Introducing the Market

Elie Ayache

Chapter 3 in The Medium of Contingency, 2015, pp 46-78 from Palgrave Macmillan

Abstract: Abstract I had the fortune to start my trading career in 1987 — more exactly, on 19 October, the day the market crashed.1 The bank had hired me in September after my graduation from engineering school, but 19 October was the first day I had set foot on the floor, owing to my boss’s intuition that there would be something worth watching and learning in there that day. I remember a distinct feeling which I would later recognize as philosophically-charged and which spontaneously imposed itself on me as I stood by the pit and watched the fast trading activity. (I couldn’t trade myself as I was still an apprentice — I could only watch.) Simply, I became convinced that there was more going on, in producing the events and their succession, than the mere chain of causes and effects that unfolded in chronological time.

Keywords: Market Price; Option Price; Stochastic Volatility; Random Generator; Implied Volatility (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-28656-7_4

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DOI: 10.1007/978-1-137-28656-7_4

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