图书标签: 经济社会学 金融 经济学 社会学 知识社会学 英国 经济 管理
发表于2024-12-25
An Engine, Not a Camera pdf epub mobi txt 电子书 下载 2024
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. <br /> <br /> Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. <br /> <br /> MacKenzie examines the role played by finance theory in the two most serious crises to hit the world’s financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream--chaos theorist Benoit Mandelbrot’s model of “wild” randomness. MacKenzie’s pioneering work in the social studies of finance will interest anyone who wants to understand how America’s financial markets have grown into their current form.
关于 performativity 的论点在其他地方已经看了,剩下的内容看的有点头昏 not a big fan
评分We develop financial models to analyse the market, and the market has been becoming more like what the model has prediced- the idea of "performativity", market is "performing" the theory. MacKenzie作为一个社会学家能把金融理论写的比我金融课本还清楚真是值得大赞,还附赠好多经济学家八卦哈哈
评分关于 performativity 的论点在其他地方已经看了,剩下的内容看的有点头昏 not a big fan
评分a key piece in performativity!
评分来美后最喜欢的书。狭义的performativity指市场行动者有意识应用经济理论,导致市场更接近理论描述,围绕该概念解释金融学与金融市场的互生关系。三个独立但关联的故事:金融学数学化,产生有效市场和最优投资组合理论,否定金融从业者作用,激发大量实证检验,发现若干反例,从业者以反例逐利,遂使反例消失,现实靠近理论;基于上述理论发展期权定价模型BSM,因在理论上否认期货的赌博性,且只有一未知参数volatility,在应用上适合在芝加哥期货大厅现场使用,因而从业者广泛以BSM的预测价格指导其套利行为,使期货实际价格日益接近期望价格,现实益接近BSM;最后是反效益,87年股灾,资产组合保险出现,偏度取代v参数,BSM遂不准。写法精彩。然总归是故事,金融化使市场条件日益接近理想情况,似可作替代解释
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An Engine, Not a Camera pdf epub mobi txt 电子书 下载 2024