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A comprehensive, 1998 account of the practical aspects and pitfalls of the applications of fractal modelling in the physical sciences.
A groundbreaking mathematician presents a new model for understanding financial markets Benoit B. Mandelbrot is world-famous for inventing fractal geometry, 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 insights we can now add another example: Markets are not the safe bet your broker may claim. 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. He uses fractal geometry to propose a new, more accurate way of describing market behavior. From the gyrations of the Dow to the dollar-euro exchange rate, Mandlebrot shows how to understand the volatility of markets in far more accurate terms than the failed theories that have repeatedly brought the financial system to the brink of disaster. The result is no less than the foundation for a new science of finance.
and acknowledgments Self-organized criticality is a new way of viewing nature. The basic picture is one where nature is perpetually out of balance, but organized in a poised state-the critical state-where anything can happen within well-defined statistical laws. The aim of the science of self-organized criticality is to yield insight into the fundamental question of why nature is complex, not simple, as the laws of physics imply. Self-organized criticality explains some ubiquitous patterns existing in nature that we view as complex. Fractal structure and catastrophic events are among those regularities. Applications range from the study of pulsars and black holes to earthquakes and the evolu...
This international bestseller, which foreshadowed a market crash, explains why it could happen again if we don't act now. Fractal geometry is the mathematics of roughness: how to reduce the outline of a jagged leaf or static in a computer connection to a few simple mathematical properties. With his fractal tools, Mandelbrot has got to the bottom of how financial markets really work. He finds they have a shifting sense of time and wild behaviour that makes them volatile, dangerous - and beautiful. In his models, the complex gyrations of the FTSE 100 and exchange rates can be reduced to straightforward formulae that yield a much more accurate description of the risks involved.
Based on a very successful one-semester course taught at Harvard, this text teaches students in the life sciences how to use differential equations to help their research. It needs only a semester's background in calculus. Ideas from linear algebra and partial differential equations that are most useful to the life sciences are introduced as needed, and in the context of life science applications, are drawn from real, published papers. It also teaches students how to recognize when differential equations can help focus research. A course taught with this book can replace the standard course in multivariable calculus that is more usually suited to engineers and physicists.
Shows readers how to liberate thinking and expand imagination by learning to synthesize dissimilar subjects, think paradoxically, and enlist the help of the subconscious mind.
Plug into the nonstop global economy of billion-selling products and trillion-dollar markets The Web 3.0 world of “pandemic economics” is a new economy that will function outside the traditional laws of commerce, free from today's impediments to business growth, and in a world where every person is connected to each other. Jump Point is the powerful guide that will help you to challenge old assumptions, rethink your business models, and take advantage of this fast-moving, unfettered, and fiercely competitive environment. Silicon Valley guru Tom Hayes explores how the new economy will arrive at a single jump point by 2011, bringing with it virulent market trends. Only those prepared for t...
Selected, peer reviewed papers from the 2014 International Conference on Advances in Materials Science and Information Technologies in Industry (AMSITI 2014), January 11-12, 2014, Xi’an, China