(Mis)behaviour of Markets
by Benoit B Mandelbrot and Richard L Hudson (9781861977656)

Fractal geometry is the mathematics of roughness: how to reduce the outline of a jagged leaf, a rocky coastline or static in a computer connection to a few simple mathematical properties - to make the complex simple. With his fractual tools, Benoit Mandelbrot has got to the bottom of how financial markets really work. He finds they have a shifting sense of time, a unique dimension and a wild kind of behaviour that makes them volatile, dangerous - and also beautiful. In Mandelbrot's fractual models, the complex gyrations of IBM's stock price, the FTSE 100, cotton trading and exchange rates can be reduces to straightforward formulae that yield a much more accurate description of the risks involved.

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