Fibonacci and the Financial Revolution

William Goetzmann

Yale School of Management Working Papers from Yale School of Management

Abstract: This paper examines the contribution of Leonardo of Pisa [Fibonacci] to the history of financial mathematics. Evidence in Leonardo's Liber Abaci (1202) suggests that he was the first to develop present value analysis for comparing the economic value of alternative contractual cash flows. He also developed a general method for expressing investment returns, and solved a wide range of complex interest rate problems. The paper argues that his advances in the mathematics of finance were stimulated by the commercial revolution in the Mediterranean during his lifet

Date: 2003-10-01, Revised 2004-03-01
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