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Sketches in Quantitative Finance

A Translation of Louis Bachelier’s Le Jeu, la Chance et le Hasard

Edward Harding

About the author

Edward Harding received degrees in geography, business, and information technology from Middlebury College, Dartmouth College and the University of Massachusetts respectively. He was a Professor of Finance at Plymouth State University in the US for over thirty years, teaching, writing and self-publishing several concise course textbooks in the field of quantitative finance. In this capacity he stumbled upon the work of Louis Bachelier and was captivated by the content: the math, the finance, the philosophy, and especially the slippery nature of randomness. He currently lives a quiet life with his wife in the woods of New Hampshire, USA.

Contents

I. Randomness II. Probability III. Appreciation of Probability IV. Mathematical Expectation V. Moral Expectation VI. The General Idea of Expectation VII. Luck VIII. Mean Values IX. The Origins of the Calculation of Probabilities X. Martingales and Lotteries XI. Classification of Probabilities XII. Laws of Large Numbers XIII. Law of Bernoulli XIV. Gamblers Ruin XV. The Illusions of Gamblers XVI. New Theories of Probabilities XVII. Randomness and Experience XVIII. Speculation XlX. Instruments of Speculation XX. Probabilities of Future Events after Observed Events XXI. Errors of Observation XXII. Principle of the Mean XXIII. Curves of Frequency XXIV. The Shot at the Target

Forthcoming winter 2017