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Models. Behaving. Badly. - Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life - Emanuel Derman
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Emanuel Derman:
Models. Behaving. Badly. - Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life - new book

2007, ISBN: 9781119944683

ID: 810324

Emanuel Derman was a quantitative analyst (Quant) at Goldman Sachs, 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 through today. Here Derman looks at why people -- bankers in particular -- still put so much faith in these models, and why its a terrible mistake to do so.Though financial models imitate the style of physics and employ the language of mathematics, ultimately they deal with human beings. There is a fundamental difference between the aims and potential achievements of physics and those of finance. In physics, theories aim for a description of reality; in finance, at best, models can shoot only for a simplistic and very limited approximation to it. When we make a model involving human beings, we are trying to force the ugly stepsisters foot into Cinderellas pretty glass slipper. It doesnt fit without cutting off some of the essential parts. Physicists and economists have been too enthusiastic to acknowledge the limits of their equations in the sphere of human behavior--which of course is what economics is all about.Models.Behaving.Badly includes a personal account of Dermans childhood encounters with failed models--the oppressions of apartheid and the utopia of the kibbutz. He describes his experience as a physicist on Wall Street, the models quants generated, the benefits they brought and the problems, practical and ethical, they caused. Derman takes a close look at what a model is, and then highlights the differences between the successes of modeling in physics and its failures in economics. Describing the collapse of the subprime mortgage CDO market in 2007, Derman urges us to stop the naïve reliance on these models, and offers suggestions for mending them. This is a fascinating, lyrical, and very human look behind the curtain at the intersection between mathematics and human nature.EMANUEL DERMAN is Head of Risk at Prisma Capital Partners and a professor at Columbia University, where he directs their program in financial engineering. He is the author of My Life As A Quant, one of Business Weeks top ten books of the year, in which he introduced the quant world to a wide audience.He was born in South Africa but has lived most of his professional life in Manhattan in New York City, where he has made contributions to several fields. He started out as a theoretical physicist, doing research on unified theories of elementary particle interactions. At AT&T Bell Laboratories in the 1980s he developed programming languages for business modeling. From 1985 to 2002 he worked on Wall Street, running quantitative strategies research groups in fixed income, equities and risk management, and was appointed a managing director at Goldman Sachs & Co. in 1997. The financial models he developed there, the Black-Derman-Toy interest rate model and the Derman-Kani local volatility model, have become widely used industry standards.In his 1996 article Model Risk Derman pointed out the dangers that inevitably accompany the use of models, a theme he developed in My Life as a Quant. Among his many awards and honors, he was named the SunGard/IAFE Financial Engineer of the Year in 2000. He has a PhD in theoretical physics from Columbia University and is the author of numerous articles in elementary particle physics, computer science, and finance.[PU:Wiley]

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Models. Behaving. Badly. - Wiley
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Wiley:
Models. Behaving. Badly. - new book

2011, ISBN: 9781119944683

ID: 12715404

Emanuel Derman was a quantitative analyst (Quant) at Goldman Sachs, 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 through today. Here Derman looks at why. Emanuel Derman was a quantitative analyst (Quant) at Goldman Sachs, 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 through 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 of mathematics, ultimately they deal with human beings. There is a fundamental difference between the aims and potential achievements of physics and those of finance. In physics, theories aim for a description of reality; in finance, at best, models can shoot only for a simplistic and very limited approximation to it. When we make a model involving human beings, we are trying to force the ugly stepsister's foot into Cinderella's pretty glass slipper. It doesn't fit without cutting off some of the essential parts. Physicists and economists have been too enthusiastic to acknowledge the limits of their equations in the sphere of human behavior-which of course is what economics is all about. Models. Behaving. Badly includes a personal account of Derman's childhood encounters with failed models-the oppressions of apartheid and the utopia of the kibbutz. He describes his experience as a physicist on Wall Street, the models quants generated, the benefits they brought and the problems, practical and ethical, they caused. Derman takes a close look at what a model is, and then highlights the differences between the successes of modeling in physics and its failures in economics. Describing the collapse of the subprime mortgage CDO market in 2007, Derman urges us to stop the na ve reliance on these models, and offers suggestions for mending them. This is a fascinating, lyrical, and very human. eBooks, Business, Finance & Law~~Finance & Accounting~~Finance, Models. Behaving. Badly.~~EBook~~9781119944683~~Emanuel Derman, , Models. Behaving. Badly., Emanuel Derman, 9781119944683, Wiley, 10/13/2011, , , , Wiley

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Models. Behaving. Badly. : Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life - David E. Watkins
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David E. Watkins:
Models. Behaving. Badly. : Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life - new book

2007, ISBN: 9781119944683

ID: 9781119944683

Emanuel Derman was a quantitative analyst (Quant) at Goldman Sachs, 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 through 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 of mathematics, ultimately they deal with human beings. There is a fundamental difference between the aims and potential achievements of physics and those of finance. In physics, theories aim for a description of reality; in finance, at best, models can shoot only for a simplistic and very limited approximation to it. When we make a model involving human beings, we are trying to force the ugly stepsister's foot into Cinderella's pretty glass slipper. It doesn't fit without cutting off some of the essential parts. Physicists and economists have been too enthusiastic to acknowledge the limits of their equations in the sphere of human behavior--which of course is what economics is all about.Models.Behaving.Badly includes a personal account of Derman's childhood encounters with failed models--the oppressions of apartheid and the utopia of the kibbutz. He describes his experience as a physicist on Wall Street, the models quants generated, the benefits they brought and the problems, practical and ethical, they caused. Derman takes a close look at what a model is, and then highlights the differences between the successes of modeling in physics and its failures in economics. Describing the collapse of the subprime mortgage CDO market in 2007, Derman urges us to stop the na ve reliance on these models, and offers suggestions for mending them. This is a fascinating, lyrical, and very human look behind the curtain at the intersection between mathematics and human nature.; PDF \ David E. Watkins; Reference > Research & information: general > Information theory > Cybernetics & systems theory, Wiley

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Models. Behaving. Badly. (eBook, PDF) - Derman, Emanuel
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Derman, Emanuel:
Models. Behaving. Badly. (eBook, PDF) - new book

2007, ISBN: 9781119944683

ID: 2d4fbb632819114b92099204c804f4d8

Emanuel Derman was a quantitative analyst (Quant) at Goldman Sachs, 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 through 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 of mathematics, ultimately they deal with human beings. There is a fundamental difference between the aims and potential achievements of physics and those of finance. In physics, theories aim for a description of reality; in finance, at best, models can shoot only for a simplistic and very limited approximation to it. When we make a model involving human beings, we are trying to force the ugly stepsister's foot into Cinderella's pretty glass slipper. It doesn't fit without cutting off some of the essential parts. Physicists and economists have been too enthusiastic to acknowledge the limits of their equations in the sphere of human behavior--which of course is what economics is all about.Models.Behaving.Badly includes a personal account of Derman's childhood encounters with failed models--the oppressions of apartheid and the utopia of the kibbutz. He describes his experience as a physicist on Wall Street, the models quants generated, the benefits they brought and the problems, practical and ethical, they caused. Derman takes a close look at what a model is, and then highlights the differences between the successes of modeling in physics and its failures in economics. Describing the collapse of the subprime mortgage CDO market in 2007, Derman urges us to stop the naïve reliance on these models, and offers suggestions for mending them. This is a fascinating, lyrical, and very human look behind the curtain at the intersection between mathematics and human nature. E-Book

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Models. Behaving. Badly. (eBook, PDF) - Derman, Emanuel
book is out-of-stock
(*)
Derman, Emanuel:
Models. Behaving. Badly. (eBook, PDF) - new book

2007, ISBN: 9781119944683

ID: 2d4fbb632819114b92099204c804f4d8

Emanuel Derman was a quantitative analyst (Quant) at Goldman Sachs,one of the financial engineers whose mathematical models becamecrucial for Wall Street. The reliance investors put on suchquantitative analysis was catastrophic for the economy, setting offthe ongoing string of financial crises that began with the mortgagemarket in 2007 and continues through today. Here Derman looks atwhy people -- bankers in particular -- still put so much faith inthese models, and why it's a terrible mistake to do so.Though financial models imitate the style of physics and employthe language of mathematics, ultimately they deal with humanbeings. There is a fundamental difference between the aims andpotential achievements of physics and those of finance. In physics,theories aim for a description of reality; in finance, at best,models can shoot only for a simplistic and very limitedapproximation to it. When we make a model involving human beings,we are trying to force the ugly stepsister's foot into Cinderella'spretty glass slipper. It doesn't fit without cutting off some ofthe essential parts. Physicists and economists have been tooenthusiastic to acknowledge the limits of their equations in thesphere of human behavior--which of course is what economics is allabout.Models.Behaving.Badly includes a personal account ofDerman's childhood encounters with failed models--the oppressionsof apartheid and the utopia of the kibbutz. He describes hisexperience as a physicist on Wall Street, the models quantsgenerated, the benefits they brought and the problems, practicaland ethical, they caused. Derman takes a close look at what a modelis, and then highlights the differences between the successes ofmodeling in physics and its failures in economics. Describing thecollapse of the subprime mortgage CDO market in 2007, Derman urgesus to stop the naïve reliance on these models, and offerssuggestions for mending them. This is a fascinating, lyrical, andvery human look behind the curtain at the intersection betweenmathematics and human nature. E-Book

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Nr. 37339350 Shipping costs:, , DE. (EUR 0.00)
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