Chaos and Order in the Capital Markets: A New View of Cycles, Prices, and Market Volatility
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Chaos and Order in the Capital Markets: A New View of Cycles, Prices, and Market Volatility
The latest developments in chaos theory - from an industryexpert
Chaos and Order in the Capital Markets was the first book tointroduce and popularize chaos as it applies to finance. It hassince become the classic source on the topic. This new edition iscompletely updated to include the latest ripples in chaos theorywith new chapters that tie in today's hot innovations, such asfuzzy logic, neural nets, and artificial intelligence.
Critical praise for Peters and the first edition of Chaos and Orderin the Capital Markets
"The bible of market chaologists." - BusinessWeek
"Ed Peters has written a first-class summary suitable for anyinvestment professional or skilled investor." - Technical Analysisof Stocks & Commodities
"It ranks among the most provocative financial books of the pastfew years. Reading this book will provide a generous payback forthe time and mental energy expended." - Financial AnalystsJournal
This second edition of Chaos and Order in the Capital Marketsbrings the topic completely up to date with timely examples fromtoday's markets and descriptions of the latest wave of technology,including genetic algorithms, wavelets, and complexitytheory.
Chaos and Order in the Capital Markets was the very first book toexplore and popularize chaos theory as it applies to finance. Ithas since become the industry standard, and is regarded as thedefinitive source to which analysts, investors, and traders turnfor a comprehensive overview of chaos theory. Now, this invaluablereference - touted by BusinessWeek as "the bible of marketchaologists" - has been updated and revised to bring you the latestdevelopments in the field.
Mainstream capital market theory is based on efficient marketassumptions, even though the markets themselves exhibitcharacteristics that are symptomatic of nonlinear dynamic systems.As it explores - and validates - this nonlinear nature, Chaos andOrder repudiates the "random walk" theory and econometrics. Itshifts the focus away from the concept of efficient markets towarda more general view of the forces underlying the capital marketsystem.
Presenting new analytical techniques, as well as reexaminingmethods that have been in use for the past forty years, Chaos andOrder offers a thorough examination of chaos theory and fractals asapplied to investments and economics. This new edition includestimely examples from today's markets and descriptions ofcutting-edge technologies-genetic algorithms, wavelets, complexitytheory-and hot innovations, such as fuzzy logic and artificialintelligence.
Beyond the history of current capital market theory, Chaos andOrder covers the crucial characteristics of fractals, the analysisof fractal time series through rescaled range analysis (R/S), thespecifics of fractal statistics, and the definition and analysis ofchaotic systems. It offers an in-depth exploration of: * Random walks and efficient markets - the development of theefficient market hypothesis (EMH) and modern portfolio theory * The linear paradigm - why it has failed * Nonlinear dynamic systems - phase space, the Henon Map, Lyapunovexponents * Applying chaos and nonlinear methods - neural networks, geneticalgorithms * Dynamical analysis of time series - reconstructing a phase space,the fractal dimension
Tonis Vaga's Coherent Market Hypothesis - the theory of socialimitation, control parameters, Vaga's implementations
Plus, Chaos and Order now contains a Windows-compatible diskincluding data sets for running analyses described in theappendices.
Written by a leading expert in the field, Chaos and Order in theCapital Markets has all the information you need for a complete,up-to-date look at chaos theory. This latest edition willundoubtedly prove to be as invaluable as the first.
