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Why stock markets crash: Critical events in complex financial systems.

2003 Princeton University Press ;ISBN: 9781400829552 ;ISBN: 0691118507 ;ISBN: 9780691096308 ;ISBN: 0691096309 ;ISBN: 9780691118505 ;ISBN: 1400829550 ;EISBN: 9781400829552 ;EISBN: 1400829550 ;DOI: 10.1515/9781400829552 ;OCLC: 436943869 ;LCCallNum: HB3722

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  • Title:
    Why stock markets crash: Critical events in complex financial systems.
  • Author: Sornette, Didier ; Sornette, Didier
  • Subjects: BUSINESS & ECONOMICS ; Complexity (Philosophy) ; Critical phenomena (Physics) ; Economics ; Finance ; Financial crises ; History ; Prices ; Stock exchanges ; Stocks ; Theory ; United States
  • Description: The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of materials. In this book, Didier Sornette boldly applies his varied experience in these areas to propose a simple, powerful, and general theory of how, why, and when stock markets crash. Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. Sornette proposes a radically different view: the underlying cause can be sought months and even years before the abrupt, catastrophic event in the build-up of cooperative speculation, which often translates into an accelerating rise of the market price, otherwise known as a "bubble." Anchoring his sophisticated, step-by-step analysis in leading-edge physical and statistical modeling techniques, he unearths remarkable insights and some predictions—among them, that the "end of the growth era" will occur around 2050.
  • Publisher: Princeton: Princeton University Press
  • Creation Date: 2003
  • Format: 448
  • Language: English
  • Identifier: ISBN: 9781400829552
    ISBN: 0691118507
    ISBN: 9780691096308
    ISBN: 0691096309
    ISBN: 9780691118505
    ISBN: 1400829550
    EISBN: 9781400829552
    EISBN: 1400829550
    DOI: 10.1515/9781400829552
    OCLC: 436943869
    LCCallNum: HB3722
  • Source: Alma/SFX Local Collection
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