Mathematical superstar and inventor of fractal geometry, Benoit Mandelbrot, has spent the past forty years studying the underlying mathematics of space and natural patterns. What many of his followers don't realize is that he has also been watching patterns of market change. In The (Mis)Behavior of Markets, Mandelbrot joins with science journalist and former Wall Street Journal editor Richard L. Hudson to reveal what a fractal view of the world of finance looks like. The result is a revolutionary reevaluation of the standard tools and models of modern financial theory. Markets, we learn, are far riskier than we have wanted to believe. From the gyrations of IBM's stock price and the Dow, to cotton trading, and the dollar-Euro exchange rate--Mandelbrot shows that the world of finance can be understood in more accurate, and volatile, terms than the tired theories of yesteryear.The ability to simplify the complex has made Mandelbrot one of the century's most influential mathematicians. With The (Mis)Behavior of Markets, he puts the tools of higher mathematics into the hands of every person involved with markets, from financial analysts to economists to 401(k) holders. Markets will never be seen as "safe bets" again.
About the Author
Benoît B. Mandelbrot, O.L.H., Ph.D. (Mathematical Sciences, University of Paris, 1952; M.S., Aeronautics, California Institute of Technology, 1949) was a mathematician best known as the father of fractal geometry. He was Sterling Professor Emeritus of Mathematical Sciences at Yale University; IBM Fellow Emeritus at the Thomas J. Watson Research Center; and Battelle Fellow at the Pacific Northwest National Laboratory.Mandelbrot was born in Poland, but his family moved to France when he was a child; he was a dual French and American citizen and was educated in France. He has been awarded with numerous honors, including induction into theLegion d'honneur, as well as the 1986 Franklin Medal for Physics, the 1993 Wolf Prize for Physics, the 2000 Lewis Fry Richardson Medal of the European Geophysical Society, and the 2003 Japan Prize "for the creation of universal concepts in complex systems."
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