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IFA's extensive library of books dating back to the 1600's gives us perspective on the stock market and the historical behavior of investors.

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

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Author: Louis Bachelier, Mark Davis and Alison Etheridge

Publisher: Princeton University Press

Year Printed: 2006

Edition: First

Printing: First

Condition: Good

eBook: Google eBook

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Pages: 188

Height: 9.5 inches

Width: 6.5 inches

Notes: Hardcover, Dust Jacket

Aside from providing an accurate and accessible translation, this book traces the twin-track intellectual history of stochastic analysis and financial economics, starting with Bachelier in 1900 and ending in the 1980s when the theory of option pricing was substantially complete. The story is a curious one. The economic side of Bachelier's work was ignored until its rediscovery by financial economists more than fifty years later. The results were spectacular: within twenty-five years the whole theory was worked out, and a multibillion-dollar global industry of option trading had emerged.

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