THE THEORY OF SPECULATION. L. BACHELIER. Translated by D. May from. Annales scientifiques de l’ ´Ecole Normale Supérieure, Sér., ( ), p. Bachelier, L.. “Théorie de la spéculation.” Annales scientifiques de l’École Normale Supérieure 17 (): Bachelier On the centenary of Théorie de la Spéculation. finance: on this day French postgraduate student Louis Bachelier successfully de-.

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Théorie de la spéculation

By using this site, you agree to the Terms of Use and Privacy Policy. Louis Bachelier, aged Retrieved from ” https: Bachelier arguments used in his thesis also predate Eugene Fama ‘s Efficient-market hypothesiswhich is very closely related, as the idea of random walk is suited to predict the random future in a stock market where everyone has all the available information. His mother was the daughter of an important banker who was also a writer of poetry books.


Defended on March 29, at the University of Paris, [2] Bachelier’s thesis was not well received because it attempted to apply mathematics to an unfamiliar area for mathematicians. Jean-Michel Courtault et al.

Théorie de la spéculation

His work in finance is recognized as one of the foundations for the Black—Scholes model. Thus, Bachelier is considered as the forefather of mathematical finance and a pioneer in the study of stochastic processes.

Bachelier was born in Le Havre.

His studies were further delayed by military service. Pioneer in mathematical finance. Infobox person using speculatoin mater Articles with hCards CS1 maint: Bachelier arrived in Paris in to study at the Sorbonnewhere his grades were less than ideal. Bachelier did not develop this part of his thesis further.

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Louis Bachelier

His army service ended on December 31, From Wikipedia, the free encyclopedia. This page was last edited on 5 Septemberat The Physics of Wall Street: Besides the setback that the war had caused him, Bachelier was blackballed in when he attempted to receive a permanent theirie at Dijon. Le HavreFrance.


With the support of the Council of the University of ParisBachelier was given a permanent professorship at the Sorbonne, but World War I intervened and Bachelier was drafted into the French army as a private.

For several years following the successful defense of his thesis, Bachelier further developed the theory of diffusion processeslq was published in prestigious journals. During this time Bachelier gained a practical acquaintance with the financial markets.

For the artist, see Jean-Jacques Bachelier. It is regrettable that M. A Brief History of Predicting the Unpredictable. His father was a wine merchant and amateur scientistand the vice-consul of Venezuela at Le Havre. In he became a “free professor” at the Sorbonne.