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This paper describes and analyses the history of the fundamental equation of modern financial economics: the Black-Scholes (or Black-Scholes-Merton) option pricing equation. In that history, several themes of potentially general importance are revealed. First, the key mathematical work was not rule-following but bricolage, creative tinkering. Second, it(More)
The thesis discussed in this book – that economics is ―performative‖ (Callon 1998) – has provoked much interest but also some puzzlement and not a little confusion. The purpose of this chapter is to examine from the viewpoint of performativity one of the most successful areas of modern economics, the theory of options, and in so doing hopefully to clarify(More)
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This article presents the results of a poll made among the members of the editorial and advisory boards of Valuation Studies. The purpose is to overview the topic that is the remit of the new journal. The poll focused on three questions: 1. Why is the study of valuation topical? 2. What specic issues related to valuation are the most pressing ones to(More)
This article investigates one important strand in the evolution of today's high-frequency trading or HFT (the fast, automated trading of large numbers of financial securities). That strand is the history of the automation of trading on what has become the world's most prominent futures exchange, the Chicago Mercantile Exchange or Merc. The process of the(More)
This article reviews the history of the use of computers to automate mathematical proofs. It identifies three broad strands of work: automatic theorem proving where the aim is to simulate human processes of deduction; automatic theorem proving where any resemblance to how humans deduce is considered to be irrelevant; and interactive theorem proving, where(More)