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The two quantifications of the financial theory. A contribution to the critical history of financial modelling
[Les deux quantifications de la théorie financière. Contribution à une histoire critique des modèles financiers]

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  • Christian Walter

    (Le Collège d'études mondiales/FMSH - FMSH - Fondation Maison des sciences de l'homme, PHICO - Centre de philosophie contemporaine de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

I describe the changes of the financial theory over the long run by using the sociological notion of quantification and by coining a new terminology and framework: the first and second quantifications of this theory. I present an overview of the two quantifications by mirroring them with a stylized elementary market moving towards equilibrium. Then I illustrate the shift resulting from this transformation by describing the way the two quantifications impacted a well-known technique of the traditional finance, the calculation of the present value by discounting future cash flows.

Suggested Citation

  • Christian Walter, 2015. "The two quantifications of the financial theory. A contribution to the critical history of financial modelling [Les deux quantifications de la théorie financière. Contribution à une histoire critiq," Working Papers halshs-01118147, HAL.
    • Handle: RePEc:hal:wpaper:halshs-01118147
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01118147
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    References listed on IDEAS

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    1. Lucas Chancel & Géraldine Thiry & Damien Demailly, 2014. "Les nouveaux indicateurs de prospérité : pour quoi faire ? Enseignements de six expériences nationales," Working Papers halshs-01060845, HAL.
    2. Pierre Salama, 2014. "Les classes moyennes peuvent-elles dynamiser la croissance du PIB dans les économies émergentes ?," Working Papers halshs-00952752, HAL.
    3. Guilhem Fabre, 2013. "The Lion's Share. What's behind China's economic slowdown," Working Papers halshs-00874077, HAL.
    4. Pierre Salama, 2014. "Les classes moyennes peuvent-elles dynamiser la croissance du PIB dans les économies émergentes latino-américaines et asiatiques ?," Revue Tiers-Monde, Armand Colin, vol. 0(3), pages 141-157.
    5. Pierre Salama, 2014. "Les classes moyennes peuvent-elles dynamiser la croissance du PIB dans les économies émergentes ?," CEPN Working Papers halshs-00952752, HAL.
    6. Yukari Shirota, 2013. "A Study on Black-Scholes Formula with Computer Simulations and Graphics," Gakushuin Economic Papers, Gakushuin University, Faculty of Economics, vol. 49(4), pages 251-260.
    7. Géraldine Thiry & Philippe Roman, 2014. "The Inclusive Wealth Index. A Sustainability Indicator, Really?," Working Papers halshs-01011250, HAL.
    8. Isabelle Huault & Hélène Rainelli-Weiss, 2013. "Is transparency a value on OTC markets? Using displacement to escape categorization," Working Papers halshs-00927090, HAL.
    Full references (including those not matched with items on IDEAS)

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