Page 253. 246 RW Dimand The Consequences to the Banks of the Collapse of Money Values: 1931 and 2... more Page 253. 246 RW Dimand The Consequences to the Banks of the Collapse of Money Values: 1931 and 2009: Some Comments Elise S. Brezis I wish to thank Jean-Pascal Benassy for comments and conversations on this matter. ...
Paul Davidson's admirable and concise new introduction to Keynes the person a... more Paul Davidson's admirable and concise new introduction to Keynes the person and to the ideas of Keynes emphasizes Keynes's demonstration that even a competitive economy with freely flexible wages and prices may lack an adjustment mechanism to automatically restore full employment without active government stabilization policy. This paper underlines Davidson's critique of the neutral money axiom of neoclassicals economics by
... Humberto Barreto, DePauw University 10.1215/00182702-2009-054 References Berlinski, David. 19... more ... Humberto Barreto, DePauw University 10.1215/00182702-2009-054 References Berlinski, David. 1995. A Tour of the Calculus. ... HOPE 12:524–41. Dennis Robertson: Essays on His Life and Work. By Gordon Fletcher. Basingstoke, UK: Palgrave Macmillan, 2007. vii; 192 pp. ...
and show that Cowles's test of Hamilton's version of the Dow Theory was flawed: Cowles compared r... more and show that Cowles's test of Hamilton's version of the Dow Theory was flawed: Cowles compared rates of return without adjusting for risk. A similar argument against Cowles' test was published by . Furthermore, Cowles (1944) accepted that there was one stock market forecaster whose prolonged record of success could not be attributed to chance (but whom Cowles did not name). Jones (1937), cited by Malkiel (1987) and as showing that stock price changes are random and without predictable structure, actually reported the opposite conclusion, but that result was demonstrated by and to be in part an artifact of the averaging technique used.
ABSTRACT Louis Bachelier's 1900 dissertation on the theory of speculation has been recogn... more ABSTRACT Louis Bachelier's 1900 dissertation on the theory of speculation has been recognized since its 1964 translation into English as a landmark in the emergence of the modern analysis of mathematical finance, efficient markets, and stochastic processes. His writings on the theory of speculation over the next four decades have received much less notice. This paper examines Bachelier's continued efforts to extend, reformulate, and popularize his approach, with particular attention to the three chapters on speculation in his 1912 treatise on the calculus of probabilities (dismissively and uncomprehendingly reviewed by J. M. Keynes in a review of five books on probability)and his 1938 monograph on speculation and the calculus of probabilities, which is here translated into English for the first time.
Page 253. 246 RW Dimand The Consequences to the Banks of the Collapse of Money Values: 1931 and 2... more Page 253. 246 RW Dimand The Consequences to the Banks of the Collapse of Money Values: 1931 and 2009: Some Comments Elise S. Brezis I wish to thank Jean-Pascal Benassy for comments and conversations on this matter. ...
Paul Davidson's admirable and concise new introduction to Keynes the person a... more Paul Davidson's admirable and concise new introduction to Keynes the person and to the ideas of Keynes emphasizes Keynes's demonstration that even a competitive economy with freely flexible wages and prices may lack an adjustment mechanism to automatically restore full employment without active government stabilization policy. This paper underlines Davidson's critique of the neutral money axiom of neoclassicals economics by
... Humberto Barreto, DePauw University 10.1215/00182702-2009-054 References Berlinski, David. 19... more ... Humberto Barreto, DePauw University 10.1215/00182702-2009-054 References Berlinski, David. 1995. A Tour of the Calculus. ... HOPE 12:524–41. Dennis Robertson: Essays on His Life and Work. By Gordon Fletcher. Basingstoke, UK: Palgrave Macmillan, 2007. vii; 192 pp. ...
and show that Cowles's test of Hamilton's version of the Dow Theory was flawed: Cowles compared r... more and show that Cowles's test of Hamilton's version of the Dow Theory was flawed: Cowles compared rates of return without adjusting for risk. A similar argument against Cowles' test was published by . Furthermore, Cowles (1944) accepted that there was one stock market forecaster whose prolonged record of success could not be attributed to chance (but whom Cowles did not name). Jones (1937), cited by Malkiel (1987) and as showing that stock price changes are random and without predictable structure, actually reported the opposite conclusion, but that result was demonstrated by and to be in part an artifact of the averaging technique used.
ABSTRACT Louis Bachelier's 1900 dissertation on the theory of speculation has been recogn... more ABSTRACT Louis Bachelier's 1900 dissertation on the theory of speculation has been recognized since its 1964 translation into English as a landmark in the emergence of the modern analysis of mathematical finance, efficient markets, and stochastic processes. His writings on the theory of speculation over the next four decades have received much less notice. This paper examines Bachelier's continued efforts to extend, reformulate, and popularize his approach, with particular attention to the three chapters on speculation in his 1912 treatise on the calculus of probabilities (dismissively and uncomprehendingly reviewed by J. M. Keynes in a review of five books on probability)and his 1938 monograph on speculation and the calculus of probabilities, which is here translated into English for the first time.
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