TITLE

The (MIS)Behaviour of Markets

AUTHOR(S)
Jahnke, William
PUB. DATE
October 2005
SOURCE
Journal of Financial Planning;Oct2005, Vol. 18 Issue 10, p26
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article presents an overview of The (MIS)Behaviour of Markets: A Fractal View of Risk, Ruin and Reward by Benoit Mandelbrot. In this book, Mandelbrot developed his arguments that the modern finance toolkit with Sharpe ratios, betas and efficient frontiers is the financial equivalent of alchemy. His solution is to reject the random walk model and pursue the development of pricing, trading and portfolio selection models which recognize that market prices behave in a turbulent fashion. Moreover, The (MIS)Behavior of Markets provides insights in the role that philosophy, politics and economic interest have played in determining acceptable applications of mathematics in modeling natural science and financial applications.
ACCESSION #
18582196

 

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