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Physics of Finance: Gauge Modelling in Non-Equilibrium Pricing Hardcover – Feb 8 2001
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"Illinski's book is well written and well produced..."
(Quantitative Finance, July 2001)
From the Inside Flap
There are already a number of different techniques employed in the world of international finance which claim to give the user an edge, provide a model to predict market behaviour or to price financial assets and derivatives accurately. Each of these techniques has its supporters and detractors, and while some methodologies, such as Black-Scholes, have become predominant, the financial world is constantly on the look-out for new theories which can better and more accurately help the analysts and traders.
Kirill Ilinski, who has been developing and publishing his theory over the past four years, offers in Physics of Finance what could become a totally new method of pricing financial assets, applying the techniques of physics to the world of finance. This book could prove to be the pivotal publication as the next generation of traders and financial engineers begin the search for the next significant stage in modern finance.
Top Customer Reviews
Most Helpful Customer Reviews on Amazon.com (beta)
I was put off initially by his references to Peters writings on chaos and the markets because Peters doesn't understand nonlnear dynamics. Lucky for us Ilinski just uses the fractal idea as a place holder for the real story.
I would like to see more on the use of Quantum Field Theory. The tutorial is well written and very helpful as a review. The detailed derivation for the non-equilibrium model needs expansion, IMHO.
All in all, this is a very readable work for anyone who understands the basics of Black-Sholes and appreciates the math behind stochastic differential equations. The use of Differential Geometry to include MONEY FLOWS is way over due and Ilinsky has filled a void with a real book worth reading.
This is the future... Every young physicist and financial engineer should read this just to see the possibilities. The theory is beautiful and the ramificatons are many. Just read it...
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