BACHELIER, Louis.
Le Jeu, la Chance et le Hasard.
Paris: Ernest Flammarion , 1914.
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"The mathematical expectation of the speculator is zero": Rare First Edition of Bachelier’s Work on Probabilty
First edition. Octavo, original wrappers as issued. First editions of Bachelier’s works are uncommon. Housed in a custom half morocco clamshell box.
The theory of speculation was first presented in Bachielier’s Doctoral thesis which was published as a treatise in 1900. It was later popularized in Le Jeu, La Chance et le Hasard (Games, Chance, and Randomness). In this work Bachelier argues that continuous distributions best describe random phenomena. His systematic use of the concept of continuity in probabilistic modeling was, he felt, his major contribution to science. He ?de?fined Brownian motion ?predating Einstein by fi?ve years and discussed the use of Brownian motion to evaluate stock options. Historically, he was the first person to use advanced mathematics in the study of finance and is considered a pioneer in the study of financial mathematics.
Le Jeu, la Chance et le Hasard.
$3,250.00
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