Title
Models.Behaving.Badly.: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life,Used
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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 Fools Gold).Quants, physicists working on Wall Street as quantitative analysts, have been widely blamed for triggering financial crises with their complex mathematical models. Their formulas were meant to allow Wall Street to prosper without risk. But in this penetrating insiders look at the recent economic collapse, Emanuel Dermanformer head quant at Goldman Sachsexplains the collision between mathematical modeling and economics and what makes financial models so dangerous. Though such models imitate the style of physics and employ the language of mathematics, theories in physics aim for a description of realitybut in finance, models can shoot only for a very limited approximation of reality. Derman uses his firsthand experience in financial theory and practice to explain the complicated tangles that have paralyzed the economy. Models.Behaving.Badly. exposes Wall Streets love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.
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This product may contain chemicals known to the State of California to cause cancer, birth defects, or other reproductive harm.
For more information, please visit www.P65Warnings.ca.gov.
- Q: What is the main focus of 'Models.Behaving.Badly.'? A: 'Models.Behaving.Badly.' examines the intersection of mathematical modeling and economics, highlighting the risks associated with financial models and their impact on the economy.
- Q: Who is the author of this book? A: The author of 'Models.Behaving.Badly.' is Emanuel Derman, a former head quant at Goldman Sachs.
- Q: What type of book is 'Models.Behaving.Badly.'? A: 'Models.Behaving.Badly.' is a paperback book that falls under the category of Econometrics & Statistics.
- Q: How many pages does the book have? A: 'Models.Behaving.Badly.' contains a total of 240 pages.
- Q: When was 'Models.Behaving.Badly.' published? A: 'Models.Behaving.Badly.' was published on July 24, 2012.
- Q: Is this book suitable for beginners in finance? A: Yes, 'Models.Behaving.Badly.' is described as a compelling and accessible work, making it suitable for readers new to finance.
- Q: What condition is the book in? A: 'Models.Behaving.Badly.' is listed as a used book in good condition.
- Q: Does the book provide insights into the financial crisis? A: Yes, the book offers a penetrating insider's look at the economic collapse and the role of quants in financial crises.
- Q: What are the key themes discussed in the book? A: The key themes include the limitations of financial models, the difference between physics and finance, and the dangers of confusing models with reality.
- Q: Can 'Models.Behaving.Badly.' help me understand financial modeling? A: Yes, the book explains the complexities of financial models and their implications for human behavior, which can enhance your understanding of financial modeling.