An edition of Medium of Contingency
(2011)
The medium of contingency
an inverse view of the market
by Reza Negarestani, Elie Ayache, Matthew Poole, Robin Mackay, and Thomas Dane Gallery Staff
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"The Medium of Contingency brings a completely new and original perspective to the relationship between the reality of the marketplace and its disassociation with the probabilistic and statistical tools used to model and support it. It utilises the author's extensive experience and research in derivatives pricing, the analysis of the theory of contingent claims and philosophy, and builds on the work of thinkers such as von Mises, Kolmogorov, Shafer and Vovk. This book argues a new way of thinking about the mathematical applications of finance: that market is "real" and relates to contingency, and yet has nothing to do with probability, when the latter is understood in its relation with statistics. Thus, a new appreciation of these relationships need to be developed to effectively apply them to the market. This book provides original insight into the relationship between financial mathematics and financial markets, and provides new perspectives on the theory of derivatives pricing in the quantitative finance industry. "--
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Subjects
Art, philosophy, Art, modern, 21st century, exhibitions, Art, modern, 20th century, exhibitions, Finance, mathematical models, Art, modern, 21st century, Art, modern, 20th century, Contingency (Philosophy) in art, Exhibitions, Modern Art, Contingency (philosophy)--in art, Contingency (philosophy)--in art--exhibitions, Art, modern, Art, modern--21st century--exhibitions, N6497 .m42 2011, Contingency (Philosophy), In art| Edition | Availability |
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Medium of Contingency: An Inverse View of the Market
2016, Palgrave Macmillan
in English
1137286563 9781137286567
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The medium of contingency: an inverse view of the market
2015, Palgrave Macmillan, Springer
in English
1137286547 9781137286543
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Book Details
Table of Contents
Machine generated contents note:
Preface
Introduction
0.1 Derivative Valuation Theory vs. Derivative Pricing Technology
0.2 Implied Volatility vs. Real Volatility
0.3 Formal Reality vs. Physical Reality
I The Matter
1 The End of Probability
1.1 The Void of Possibilities
1.2 A New Matter
1.3 The Infinity of Markets
1.4 The End of Statistics
2 The Vision Ahead
2.1 Regime-Switching Model
2.2 Recalibration
2.3 Is Probability Necessary?
2.4 Price and Probability
2.5 A New Metaphysics
2.6 Absolute Contingency
2.7 The Market as an Opportunity for Speculative Thought
2.8 The Market as the Conversion of the Image of Thought
2.9 Ascending to the Metalogical Level
3 Introducing the Market
3.1 The Unexchangeable Place of Exchange
3.1.1 The market as a continual event
3.1.2 The market as quantitative history
3.1.3 The intensive nontemporal price process
3.1.4 The continuity of the discontinuity
3.1.5 The matter beyond antifragility
3.2 The Medium of Contingency
3.2.1 The technology of the future
3.2.2 The book behind the market
3.3 Pricing vs. Valuation
3.3.1 The surface of the market
3.3.2 The smile problem
3.3.3 The absolute local
3.3.4 In the middle of the event
4 The Thought Behind
4.1 Two Sides of Writing
4.2 Genesis of Price vs. Generation of Number
4.3 The Market as Geometry
4.4 State vs. Mark
4.5 Probability as an Internal Episode
4.6 The Alternative Axiomatic System of Shafer and Vovk
4.7 Extensive Difference vs. Intensive Difference
II The Matter in Brownian Motion
5 From Throwing the Dice to Grasping Brownian Motion
5.1 The Meaning of Probability
5.1.1 The Law of Large Numbers
5.1.2 Intuition
5.1.3 Matter
5.1.4 Reality
5.1.5 Tense
5.2 Changing the Meaning of Matter
5.2.1 Money
5.2.2 Time is not money
5.2.3 Money is place
5.3 Changing the Meaning of Reality
5.3.1 Ex-ante vs. ex-post
5.3.2 Brownian motion
6 From the Marvel of Brownian Motion to the Reality of the Market
6.1 The Technology of the Market
6.2 The Reality of the Market
6.3 The Market as an Inverted Order of Thought
III The Matter in Contingency
7 The Paper and the Tree
7.1 The Market and Time
7.1.1 Contingency, writing and exchanging
7.1.2 Price and time
7.1.3 Price and the event
7.1.4 Price and the trace
7.2 From the Mark to the Whole Market
7.2.1 Contingent payoff vs. contingent claim (first take)
7.2.2 The invention of writing (first take)
7.2.3 The exchange and the abyss
8 Archaeology of the Multiple
8.1 To Be vs. Can Be
8.1.1 Identification and transition
8.1.2 The danger of abstraction and the suspension of possibility
8.1.3 0 and 1
8.1.4 The real future
8.2 Chrono-logic
8.2.1 Probability as an integral
8.2.2 Chronology as a simulation of chrono-logic
8.3 Accounting for the Event
8.3.1 Money and the other face of the event
8.3.2 The accident of time and the necessity of work
8.3.3 An event that is not but that remains
8.3.4 Writing the event
9 Archaelogy of the Exchange
9.1 All of the Market!
9.1.1 Impossible exchange, necessary exchange
9.1.2 The inverse view
9.2 Statistics as a Proto-market
9.2.1 Abstraction and the precision of the present state
9.2.2 The immanence of statistics and the immanence of the paper
9.2.3 The matter in statistics
9.3 The Matter in the Exchange
9.3.1 The non-individual singular
9.3.2 Single-case statistics
9.3.3 Contingency of the strike
10 Matter and Geometry
10.1 The Singularity of Writing
10.2 The Singularity of the Exchange
IV The Market of Contingent Claims (or the Matter in Black-
Scholes-Merton)
11 Towards a Contemporary Theory of the Market
11.1 The Stochastic Narrative of the Market
11.1.1 Definite states
11.1.2 Derivatives prices as states
11.1.3 Variations on lottery value and random price
11.1.4 The curse of the derivative value
11.2 The Trading Narrative of the Market
11.2.1 Can the derivative trade independently?
12 Incomplete Markets
12.1 Complete vs. Incomplete Markets
12.2 Martingale Measure of the Market
12.3 Equivocation
12.4 Incomplete Market when the market Is All There Is
13 The Central Knot
13.1 Contingent Payoff vs. Contingent Claim
13.2 Probabilistic Exit
13.3 The Alternative Exit
13.3.1 Differentiating the form
13.4 The Invention of Writing
13.5 Genesis
13.5.1 That they don't exist
14 The Hard Problem
14.1 The Ultimate Probability Spot
14.2 The Presentation of the Contingent Payoffs
14.3 The Lure of Theory
14.4 The Semantic Theory of the Market
15 The Book of the Market
15.1 Formalism and Meta-formalism
15.1.1 The instant of the formalism and the instant of the market
15.1.2 The infinity of the option price and the infinity of matter
15.1.3 Formal deduction of matter
15.1.4 A new book for a new reality
15.2 The Book of Genesis
15.2.1 Only the book can write history
15.2.2 One book instead of two theories
15.2.3 Only the book can bind the void
15.2.4 Only the book can settle the succession
15.2.5 Contemporary art
15.2.6 An ontology made of paper
15.3 The Trading Force
15.4 Coda
16 Denouement: The theory after the Two Narratives
Conclusion
17 Appendix 1: Regime-Switching Model 669
17.1 A Meta-contextual Pricing Tool
17.2 Recalibration
18 Append.
Edition Notes
Classifications
The Physical Object
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