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Models. Behaving. Badly. - Wiley
book is out-of-stock
(*)
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 - Gajendra K. Verma
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Gajendra K. Verma:
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.; EPUB; Reference > Research & information: general > Information theory > Cybernetics & systems theory, Taylor and Francis

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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
book is out-of-stock
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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

New book Buecher.de
Nr. 37339350 Shipping costs:, , DE. (EUR 0.00)
Details...
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Details of the book

Details of the book - Models. Behaving. Badly.


EAN (ISBN-13): 9781119944683
ISBN (ISBN-10): 1119944686
Publishing year: 2011
Publisher: Wiley, J
240 Pages
Language: eng/Englisch

Book in our database since 11.02.2012 12:38:55
Book found last time on 07.08.2018 18:53:32
ISBN/EAN: 9781119944683

ISBN - alternate spelling:
1-119-94468-6, 978-1-119-94468-3


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