The metaphor of contagion pervades critical discourse across the humanities, the medical sciences, and the social sciences. It appears in such terms as 'social contagion' in psychology, 'financial contagion' in economics, 'viral marketing' in business, and even 'cultural contagi…
The metaphor of contagion pervades critical discourse across the humanities, the medical sciences, and the social sciences. It appears in such terms as 'social contagion' in psychology, 'financial contagion' in economics, 'viral marketing' in business, and even 'cultural contagi…
Emanuel Derman was a quantitative analyst (Quant) at Goldman Sachs, one of the financial engineers whose mathematical models became crucial for Wall Street. Here, he describes his experiences as a physicist on Wall Street, the models quants generated, the benefits they brought a…
Quants, physicists working on Wall street as quantitative analysts, have been widely blamed for triggering the recent financial crises with their complex mathematical models. Their formulas were meant to allow Wall street to prosper without risk. So what made these models so dan…