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  1. Home
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  3. Quantum Field Theory for Economics and Finance
  • Cited by 19
Publisher:
Cambridge University Press
Online publication date:
August 2018
Print publication year:
2018
Online ISBN:
9781108399685
DOI:
https://doi.org/10.1017/9781108399685
Subjects:
Mathematics, Econophysics and Financial Physics, Physics and Astronomy, Mathematical Finance
Information

Book description

An introduction to how the mathematical tools from quantum field theory can be applied to economics and finance, providing a wide range of quantum mathematical techniques for designing financial instruments. The ideas of Lagrangians, Hamiltonians, state spaces, operators and Feynman path integrals are demonstrated to be the mathematical underpinning of quantum field theory, and which are employed to formulate a comprehensive mathematical theory of asset pricing as well as of interest rates, which are validated by empirical evidence. Numerical algorithms and simulations are applied to the study of asset pricing models as well as of nonlinear interest rates. A range of economic and financial topics are shown to have quantum mechanical formulations, including options, coupon bonds, nonlinear interest rates, risky bonds and the microeconomic action functional. This is an invaluable resource for experts in quantitative finance and in mathematics who have no specialist knowledge of quantum field theory.

Reviews

'This book could be just the volume for someone wanting to make the transition from calculating matrix elements to designing financial instruments, from spinors to swaps or from operators to options … The book’s structure interleaves traditional lessons in quantum field theory with topics in econophysics, producing a rather novel result.'

Stephen J. Blundell Source: Contemporary Physics

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Contents

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Contents

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