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Physics of Finance: Gauge Modelling in Non-Equilibrium Pricing Hardcover – Feb 8 2001

5.0 out of 5 stars 1 customer review

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Product Details

  • Hardcover: 340 pages
  • Publisher: Wiley; 1 edition (Feb. 8 2001)
  • Language: English
  • ISBN-10: 0471877387
  • ISBN-13: 978-0471877387
  • Product Dimensions: 17.4 x 2.5 x 25.6 cm
  • Shipping Weight: 771 g
  • Average Customer Review: 5.0 out of 5 stars 1 customer review
  • Amazon Bestsellers Rank: #1,972,870 in Books (See Top 100 in Books)
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Product Description


"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.

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Top Customer Reviews

Format: Hardcover
This book does not reduce the complexity of the finance to the laws of the physics. Ilinski offers a new vision of the finance based on the method of physics. Without doubt a great triumph for the gauge theory of all things.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: HASH(0xa805cb10) out of 5 stars 4 reviews
14 of 15 people found the following review helpful
HASH(0xa5fddccc) out of 5 stars Solid Intro to the Future July 14 2005
By I. Riley Jackson - Published on Amazon.com
Format: Hardcover Verified Purchase
His description of the geometry of finance is worth the price alone. The eventual discussions of models near (and not so near) equilibrium leave out most of the finer the details but give the reader just enough to re-derive the coupled stochastics equations. I would like to see an Errata Sheet and a web site that lists the code (C, C++, Mathematica or Matlab) for each model discussed. As it stands he has driven deep into the heart of the problem. CAPM and the EMH are here to stay (until the old gaurd dies off). This is the 'new order', maybe.

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...
3 of 4 people found the following review helpful
HASH(0xa5ab81b0) out of 5 stars A controversial book with insight April 15 2007
By Da Yooper - Published on Amazon.com
Format: Hardcover
The author presented several valid points which challenge the established financial economics. The author demonstrated his deep insight in the topic. The framework he is proposing is new and interesting. I am not sure whether his fiber bundle theory is "more correct and more useful" than the existing economics theories (it might be though, I am currently still reading the book), but certainly the author has laid out his theory on a solid footing. I believe Ilinski has done a good job to make me look at the financial economics from a very different point of view. No matter whether you agree with him on the whole or not, this book is one of the books financial economists should read.
0 of 3 people found the following review helpful
HASH(0xa5ab83f0) out of 5 stars Five Stars Nov. 30 2014
By Guo Chen - Published on Amazon.com
Format: Hardcover Verified Purchase
it is in very good quality with some sheets marked.
7 of 20 people found the following review helpful
HASH(0xa5ab8594) out of 5 stars New Vision, New Ideas, New Method Jan. 2 2002
By Luis Gustavo Lira Coronado - Published on Amazon.com
Format: Hardcover
This book does not reduce the complexity of the finance to the laws of the physics. Ilinski offers a new vision of the finance based on the method of physics. Without doubt a great triumph for the gauge theory of all things.