This is the first book in the Selecta, the collected works of Benoit Mandelbrot. This volume incorporates his original contributions to finance and is a major contribution to the understanding of how speculative prices vary in time. The chapters consist of much new material prepared for this volume, as well as reprints of his classic papers. Much of this work helps to lay a foundation for evaluating risks in trading strategies.
Statistical Papers, 2000: "... this is a most useful collection of Mandelbrot's work economics, it provides an excellent starting point for anybody interested in the origin of many current topics in empirical finance or the distribution of income."

Content Level » Professional/practitioner
Related subjects » Quantitative Finance
Table of contents From the contents: Intro; Major Themes; New Methods in statistical economics; Historical Background; States of randomness; self-similarity and self-affinity; rank sized plots; proportional growth and other explanations of scaling; a case against the log distribution; Personal incomes and firm sizes; Random flight on Wall Street; nonlinear forecasts.