A New Anecdote of Antiquity in the History of Computational Finance John A. Dobelman Department of Statistics Rice University September 20, 2004 New Anecdote
(Fr., from Greek anekdota, unpublished items) History "There has been much discussion as to whether history should not henceforth be treated as a branch of science rather than of literature T.Roosevelt, 1912 Computational Finance
Difficult electronic calculations involving money D. Senft, 2002 James R. Thompson, Noah Harding Professor of Statistics, Rice University Dexter Senft, Managing Director, Lehman Brothers, Inc.
William Goetzmann, Yale School of Management, International Center for Finance, National Bureau of Economic Research (NBER) Canonical Milestone/Anecdote 1912 - Women Computers widely used at Harvard College Observatory
Canonical Milestone/Anecdote 1877-1900 Louis Bachelier, partially based on Charles Castellis The Theory of Options in Stocks and Shares, opens door for the Gaussian solution: 1877-1900 Castelli and Bachelier 1912 - Women Computers
widely used at Harvard College Observatory 1623 - First adding machine is made by Wilhelm Schickard 1912 - Women Computers widely used at Harvard College Observatory
1623 - First adding machine is made by Wilhelm Schickard 1570 - Forwards begin trading on Londons Royal Exchange 1200 - Modern version of the abacus appears in
China 1200 - Modern version of the abacus appears in China B.C. 500 - Counting boards used by Babylonians (The Salamis Tablet)
1200 - Modern version of the abacus appears in China B.C. 500 - Counting boards used by Babylonians (The Salamis Tablet) B.C. 600 - Greece. First option contracts (Thales the Milesian and olive
presses) B.C. 500 - Counting boards used by Babylonians (The Salamis Tablet) B.C. 600 - Greece. First option contracts (Thales the Milesian and olive presses)
B.C. 1700 - Egypt. First commodities hedge (Ge. 41) Canonical Milestone/Anecdote 20th c. BCE and Earlier? Origins of Writing! Mesopotamia
4000-3200 Uruk Period Inanna temple, Jordan (1929), SchmandtBessert(UT) Bullae contracts (no time, parties, interest) commitment 3200-2370 Jemdet Nasr/Early Dynastic
Period Pictographic tablets document econ Ante/post-deluvian Ur founded (2600) 2370 - 2112 Sargon Period Unifies Sumeria @ Akkad Sir Woolsey discovers Ur wall st.
financial empire (1922-34) 2111 - 2000 Uruk III Final flowering of Sumerians; then, Elam I destroys Ur Amorites conquer, Babylon rises. 1999- Amorites Babylon Rule
1792-1749 Hammurabi Sumerian Trailblazing Science - Business Religion Nammu (mother goddess), Ishtar or Inanna (love goddess), w/wind and thunder gods Ziggurats
Goetzmanns Anecdote(s) Ur, 1796 Dumuzi-gamil: royal baker to Rim-Sin (5000 l/mo); (1000 yrs); Borrows Ag for 5-year term, makes payday loans to fishermen 20% per month! 15 such loans Shumi-abum: 500g Ag @ 3 3/4% p.a.; sells note to other investors.
2 other investors: Collect the debt in 1791. Dumuzi-gamil fails in crash of 88 Martin Schyen and the Schyen Collection 1955: 16th c. French sermons as binding 1986: 15th c. Geraardsbergen Latin Bible 2004: 13,497+ MSS & artifacts. Thrill of
the chase Only Manuscripts in the Schyen Collection (MSC) vol. i, ii and iii (Hermes) Highlights - Earliest Known, etc. 40 fragments of Qumran DSS 2nd - 7th c. BC Buddhist texts on palm, birch and vellum
21st c. pre-Hammurabi legal code (300 yrs) 26th c. Gilgamesh Epic, Sumerian version 5th c. Babylonian ziggurat brick w/ Nebuchadezzar's name inscribed Math (cubic tables, geometry) Beer Production, Pictographic script Uruk III, Sumer, 31st c. BC
Conclusions What is it? Forward/futures contract - contract - quantity - performance period What about Price? Acknowledgements
The Schyen Collection MS 1717, used by kind permission of Martin Schyen Hope Derosette Dobelman References Goetzmann, William, Financing Civilization, book in preparation 2004. Available: http://viking.som.yale.edu/will/finciv/chapter1.htm
Senft, Dexter, A Brief History of Computational Finance, Presentation at the The Rice Center for Computational Finance and Economic Systems (CoFES) 2002 Symposium, Rice University, Houston, Texas 11/8/2002. Shanks, Hershel, "Scrolls, Scripts & Stelae", Bib. Arch. Rev., Sep/Oct 2002
Air Force divided up into 10 major commands, Hill AFB falls under Air Force Materiel Command. AFMC Divided up into 6 major centers. Hill AFB falls under Air Force Sustainment Center. Mission: The mission of the Air Force Sustainment Center...
When seeking guidance on ethical decision-making, teachers often rely upon opinions that lead to situational, subjective, arbitrary, and inconsistent resolutions. There is a culture of silence that exists among teachers regarding ethical decision-making due to a fear of consequences. Ethical...
Cliques - synonym for complete graph, subsets of vertices within which every possible edge exists [S2]. Cluster Clustering Complete Graph - A complete graph has one link between every node. Degree - The degree (or valence) of a vertex (node)...
CUB SCOUT/BOY SCOUT/VENTURE SCOUTS SIGNS US FLAG WITH SYMBOLIC EAGLE The Stars and Strips Waves Behind it all along with the Symbolic Eagle ELLIOT WAITE PHILLIPS DONOR OF PHILMONT Philmont Scout Ranch is a large, rugged, mountainous ranch located near...
Nationale guidelines. Appendix 1. Sparsom evidens. Anbefalingerne primært baseret på konsensus. Monitorering x 2-3 ugentligt (NICE, Norge, Frankrig, Canada) CTG (non stress-test) Vurdering af fostervandsmængde . CTG monitorering hos postterme.
An exception! NPC personality On the other hand, NPC needs to have memorable personality If player is annoyed by an NPC It's actually not bad It means the NPC has enough personality Sephiroth vs Ultimacia, the opposite Yuffie (\_/), Rikku...
This also applies to an appointed representative or someone who is in business with the number holder. You may be unable to open a . my. ... Once you give us this additional information, we will send you a letter...
Ready to download the document? Go ahead and hit continue!