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am 28. Februar 2013
This is a history of contributions to quantitative finance by physicists and applied mathematicians. Without getting into technical detail, the author gives a flavour of how mathematical models are used on Wall Street. He also provides biographical information on his protagonists. The book's bottom line is that mathematical models can be useful in finance but have to be used responsibly. According to the author, mathematical modeling should be a work continously in progress in any field and especially in finance. The ever-changing nature of financial markets requires constant testing and updating of mathematical models used in finance. Uncritical use of models in finance was one of the causes of the 2008 crash, says the author.

The book is readable and accessible because its explanation of models used in finance stays pretty much at the surface. It was informative to me but then I hardly knew a thing about quantitative finance before reading the book.
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