Book Description
市場の仕組みについての私たちの理解を覆す、フラクタル幾何学創始者による画期的な新理論。
今世紀最大の影響力を持つ数学者のひとり、ブノワ・B・マンデルブローは、誰もが知っているのにユークリッド以下の幾何学者らが決して理解しなかった事実――「雲は丸くないし、山は円錐ではないし、海岸線は滑らかではない」――を数学的に説明したことで世界的に知られている。私たちはいま、この有名なフレーズにもうひとつ新たな例を加えることができる。「市場はブローカーが言うほど安全な賭けではない」。マンデルブローは初めて一般読者向けに書いた本書（リチャード・L・ハドソンとの共著）の中で、市場の動きに関する支配的な考え方――世界中のすべてのMBA取得者や投資家がいまだに勉強している、100年前に立てられた1組の数学的仮説――がなぜ役に立たないかを教えてくれる。
名著『The Fractal Geometry of Nature』（邦題『フラクタル幾何学』）で自然界について行ったように、マンデルブローは本書でもフラクタル幾何学を用いて、市場の動きを説明する新しくより正確な方法を提示している。IBM株価やドル-ユーロ相場の複雑な変動もいまやシンプルな公式に還元され、従来よりはるかに優れたリスクモデルを導くことができるのだ。マンデルブローはフラクタル・ツールを使って金融市場の真の仕組みを解明するとともに、これまで専門家たちが決して説明しなかった、その気まぐれで危険な（そして不思議に美しい）性質も明らかにする。金融の新しい科学の礎となる貴重な1冊。
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内容説明
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.
Book Description
From the inventor of fractal geometry, a revolutionary new theory that overturns our understanding of how markets work.
Benoit B. Mandelbrot, one of the century's most influential mathematicians, is world-famous for making mathematical sense of a fact everybody knows but that geometers from Euclid on down had never assimilated: Clouds are not round, mountains are not cones, coastlines are not smooth. To these classic lines we can now add another example: Markets are not the safe bet your broker may claim. In his first book for a general audience, Mandelbrot, with co-author Richard L. Hudson, shows how the dominant way of thinking about the behavior of markets--a set of mathematical assumptions a century old and still learned by every MBA and financier in the world--simply does not work.
As he did for the physical world in his classic The Fractal Geometry of Nature, Mandelbrot here uses fractal geometry to propose a new, more accurate way of describing market behavior. The complex gyrations of IBM's stock price and the dollar-euro exchange rate can now be reduced to straightforward formulae that yield a far better model of how risky they are. With his fractal tools, Mandelbrot has gotten to the bottom of how financial markets really work, and in doing so, he describes the volatile, dangerous (and strangely beautiful) properties that financial experts have never before accounted for. The result is no less than the foundation for a new science of finance.
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メディア掲載レビュー
Nassim Nicholas Taleb
“The deepest and most realistic finance book ever published.”
著者について
Benoit B. Mandelbrot is Sterling Professor of Mathematical Sciences at Yale University and a Fellow Emeritus at IBM's Thomas J. Watson Laboratory. He is the inventor of fractal geometry, whose most famous example, the Mandelbrot Set, has been replicated on millions of posters, T-shirts, and record albums. He was a leading figure in James Gleick's Chaos and has received the Wolf Prize in Physics, the Japan Prize in science and technology, and awards from the U.S. National Academy of Sciences, the IEEE, and numerous universities in the U.S. and abroad. His books include Fractals: Form, Chance and Dimension, which was later expanded into the classic The Fractal Geometry of Nature, which has sold more than 200,000 copies. This is his first book for lay readers on finance, a subject he has studied since the 1960s. He lives in Scarsdale, New York. Richard L. Hudson was the managing editor of the Wall Street Journal's European edition for six years, and a Journal reporter and editor for twenty-five years. He is a 1978 graduate of Harvard University and a 1991 Knight Fellow of MIT. He lives in Brussels, Belgium.
