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Models Behaving Badly: Why Confusing Illusion With Reality Can Lead to Disaster, on Wall Street and in Life

by Emanuel Derman
Compare to estimated retail price: RM84.00 MYR  

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Models Behaving Badly: Why Confusing Illusion With Reality Can Lead to Disaster, on Wall Street and in Life
Models Behaving Badly: Why Confusing Illusion With Reality Can Lead to Disaster, on Wall Street and in Life

Financial models' illusions versus economic reality.

If you've ever been curious about the mystique and danger of Wall Street's mathematical models, "Models. Behaving. Badly." is a fascinating read. Emanuel Derman skillfully demystifies the complex world of quants and their impact on our financial systems, guided by his experience as a former Goldman Sachs quant. It'll offer you an insider's perspective on why these models, despite their sophistication, can lead to disaster.

Note: While we do our best to ensure the accuracy of cover images, ISBNs may at times be reused for different editions of the same title which may hence appear as a different cover.

Models Behaving Badly: Why Confusing Illusion With Reality Can Lead to Disaster, on Wall Street and in Life

by Emanuel Derman
Compare to estimated retail price: RM84.00 MYR  

The item you've got your eye on is secondhand. You probably already know that, but just in case!

The estimated retail price shown next to any listed item represents the first-hand prices we've seen elsewhere, or the estimated original retail price of a comparable item of the same quality, construction and material offered elsewhere in new condition.

Condition guide

Book Condition Guide

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This book may contain very minor cosmetic defects, but it is in pristine condition. There should be no yellowing, no foxing, no water damage, and no annotations of any kind on the cover and the pages. For paperbacks, there should not be any crease marks on the spine. This book is good as new — lucky you!

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We do our best to ensure the quality of our books, but there is no escaping the wear and tear that comes with time. Slight foxing and some annotations may be present on the pages and the cover. There should be no water damage of any kind. For paperbacks, there may be several crease marks on the spine.

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Books in Well Read Condition

This is a well-read book, which means that the previous owner probably really enjoyed it! The cover and pages may include moderate foxing and annotations, but the text is not obscured and still readable. Moderate cosmetic defects and minor water damage may be present on the edges of the book. For paperbacks, there may be multiple crease marks on the spine.

*Books may be missing bundle media (e.g. CD, e-book code), if included.

 

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ISBN: 9781439164990
Authors: Emanuel Derman
Publisher: Free Press
Date of Publication: 2012-07-24
Format: Paperback
Related Collections: Economics, Science, Business, Philosophy
Related Topics: Money, Finance, Psychology, Mathematics, Finance
Goodreads rating: 3.42
(rated by 480 readers)

Description

Now in paperback, “a compelling, accessible, and provocative piece of work that forces us to question many of our assumptions” (Gillian Tett, author of Fool’s 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 insider’s look at the recent economic collapse, Emanuel Derman—former head quant at Goldman Sachs—explains 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 reality—but 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 Street’s love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.
 

Financial models' illusions versus economic reality.

If you've ever been curious about the mystique and danger of Wall Street's mathematical models, "Models. Behaving. Badly." is a fascinating read. Emanuel Derman skillfully demystifies the complex world of quants and their impact on our financial systems, guided by his experience as a former Goldman Sachs quant. It'll offer you an insider's perspective on why these models, despite their sophistication, can lead to disaster.

Note: While we do our best to ensure the accuracy of cover images, ISBNs may at times be reused for different editions of the same title which may hence appear as a different cover.