Louis Bachelier's Theory of Speculation: The Origins of Modern Finance (Paperback)

Louis Bachelier's Theory of Speculation: The Origins of Modern Finance By Louis Bachelier Cover Image

Louis Bachelier's Theory of Speculation: The Origins of Modern Finance (Paperback)

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French doctoral student, Louis Bachelier, successfully defended his thesis Th orie de la Sp culation at the Sorbonne.

This book provides a new translation of Bachelier's seminal work.

Bachelier's thesis is a remarkable document on two counts. In mathematical terms Bachelier's achievement was to introduce many of the concepts of what is now known as stochastic analysis. His purpose, however, was to give a theory for the valuation of financial options. He came up with a formula that is both correct on its own terms and surprisingly close to the Nobel Prize-winning solution to the option pricing problem by Fischer Black, Myron Scholes, and Robert Merton in 1973.


This book offers great insight into the historical developments of probability and mathematical finance.


Product Details ISBN: 9785694511254
ISBN-10: 5694511255
Publisher: Stanford Inversiones Spa
Publication Date: June 8th, 2020
Pages: 52
Language: English