Books by Louis Bachelier

French doctoral student, Louis Bachelier, successfully defended his thesis Th├⌐orie de la Sp├⌐culation at the Sorbonne. This book provides a new translation of Bachelier''s seminal work.Bachelier''s thesis is a remarkable document on two counts. In mathematical terms Bachelier''s achievement was to introduce many of the concepts of what is now known as stochastic analysis. His purpose, however, was to give a theory for the valuation of financial options. He came up with a formula that is both correct on its own terms and surprisingly close to the Nobel Prize-winning solution to the option pricing problem by Fischer Black, Myron Scholes, and Robert Merton in 1973.This book offers great insight into the historical developments of probability and mathematical finance.  

WORK IS IN FRENCH This book is a reproduction of a work published before 1920 and is part of a collection of books reprinted and edited by Hachette Livre, in the framework of a partnership with the National Library of France, providing the opportunity to access old and often rare books from the BnF's heritage funds.