Advertisement

Some American Exceptional Contributions in Finance

  • Lall Ramrattan
  • Michael Szenberg
Chapter

Abstract

This chapter provides discussion on the financial theories of American contributors that are exceptional. We visit some names that are popular in economics as well. In those cases where the authors have contributions in many separate disciplines, we compartmentalize them. This chapter presents high theories such as Capital Asset Pricing Model, Arbitrage Pricing Theory, and Cox-Ingersoll-Ross that are popular in the literature of economics. The backdrop of these theories is asset pricing, which goes back to Louis Bachelier, who is considered the father of modern finance. Much effort went into correcting and extending Bachelier’s application of Brownian Motion in the area of Stochastic pricing models. Some of the exceptional theories in this chapter include the Brownian basis of speculation theory, Random Walk models with Martingale and Markov processes, the Black-Sholes option pricing model, and the Modigliani-Miller theorem. As with Chap.  3, many authors are considered as precursors to the exceptional models. The discussion includes works by Paul Samuelson, Robert Merton, Robert Lucas Jr., and Harry Markowitz.

Bibliography

  1. Aristotle. 1959. Politics. London: William Heinemann, LRD.Google Scholar
  2. Arrow, Kenneth J. 1951. Social Choice and Individual Values. New York: Wiley.Google Scholar
  3. ———. 1983. Collected Papers of Kenneth J. Arrow: General Equilibrium, vol. 2. Cambridge, MA: The Belknap Press of Harvard University Press.Google Scholar
  4. ———. 1984. Collected Papers of Kenneth J. Arrow: Individual Choice Under Certainty and Uncertainty, vol. 3. Cambridge, MA: The Belknap Press of Harvard University Press.Google Scholar
  5. ———. 2013. Economic Theory and the Financial Crises. Procedia-Social and Behavioral Sciences 77 (22): 5–9.CrossRefGoogle Scholar
  6. Arrow, Kenneth, and Gerard Debreu. 1954. Existence of an Equilibrium for a Competitive Economy. Econometrica 22 (3): 265–290.CrossRefGoogle Scholar
  7. Atkinson, Anthony B., and Joseph E. Stiglitz. 2015. Lectures on Public Economics. Princeton: Princeton University Press.Google Scholar
  8. Bachelier, L. 2006 [1900]. Theory of Speculation. Trans. M.D. Etheride. Princeton: Princeton University Press.Google Scholar
  9. Backhouse, R.E. 2002. The Ordinary Business of Life. Princeton: Princeton University Press.Google Scholar
  10. Barro, R.J. 1979. On the Determination of the Public Debt. Journal of Political Economy 87 (5): 940–971.CrossRefGoogle Scholar
  11. Baxter, Martin, and Andrew Rennie. 1996. Financial Calculus: An Introduction to Derivative Pricing. Cambridge, UK: Cambridge University Press.CrossRefGoogle Scholar
  12. Black, F. 1972. Capital Market Equilibrium with Restricted Borrowing. Journal of Business 45: 444–455.CrossRefGoogle Scholar
  13. ———. 2010. Exploring General Equilibrium. Cambridge, MA: The MIT Press.Google Scholar
  14. Black, Fischer, and Myron Sholes. 1972. The Valuation of Option Contracts and a Test of Market Efficiency. Journal of Finance 27 (2): 399–418.Google Scholar
  15. ———. 1973. The Pricing of Options and Corporate Liabilities. Journal of Political Economy 27 (2): 637–654.CrossRefGoogle Scholar
  16. Blanchard, Olivier Hean, and Stanley Fischer. 1990. Lectures on Macroeconomics. Cambridge, MA: The MIT Press.Google Scholar
  17. Böhm-Bawerk, E.V. 1959. Capital and Interest: Three Volumes in One. Trans. G.D. Huncke and H.F. Sennholz, vol. 2. South Holland: Libertarian Press.Google Scholar
  18. Brindreiter, U. 2011. On Constructive Legal Science Then and Now. Archives for Philosophy of Law and Social Philosophy 97 (1): 78–106.Google Scholar
  19. Brown, R. 1828. A Brief Account of Microscopical Observations Made… 1827 &c. Philosophy Magazine 2 (4): 161–173.CrossRefGoogle Scholar
  20. ———. 1866 [1827]. The Miscellaneous Botanical Works, vol. I. London: Egbert Hardwicke.Google Scholar
  21. ———. 1928. A Brief Account of Microscopical Observation Made. Philosophical Magazine 2 (4): 161–173.Google Scholar
  22. Brzezniak, Z., and T. Zastawniak. 2000. Basic Stochastic Process. New York: Springer.Google Scholar
  23. Campbell, J.Y. 1994. The New Palgrave Dictionary of Money and Finance. Journal of Economic Literature 32 (2).Google Scholar
  24. Campbell, Harvey, and Chris Kerby. 1996. Instrumental Variables Estimation and Conditional Beta Pricing Models. In Handbook of Statistics, ed. G.S. Maddala and C.R. Rao, vol. 14, 35–60. Amsterdam: Elsevier.Google Scholar
  25. Campbell, John Y., Andrew W. Lo, and Craig MacKinlay. 1997. The Econometrics of Financial Markets. Princeton: Princeton University Press.Google Scholar
  26. Champernowne, D.G. 1969. Uncertainty and Estimation in Economics, vol. 3. San Francisco: Holden Day.Google Scholar
  27. Chandrasekhar, S. 1954. Stochastic Problems in Physics and Astronomy. In Selected Papers on Noise and Stochastic Processes, ed. N. Wax, 1–19. New York: Dover Publication.Google Scholar
  28. Chapman, S. 1928. On the Brownian Displacements and Thermal Diffusion of Grains Suspended in a Non-Uniform Fluid. Proceedings of the Royal Society of London. Series A 119 (781): 34–54.CrossRefGoogle Scholar
  29. Clements, Michael P., and David F. Hendry, eds. 2011. The Oxford Handbook of Economic Forecasting. Oxford: Oxford University Press.Google Scholar
  30. Cootner, P.H. 1967 [1964]. The Random Character of the Stock Market Prices, Revised ed. Cambridge, MA: The MIT Press.Google Scholar
  31. Cox, John C., Jonathan E. Ingersoll Jr., and Stephen A. Ross. 1981. A Re-examination of Traditional Hypotheses About the Term Structure of Interest Rates. Journal of Finance 36 (4): 769–799.CrossRefGoogle Scholar
  32. ———. 1985a. An Intertemporal General Equilibrium Model of Asset Prices. Econometrica 53 (2): 363–384.CrossRefGoogle Scholar
  33. Cox, John C., Jonathan E. Ingersoll Jr., and Stephen A. Ros. 1985b. A Theory of the Term Structure of Interest Rate. Econometrica 53 (2): 385–407.CrossRefGoogle Scholar
  34. Damodaran, A. 1996. Investment Valuation: Tools and Techniques for Determining the Value of any Asset. New York: Wiley.Google Scholar
  35. Danthine, Jeam-Pierre, and John B. Donaldson. 2005. Intermediate Financial Theory, 2nd ed. Burlington, MA: Elsevier Academic Press.CrossRefGoogle Scholar
  36. Debreu, G. 1959. The Theory of Value: An Axiomatic Analysis of Economic Equilibrium. New Haven: Yale University Press.Google Scholar
  37. ———. 1983. Economic Theory in the Mathematical Mode. Economic Science, Nobel Memorial Lecture, 8 December, UC Berkeley, 88–101.Google Scholar
  38. Demarzo, Peter. 1988. An Extension of the Modigliani-Miller Theorem to Stochastic Economies with Incomplete Markets and Interdependent Securities. Journal of Economic Theory 45: 323–349.Google Scholar
  39. Doob, J.L. 1942. What Is a Stochastic Process. The American Mathematical Monthly 49 (10): 648–653.CrossRefGoogle Scholar
  40. ———. 1971. What Is a Martingale? The American Mathematical Monthly 78 (5): 451–463.CrossRefGoogle Scholar
  41. Duffie, D. 1988. Security Markets: Stochastic Models. San Diego: Academic.Google Scholar
  42. ———. 1991. The Theory of Value in Security Markets. In Handbook of Mathematical Economics, ed. W. Hildenbrand and Hugo Sonnenschein, vol. 4, 1617–1682. Amsterdam: Elsevier Science Publishers.Google Scholar
  43. ———. 1992. Modigliani-Miller. In The New Palgrave Dictionary of Money and Finance, ed. M.M. John Eatwell, vol. 2, 715–717. New York: Macmillan Press.Google Scholar
  44. ———. 1996. Dynamic Asset Pricing Theory, 2nd ed. Princeton: Princeton University Press.Google Scholar
  45. Duffie, Darrell, and Hugo Sonnenschein. 1989. Arrow and General Equilibrium Theory. Journal of Economic Literature 27 (2): 565–598.Google Scholar
  46. Duffy, D.J. 2006. Finite Difference Methods in Financial Engineering: A Partial Differential Equation Approach. Hoboken: Wiley.CrossRefGoogle Scholar
  47. Dybvig, P.H., and S.A. Ross. 2003. Arbitrage, State Price and Portfolio Theory. In Handbook of the Economics of Finance: Financial Markets and Asset Pricing, ed. G.M. Constantinides, M. Harris, and R.M. Stulz, vol. 1, Part B, 605–637. Amsterdam/Boston: Elsevier/North-Holland.Google Scholar
  48. Eagly, R.V. 1974. The Structure of Classical Economic Theory. New York: Oxford University Press.Google Scholar
  49. Ehtisham, Ahmad, and Giorgio Brosio. 2015. Handbook of Multilevel Finance. Cheltenham: Edward Elgar.Google Scholar
  50. Einstein, A. 1956. Investigations on the Theory of the Brownian Movement. New York: Dover Publication Inc..Google Scholar
  51. Eiteman, David K., Arthur I. Stoneill, and Michael H. Moffet. 2010. Multinational Business Finance, 12th ed. New York: Prentice Hall.Google Scholar
  52. Fama, E.F. 1970. Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance 25 (2): 383–417.CrossRefGoogle Scholar
  53. ———. 1996. Multifactor Portfolio Efficiency and Multifactor Asset Pricing. Journal of Financial and Quantitative Analysis 31 (4): 441–465.CrossRefGoogle Scholar
  54. Fechner, G.T. 1966 [1860]. Elements of Psycho-Physics (Trans: Adler, H.). New York: Holt, Richart and Winston.Google Scholar
  55. Feller, W. 1957. An Introduction to Probability Theory and Its Applications, vol. I, 3rd ed. New York: Wiley.Google Scholar
  56. Fernando, Ferrari-Filho, and Octavio Augusto Amargo Coneiao. 2005. The Concept of Uncertainty in Post Keynesian Theory and in Institutional Economics. Journal of Economic Issues 39 (3): 579–594.CrossRefGoogle Scholar
  57. Ferson, W. E., and R. Jagannathan. 1996. Econometric Evaluation of Asset Pricing Models. In Statistical Methods in Finance, ed. G.S. Maddala, 1–33. New York: North-Holland.Google Scholar
  58. Galbraith, J.K. 1984. Galbraith and the Theory of Corporation. Journal of Post Keynesian Economics VII (2): 43–60.CrossRefGoogle Scholar
  59. Granger, C.W. 1999. Empirical Modeling in Economics: Specification and Evaluation. Cambridge, UK: Cambridge University Press.CrossRefGoogle Scholar
  60. Hall, R.E. 1978. Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence. Journal of Political Economy 86 (6): 971–987.CrossRefGoogle Scholar
  61. ———. 1987. Consumption. NBER Working Paper 2265.Google Scholar
  62. Halmos, P.R. 1985. I Want to be a Mathematician: An Automathography. New York: Springer-Verlag.CrossRefGoogle Scholar
  63. Haug, E.G. 2007. The Complete Guide to Option Pricing Formulas, 2nd ed. New York: McGraw-Hill.Google Scholar
  64. Hawtrey, R.G. 1938. A Century of Bank Rate. London: Logmans, Green and Co.Google Scholar
  65. Hayek, F.A. 1932. Prices and Production, 2nd ed. London: George Routledge and Sons.Google Scholar
  66. Herbert, R.F. 1975. Review: The Structure of Classical Economic Theory by Robert V Eagly. Journal of Economic Issues 9 (3): 551–554.CrossRefGoogle Scholar
  67. Heyde, C.C. 1972. Martingales: A Case for a Place in the Statistician’s Repertoire. Australian Journal of Statistics. 14 (1): 1–9.CrossRefGoogle Scholar
  68. Heyde, Chris, Paul Glasserman, and Steven Kou. 2006. A Conversation with Chris Heyde. Statistical Science 21 (2): 286–298.CrossRefGoogle Scholar
  69. Hicks, J. 1967. Critical Essays in Monetary Theory. Oxford: Clarendon Press.Google Scholar
  70. Hilferding, R. 1981 [1910]. Finance Capital: A Study of the Latest Phase of Capitalist Development. Ed. T. Bottomore & Trans. M.W. Gordon. London: Routledge/Kegan Paul.Google Scholar
  71. Hopkins, W.S. 1933. Profit in American Economic Theory. The Review of Economic Studies 1 (1): 60–66.CrossRefGoogle Scholar
  72. Ito, Kiyosi. 2006. Essentials of Stochastic Processes. Providence: American Mathematical Society.Google Scholar
  73. Jameson, F. 1997. Culture and Financial Capital. Critical Inquiry 24 (1): 246–265.CrossRefGoogle Scholar
  74. Johnson, T.C. 2015. Reciprocity as a Foundation of Financial Economics. Journal of Business Ethics 131: 43–67.CrossRefGoogle Scholar
  75. Juron, P. 2011. Financial Risk Manager Handbook. New York: Wiley.Google Scholar
  76. Karlin, Samuel, and Howard M. Taylor. 1975. A First Course in Stochastic Processes, 2nd ed., 299–301. New York: Academic Press.Google Scholar
  77. Keynes, J.M. 1973. The General Theory and After: Preparation, vol. 8. London: MacmillanGoogle Scholar
  78. Klenke, Achim. 2008. Probability Theory: A Comprehensive Course. London: Springer-Verlag London.CrossRefGoogle Scholar
  79. Knight, F.H. 1951 [1935]. The Ethics of Competition and Other Essays. Second Impression. New York: Augustus M. Kelley.Google Scholar
  80. ———. 1971 [1921]. Risk, Uncertainty and Profit. Chicago: University of Chicago Press.Google Scholar
  81. Kreps, D.M. 1990. A Course in Microeconomic Theory. Princeton: Princeton University Press.Google Scholar
  82. Leroy, S.F. 1989. Efficient Capital Markets and Martingales. Journal of Economic Literature 17: 1583–1621.Google Scholar
  83. LeRoy, Stephen F., and Jan Warner. 2001. Principles of Financial Economics. New York: Cambridge University Press.Google Scholar
  84. Linter, J. 1965. The Valuation of Risk Asset and the Selection of Risky Investments in Stock-Portfolios and Capital Budgets. Review of Economics Statistics 47: 13–37.CrossRefGoogle Scholar
  85. Ljungqvist, Lars, and Thomas J. Sargent. 2000. Recursive Macro Economic Theory. Cambridge, MA: The MIT Press.Google Scholar
  86. Lo, A. 2000. Finance: A Selective Survey. Journal of American Statistical Association 95 (450): 629–635.CrossRefGoogle Scholar
  87. Lucas, R.E. 1978. Asset Prices in an Exchange Economy. Econometrica 46 (6): 1429–1445.CrossRefGoogle Scholar
  88. Lucas, Robert E., Jr., and Nancy L. Stokey. 1983. Optimal Fiscal and Monetary Policy in an Economy Without Capital. Journal of Monetary Economics 12 (1): 55–93.CrossRefGoogle Scholar
  89. Maddala, G.S., and M. Nimalendran. 1996. Errors-in-Variables Problems in Financial Models. In Handbook of Statistics, ed. G. S. Maddala and C. R. Rao., vol. 14, 507–528. Amsterdam: Elsevier.Google Scholar
  90. Magill, Michael, and Martine Quinzii. 1996. Theory of Incomplete Markets, vol. 1. Cambridge, MA: The MIT Press.Google Scholar
  91. Malmendier, U. 2009. “Law and Finance” at the Origin. Journal of Economic Literature 47 (4): 1076–1198.CrossRefGoogle Scholar
  92. Mandelbrot, B.B. 1997. Fractals and Scaling in Finance: Discontinuity, Concentration, Risk. New York: Springer-Verlag.CrossRefGoogle Scholar
  93. Markovitz, H.M. 1959. Portfolio Selection: Efficient Diversification of Investments. New York: Wiley.Google Scholar
  94. Markowitz, Harry. 1952. Portfolio Selection. The Journal of Finance 7 (1): 77–91.Google Scholar
  95. ———. 1990. Foundations of Portfolio Theory. Economic Science. Nobel Lecture December 7: 279–287.Google Scholar
  96. Markowitz, H.M. 2006. Samuelson and Investment for the Long Run. In Samuelsonian Economics and the Twenty-First Century, ed. L.R. Michael Szenberg, 252–261. New York: Oxford University Press.CrossRefGoogle Scholar
  97. Marris, Robin and Adrian Wood. (1971). The Corporate Economy. Edited. Cambridge, MA: Harvard University Press.Google Scholar
  98. Mehrling, P. 2005. Fisher Blank and the Revolutionary Idea of Finance. New York: Wiley.Google Scholar
  99. Merton, R.C. 1970. A Dynamic General Equilibrium Model of Asset Market and Its Application to the Pricing of the Capital Structure of the Firm. MIT Sloan School of Management Working Paper Series, No. 497-70, 1–47.Google Scholar
  100. ———. 1998. Applications of Option-Pricing Theory: Twenty-Five Years Later. The American Economic Review 88 (3): 323–349.Google Scholar
  101. Merton, R. 1973. An Intertemporal Capital Asset Pricing Model. Econometrica 41: 867–887.CrossRefGoogle Scholar
  102. ———. 1991. On the Microeconomic Theory of Investments Under Uncertainty. In Handbook of Mathematical Economics, ed. K.J. Intriligator, vol. II, 602–669. North-Holland: Amsterdam.Google Scholar
  103. Merton, R.C. 2006. Paul Samuelson and Financial Economics. In Samuelsonian Economics and the Twenty-First Century, ed. L.R. Michael Szenberg, 262–300. New York: Oxford Press.CrossRefGoogle Scholar
  104. Miller, M.H. 1988. The Modigliani-Miller Proposition After Thirty Years. Journal of Economic Perspectives 2: 99–120.CrossRefGoogle Scholar
  105. Modigliani, F., and M.H. Miller. 1958. The Cost of Capital, Corporate Finance, and the Theory of Investment. American Economic Review 48 (3): 261–297.Google Scholar
  106. Mossin, J. 1966. Equilibrium in a Capital Asset Market. Econometrica 34: 768–783.CrossRefGoogle Scholar
  107. Nagatani, K. 1975. On a Theorem of Arrow. The Review of Economic Studies 42 (3): 483–485.CrossRefGoogle Scholar
  108. Nahin, P.J. 2011. Number-Crunching. Princeton: Princeton University Press.CrossRefGoogle Scholar
  109. Neftci, S.N. 2000. An Introduction to the Mathematics of Financial Derivatives, 2nd ed. New York: Academic Press.Google Scholar
  110. Osborne, M.F.M. 1959. Brownian Motion in the Stock Market. Operation Research 7: 145–173.Google Scholar
  111. Palgrave, F. 1986. Dictionary of Political Economy, Volume 2: F-M. Vol. 2. New York: Macmillan.Google Scholar
  112. Pearson, K. 1905. The Problem of the Random Walk. Nature, 295, July 27.Google Scholar
  113. Privault, Nicolas. 2013. Understanding Markov Chains. London: Springer-Verlag London.CrossRefGoogle Scholar
  114. Radner, Roy. 1968. Competitive Equilibrium Under Uncertainty. Econometrica 36 (1): 31–58.CrossRefGoogle Scholar
  115. Ramrattan, L., and M. Szenberg. 2012. The Impact of the General Theory on Economic Theory and the Development of Public Policies: A Nested Vision of Keynes’s Ideas with the Classical Vision Through a Panoramic View of His Works. In “Keynes’s General Theory” Seventy-Five Years Later, ed. C. Thomas, 181–206. Northampton: Edward Elgar Publishing.Google Scholar
  116. Roberts, H.V. 1964. Patterns and Financial Analysis. In The Random Character of Stock Market Prices, ed. P.H. Cootner, 7–16. Cambridge, MA: The MIT Press.Google Scholar
  117. Robin, M.A. 1971. The Corporate Economy. Cambridge: Harvard University Press.Google Scholar
  118. Roll, Richard, and Stephen A. Ross. 1995. The Arbitrage Pricing Theory Approach to Strategic Portfolio Planning. Financial Analysts Journal 51 (1): 122–131.CrossRefGoogle Scholar
  119. Ross, S.A. 1976. The Arbitrage Theory of Capital Asset Pricing. Journal of Economic Theory 13: 341–360.CrossRefGoogle Scholar
  120. ———. 2014. Stephen A. Ross. Journal of Finance 69 (3): iv–iv.Google Scholar
  121. Samuelson, Paul A. 1965. Proof That Properly Anticipated Prices Fluctuate Randomly. Industrial Management Review 6: 41–49.Google Scholar
  122. ———. 1972. The Collected Scientific Papers of Paul A. Samuelson, ed. R.C. Morton, vol. 3. Cambridge, MA: The MIT Press.Google Scholar
  123. ———. 1977. The Collected Papers of Paul A. Samuelson, ed. Hiroaki Nagatani and Kate Crowley, vol. 4. Cambridge, MA: The MIT Press.Google Scholar
  124. ———. 1986. The Collected Scientific Papers of Paul A. Samuelson, ed. Kate Crowley, vol. 5. Cambridge, MA: The MIT Press.Google Scholar
  125. ———. 2014. Honoring Founding Fathers of Modern Finance Economics. The Free Library. www.thefreelibrary.com
  126. Sargent, T.J. 1987. Dynamic Macroeconomic Theory. Cambridge, MA: Harvard University Press.Google Scholar
  127. Saunders, Anthony, and Marcia Millon Cornett. 2015. Financial Markets and Institutions, 6th ed. New York: McGraw-Hill.Google Scholar
  128. Savage, L. 1972 [1954]. The Foundation of Statistics. New York: Dover Publication.Google Scholar
  129. Sayers, R.S. 1951. Revisions in Economics History: The Development of Central Banking After Bagehot. The Economic History Review, New Series 4 (1): 109–116.Google Scholar
  130. Schumpeter, J.A. 2006 [1954]. History of Economic Analysis. London: Unwin Publishers. This Edition by Taylor & Francis e-Library.Google Scholar
  131. Sharpe, W.E. 1964. Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk. Journal of Finance 19: 425–442.Google Scholar
  132. Shreve, S.E. 2004. Stochastic Calculus for Finance I. New York: Springer-Verlag.Google Scholar
  133. Smith, C.J. 1976. Option Pricing: A Review. Journal of Financial Economics 3 (1): 3–51.CrossRefGoogle Scholar
  134. Smithson, C.W. 1995. Managing Financial Risk. Chicago: Irwin.Google Scholar
  135. Starr, R.M. 1997. General Equilibrium Theory: An Introduction. New York: Cambridge University Press.CrossRefGoogle Scholar
  136. Stigler, G.J. 1965. Essays in the History of Economics. Chicago: The University of Chicago Press.Google Scholar
  137. Stiglitz, J.E. 1969. A Re-Examination of the Modigliani-Miller Theorem. American Economic Review 59 (5): 784–793.Google Scholar
  138. ———. 2009. Selected Works of Joseph E. Stiglitz, Volume I: Information and Economic Analysis, vol. I. Oxford: Oxford University Press.Google Scholar
  139. Stokey, Nancy L., and Robert E. Lucas Jr. 1989. Recursive Methods in Economic Dynamics. Cambridge, MA: Harvard University Press.Google Scholar
  140. Strong, Norman, and Martin Walker. 1989. Information and Capital Markets. Oxford: Basil Blackwell.Google Scholar
  141. Taqqu, M.S. 2001. Bachelier and His Times: A Conversation with Bernard Bru. Finance Stochastic 5: 3–32.CrossRefGoogle Scholar
  142. Tobin, J. 1958. Liquidity Preference as Behavior Toward Risk. Review of Economic Studies 25 (2): 65–85.CrossRefGoogle Scholar
  143. Uhlenbek, G.E., and L.S. Ornstein. 1930. On the Theory of the Brownian Motion. Physical Review 36 (5): 825–841.Google Scholar
  144. Vasicek, O. 1977. An Equilibrium Characterization of the Term Structure. Journal of Financial Economics 5: 177–188.CrossRefGoogle Scholar
  145. Viner, J. 1925. The Utility Concept in Value Theory and Its Critics. Journal of Political Economy 33 (4): 369–387.CrossRefGoogle Scholar
  146. von Neumann, John, and Oskar Morgenstern. 1952 [1944]. Theory of Games and Economic Behavior, 3rd ed. Princeton: Princeton University Press.Google Scholar
  147. Weber, E.H. 1978 [1834]. The Sense of Touch. Trans. H.E. Ross. New York: Academic Press.Google Scholar
  148. Weiner, N. 1964a. I Am a Mathematician: The Life of a Prodigy. Cambridge, MA: The MIT Press.Google Scholar
  149. ———. 1964b. Time Series. Cambridge, MA: The MIT Press.Google Scholar
  150. Weizsacker, C.C. 1972. Kenneth Arrow’s Contribution to Economics. The Swedish Journal of Economics 74 (4): 488–502.CrossRefGoogle Scholar
  151. Weston, J.F. 1974. New Themes in Finance. The Journal of Finance 29 (1): 237–243.CrossRefGoogle Scholar
  152. Wilmott, Paul, Sam Howison, and Jeff Dewynne. 2009. The Mathematics of Financial Derivatives: A Student Introduction. Cambridge, UK: Cambridge University Press.Google Scholar
  153. Wise, M.N. 2011. Science as (Historical) Narrative. Erkenn 75: 349–376.CrossRefGoogle Scholar
  154. Wood, A. 1975. A Theory of Profit. Cambridge: Cambridge University Press.Google Scholar
  155. Working, H. 1961. New Concepts Concerning Futures Markets and Prices. American Economic Review: Papers and Proceedings 51 (2): 160–183.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Lall Ramrattan
    • 1
    • 2
  • Michael Szenberg
    • 3
  1. 1.UC Berkeley ExtensionBerkeleyUSA
  2. 2.Holy Names UniversityOaklandUSA
  3. 3.Touro CollegeBrooklynUSA

Personalised recommendations