speculator is zero"

First edition. Louis Bachelier (1870-1946) was an eminent French mathematician and a pioneer in the study of financial mathematics. During his studies at the Sorbonne he wrote his famous thesis, Théorie de la speculation (1900), in which he defined Brownian motion, predating Einstein by five years, and discussed its application to the evaluation of stock options. Bachelier summarized his main idea in a single sentence - "The mathematical expectation of the speculator is zero." It was the first paper to use advanced mathematics in the study of finance, and was popularized in this volume, Le Jeu, La Chance et le Hasard (Games, Chance, and Randomness). The economic aspect of Bachelier's work went largely unrecognised in his lifetime until its rediscovery by financial economists over fifty years later, with astounding results. Within 25 years the theory of option pricing was substantially complete, and a multibillion-dollar global industry of option trading had emerged. Uncommon.

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Description

Octavo. Original orange wrappers, spine and sides lettered in black, edges uncut.

Illustrations

Black and white illustrations in the text.

Condition

Joints a little rubbed, spine ends with a little wear. Paper stock lightly toned; a very good copy.

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