* Considers neoclassical models in light of results that can go wrong with them to bring about better models. * Questions the assumption that markets clear quickly. * Offers a timely examination of the LTCM collapse. * Written by a group of well-respected and highly qualified au…
The collapse of the Scholes-Merton Long Term Capital Management (LTCM) hedge fund created quite a fiasco. It made people who thought of the efficient market-based formulae for fair prices as rigid laws question their beliefs. Inspired by the collapse, this book provides an anti-…
* Considers neoclassical models in light of results that can go wrong with them to bring about better models. * Questions the assumption that markets clear quickly. * Offers a timely examination of the LTCM collapse. * Written by a group of well-respected and highly qualified au…