The Misbehavior of Markets

The (Mis)behavior of Markets presents a new model for understanding the financial markets. Benoit Mandelbrot, one of the century's most influential mathematicians, and his co-author, science journalist and former Wall Street Journal editor Richard Hudson reveal what a fractal view of the world of finance looks like. Mandelbrot, together with Hudson, shows how the dominant way of thinking about the behavior of markets—a set of mathematical assumptions a century old and still learned by every MBA and financier in the world—simply does not work. The (Mis)behavior of Markets shows how to understand the volatility of markets in far more accurate terms than the failed theories that have repeatedly brought the financial system to the brink of disaster.