Interpreting the modern history of finance theory from Henri Poincaré’s perspective

Nicolas Martelin, Jamie Ness and Philippe Bernard-Ciolfi

The European Journal of the History of Economic Thought, 2025, vol. 32, issue 3, 331-341

Abstract: Henri Poincaré is well known for his work in mathematics, physics, and the philosophy of science. From 1900 onwards, Poincaré had the opportunity to become a forerunner of the Efficient Market Hypothesis (EMH), a concept that was formally developed 65 years later, but he never seised it. We show that Poincaré’s view on randomness was incompatible with the EMH framework. Although he did not work directly on financial topics, his work has helped to understand the limits of random walks in asset pricing; a way to reconcile the mathematician with the field of finance.

Date: 2025
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DOI: 10.1080/09672567.2024.2396857

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