圖書標籤: 經濟社會學 金融 經濟學 社會學 知識社會學 英國 經濟 管理
发表于2024-11-25
An Engine, Not a Camera pdf epub mobi txt 電子書 下載 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.
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作為一個社會學傢能把金融理論寫的比我金融課本還清楚真是值得大贊,還附贈好多經濟學傢八卦哈哈
評分關於 performativity 的論點在其他地方已經看瞭,剩下的內容看的有點頭昏 not a big fan
評分關於 performativity 的論點在其他地方已經看瞭,剩下的內容看的有點頭昏 not a big fan
評分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作為一個社會學傢能把金融理論寫的比我金融課本還清楚真是值得大贊,還附贈好多經濟學傢八卦哈哈
評分來美後最喜歡的書。狹義的performativity指市場行動者有意識應用經濟理論,導緻市場更接近理論描述,圍繞該概念解釋金融學與金融市場的互生關係。三個獨立但關聯的故事:金融學數學化,産生有效市場和最優投資組閤理論,否定金融從業者作用,激發大量實證檢驗,發現若乾反例,從業者以反例逐利,遂使反例消失,現實靠近理論;基於上述理論發展期權定價模型BSM,因在理論上否認期貨的賭博性,且隻有一未知參數volatility,在應用上適閤在芝加哥期貨大廳現場使用,因而從業者廣泛以BSM的預測價格指導其套利行為,使期貨實際價格日益接近期望價格,現實益接近BSM;最後是反效益,87年股災,資産組閤保險齣現,偏度取代v參數,BSM遂不準。寫法精彩。然總歸是故事,金融化使市場條件日益接近理想情況,似可作替代解釋
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An Engine, Not a Camera pdf epub mobi txt 電子書 下載 2024