The (Mis)Behaviour of Markets | Benoit B. Mandelbrot and Richard L. Hudson

This international bestseller, which foreshadowed a market crash, explains why it could happen again if we don''t act now. Fractal geometry is the mathematics of roughness: how to reduce the outline of a jagged leaf or static in a computer connection to a few simple mathematical properties. With his fractal tools, Mandelbrot has got to the bottom of how financial markets really work. He finds they have a shifting sense of time and wild behaviour that makes them volatile, dangerous - and beautiful. In his models, the complex gyrations of the FTSE 100 and exchange rates can be reduced to straightforward formulae that yield a much more accurate description of the risks involved.

About the Authors

Benoit B. Mandelbrot (November 20, 1924 – October 14, 2010) was a Polish-born French-American mathematician renowned as the father of fractal geometry. Born in Warsaw, Poland, Mandelbrot moved to France with his family in 1936. He studied mathematics in France and aeronautics in California, and his career spanned both the U.S. and France, where he held dual citizenship. Mandelbrot's work at IBM, where he became an IBM Fellow, was instrumental in developing fractal theory. He used computer graphics to visualize fractals, leading to the discovery of the Mandelbrot set in 198023. His contributions extended beyond mathematics to fields like economics, fluid dynamics, and information theory. Mandelbrot was also a prolific author, publishing several influential books, including The Fractal Geometry of Nature and Fractals and Scaling in Finance.

Richard L. Hudson is a renowned author and journalist, best known for his work as the managing editor of the Wall Street Journal's European edition for six years. He has also been a reporter and editor for the Journal. Hudson is the author of several books, with his most popular work being "The (Mis)Behaviour of Markets". This book explores the complexities and unpredictabilities of financial markets, reflecting his deep understanding of economic systems and trends. Hudson's writing often delves into the intersection of economics, finance, and behavioral science, providing insightful analyses for readers interested in these fields.