Epstein Secrets

cs in economics is even more frustrating. Merton, Black and Scholes cherry-picked the diffusion equation

he details of income and wealth distributions have rarely been studied in mainstream theoretical economics, a notable and important exception being Champernowne. Champernowne was a highly gifted mathematician who was diverted into economics, he was the first person to bring a statistical mechanical approach

of quantum effects or the stochasticity found in Black-Scholes. This is 'deterministic chaos' or usuall

ater in economics, this area has attracted physicists and statistical mathematicians and engineers in significant numbers since at least the work of Champernowne. The reason is simple; to a statistical physicist, economics is obviously a multi-body phenomenon. It is messy. There are millions of agents in a t

first area relates to the pricing models based on Black-Scholes, the second to the pricing of shares und

lots of boundary conditions, may be simple enough to be tractable to a traditional statistical mechanical analysis on the lines of Dewar, or indeed Champernowne. Before moving into further discussion I would first like to follow the maths through a little more. I would like to do two things. Firstly I would