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Why Stock Markets Crash: Critical Events in Complex Financial Systems
The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of materials. In this book, Didier Sornette boldly applies his varied experience in ...more
ebook, 448 pages
Published May 14th 2014 by Princeton University Press
(first published November 18th 2002)
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It is fair to compare this book to the Black Swan by Nassim Taleb. Here an attempt is made to analyze and quantity instabilities of the Black Swan variety; mostly the [stock] market(s) but the final chapter contains an analysis of civilization itself. The book is VERY rich in concepts and ideas, much more so than most books. It also assumes a lot from the reader. If, for example, Ising model, K-selected, or Polya's Urn doesn't ring a bell for you, this may be too difficult a read.