A special report on financial risk: Number-crunchers crunched  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 394 no. 8669 (Feb. 2010), page 50+5.
Topik: Options; Mathematical Models; Collateralised Debt Obligations (CDOs)
Fulltext: Numbercrunchers.pdf (351.88KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.59 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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IT PUT noses out of joint, but it changed markets for good. In the mid-1970s a few progressive occupants of Chicago’s options pits started trading with the aid of sheets of theoretical prices derived from a model and sold by an economist called Fisher Black. Rivals, used to relying on their wits, were unimpressed. One model-based trader complained of having his papers snatched away and being told to “trade like a man”. But the strings of numbers caught on, and soon derivatives exchanges hailed the Black-Scholes model, which used share and bond prices to calculate the value of derivatives, for helping to legitimise a market that had been derided as a gambling den.

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