{"product_id":"the-blank-swan-9780470725221","title":"The Blank Swan","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eOctober 19th 1987 was a day of huge change for the global finance industry.   On this day the options market crashed, the Nobel Prize winning Black-Scholes formula failed and volatility smiles were born, and on this day Elie Ayache began his career, on the trading floor of the French Futures and Options Exchange.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eIntroduction xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Writing and Event 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Writer of \u003ci\u003eThe BLANK Swan \u003c\/i\u003e3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Prediction versus Prescription 3\u003c\/p\u003e \u003cp\u003e1.1.1 My private \u003ci\u003eBlack Swan \u003c\/i\u003e3\u003c\/p\u003e \u003cp\u003e1.1.2 Pierre Menard’s trading room 4\u003c\/p\u003e \u003cp\u003e1.1.3 Probability, replication, context and beyond 4\u003c\/p\u003e \u003cp\u003e1.1.4 Contingency 5\u003c\/p\u003e \u003cp\u003e1.1.5 The process of change of contexts 6\u003c\/p\u003e \u003cp\u003e1.1.6 Writing the Black Swan 7\u003c\/p\u003e \u003cp\u003e1.1.7 Finding the context in \u003ci\u003eThe Black Swan \u003c\/i\u003e8\u003c\/p\u003e \u003cp\u003e1.1.8 Writing backwards 9\u003c\/p\u003e \u003cp\u003e1.1.9 Poetry and \u003ci\u003eThe Black Swan \u003c\/i\u003e10\u003c\/p\u003e \u003cp\u003e1.2 Generalizing Prediction 11\u003c\/p\u003e \u003cp\u003e1.2.1 Postponing history 11\u003c\/p\u003e \u003cp\u003e1.2.2 Incompatible contexts 11\u003c\/p\u003e \u003cp\u003e1.2.3 Knowledge as prediction 13\u003c\/p\u003e \u003cp\u003e1.2.4 True empiricism 14\u003c\/p\u003e \u003cp\u003e1.2.5 Meta-contextual prediction and backward causality 15\u003c\/p\u003e \u003cp\u003e1.3 The Derivatives Market 18\u003c\/p\u003e \u003cp\u003e1.3.1 Possibility, capacity and the market of contingent claims 18\u003c\/p\u003e \u003cp\u003e1.3.2 Market mechanics 19\u003c\/p\u003e \u003cp\u003e1.3.3 Price and the implicate ontology 19\u003c\/p\u003e \u003cp\u003e1.3.4 Technology of the future 21\u003c\/p\u003e \u003cp\u003e1.3.5 Context change and the necessity of jumps 23\u003c\/p\u003e \u003cp\u003e1.3.6 The ‘derivative–derivative’ trader 24\u003c\/p\u003e \u003cp\u003e1.3.7 Bringing the Black Swan to nest 25\u003c\/p\u003e \u003cp\u003e1.3.8 The regime-switching model as a meta-contextual pricing tool 26\u003c\/p\u003e \u003cp\u003e1.3.9 ‘Transcendental deduction’ of the derivatives market 27\u003c\/p\u003e \u003cp\u003e1.3.10 A return to history 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 The Writing of Derivatives 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 First Steps on the Surface 31\u003c\/p\u003e \u003cp\u003e2.1.1 Theoretical speculation versus speculation 32\u003c\/p\u003e \u003cp\u003e2.1.2 Rethinking probability 33\u003c\/p\u003e \u003cp\u003e2.1.3 Nonarbitrage 34\u003c\/p\u003e \u003cp\u003e2.1.4 Writing, difference and deferral 37\u003c\/p\u003e \u003cp\u003e2.1.5 Reality of the market: the virtual 38\u003c\/p\u003e \u003cp\u003e2.2 Introducing Contingency 40\u003c\/p\u003e \u003cp\u003e2.2.1 Derivative writing as an alternative to metaphysics 40\u003c\/p\u003e \u003cp\u003e2.2.2 Inverting the logic 41\u003c\/p\u003e \u003cp\u003e2.2.3 Present value versus present price 42\u003c\/p\u003e \u003cp\u003e2.2.4 Derivative technology 43\u003c\/p\u003e \u003cp\u003e2.2.5 From derivatives to contingent claims 45\u003c\/p\u003e \u003cp\u003e2.2.6 The medium of contingency 46\u003c\/p\u003e \u003cp\u003e2.2.7 Possibility versus capacity 47\u003c\/p\u003e \u003cp\u003e2.2.8 Immanent differentiation and univocal contingency 49\u003c\/p\u003e \u003cp\u003e2.3 The Pricing Surface 51\u003c\/p\u003e \u003cp\u003e2.3.1 Reversibility of pricing and absolute market 51\u003c\/p\u003e \u003cp\u003e2.3.2 Price and exchange 54\u003c\/p\u003e \u003cp\u003e2.3.3 The two faces of price and reversion to the surface 55\u003c\/p\u003e \u003cp\u003e2.3.4 The liquidity and the fold of price 56\u003c\/p\u003e \u003cp\u003e2.3.5 The new metaphysics of liquidity and of the past of prices 58\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The Event of the Market 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 From States of the World to Market Prices 61\u003c\/p\u003e \u003cp\u003e3.1.1 The market, a place of exchange not of prediction 61\u003c\/p\u003e \u003cp\u003e3.1.2 Value versus price 63\u003c\/p\u003e \u003cp\u003e3.1.3 Elements of financial valuation theory 63\u003c\/p\u003e \u003cp\u003e3.1.4 The advent of derivatives and market prices as states of the world 64\u003c\/p\u003e \u003cp\u003e3.2 The Black–Scholes–Merton Paradigm 65\u003c\/p\u003e \u003cp\u003e3.2.1 Price process and Brownian motion 65\u003c\/p\u003e \u003cp\u003e3.2.2 The Black–Scholes revolution and derivative pricing theory 66\u003c\/p\u003e \u003cp\u003e3.2.3 The dynamic replication of derivative instruments 67\u003c\/p\u003e \u003cp\u003e3.2.4 A universal pricing formula 68\u003c\/p\u003e \u003cp\u003e3.3 The Critique of Derivative Pricing Theory 70\u003c\/p\u003e \u003cp\u003e3.3.1 The real consequences of derivative pricing theory 70\u003c\/p\u003e \u003cp\u003e3.3.2 The very special mode of being of the market 71\u003c\/p\u003e \u003cp\u003e3.3.3 The market as given 72\u003c\/p\u003e \u003cp\u003e3.3.4 The market as the ‘inversion’ of theory or the ambivalence of price 73\u003c\/p\u003e \u003cp\u003e3.4 The Necessity of Meta-Contextual Ascent 75\u003c\/p\u003e \u003cp\u003e3.4.1 A new ‘logic’ for a new science 75\u003c\/p\u003e \u003cp\u003e3.4.2 New generations, endless generation 77\u003c\/p\u003e \u003cp\u003e3.4.3 The necessity of the context and the necessity of its surpassing 77\u003c\/p\u003e \u003cp\u003e3.4.4 A meta-contextual pricing tool 79\u003c\/p\u003e \u003cp\u003e3.4.5 Technology of the future versus knowledge of the future 82\u003c\/p\u003e \u003cp\u003e3.4.6 The performative surpassing of representation and possibility 83\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Writing and the Market 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Pierre Menard 87\u003c\/p\u003e \u003cp\u003e4.1.1 The reality of contingency 87\u003c\/p\u003e \u003cp\u003e4.1.2 The im-possibility of history 89\u003c\/p\u003e \u003cp\u003e4.1.3 Writing history 91\u003c\/p\u003e \u003cp\u003e4.1.4 The very sad writing of Pierre Menard 92\u003c\/p\u003e \u003cp\u003e4.1.5 The differential definition of writing and the unpredictability of the \u003ci\u003eQuixote \u003c\/i\u003e95\u003c\/p\u003e \u003cp\u003e4.1.6 The past of possibility 97\u003c\/p\u003e \u003cp\u003e4.2 Reading and Writing 100\u003c\/p\u003e \u003cp\u003e4.2.1 The significance of replication and the turn to the virtual 100\u003c\/p\u003e \u003cp\u003e4.2.2 Writing as forgetting 103\u003c\/p\u003e \u003cp\u003e4.2.3 Anti-memory as trading and literary creation 104\u003c\/p\u003e \u003cp\u003e4.2.4 The resurfacing of writing 107\u003c\/p\u003e \u003cp\u003e4.3 Approaching the Market 108\u003c\/p\u003e \u003cp\u003e4.3.1 Univocity of the market 108\u003c\/p\u003e \u003cp\u003e4.3.2 Immanence of the market 111\u003c\/p\u003e \u003cp\u003e4.3.3 The sense of the market 113\u003c\/p\u003e \u003cp\u003e4.3.4 Announcing the genesis of the market 115\u003c\/p\u003e \u003cp\u003e4.3.5 Originality of price and of the market 116\u003c\/p\u003e \u003cp\u003e4.3.6 The Blank Swan 118\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Absolute Contingency and the Return of Speculation 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 The Necessity of Contingency 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Against Speculation 125\u003c\/p\u003e \u003cp\u003e5.1.1 Writing history (reprise) 125\u003c\/p\u003e \u003cp\u003e5.1.2 The writer’s (and trader’s) body 126\u003c\/p\u003e \u003cp\u003e5.1.3 Beyond possibility, capacity and ethics: a political interlude 128\u003c\/p\u003e \u003cp\u003e5.1.4 State of power 129\u003c\/p\u003e \u003cp\u003e5.1.5 The absolute 131\u003c\/p\u003e \u003cp\u003e5.1.6 Absolute irony 132\u003c\/p\u003e \u003cp\u003e5.2 Speculative Materialism 132\u003c\/p\u003e \u003cp\u003e5.2.1 Speculative metaphysics 132\u003c\/p\u003e \u003cp\u003e5.2.2 The shortcoming of Kant’s critical philosophy 133\u003c\/p\u003e \u003cp\u003e5.2.3 Meillassoux’s proposition: the absolute necessity of contingency 134\u003c\/p\u003e \u003cp\u003e5.2.4 Is the absolute thinkable? 136\u003c\/p\u003e \u003cp\u003e5.2.5 The absolutization of facticity 137\u003c\/p\u003e \u003cp\u003e5.2.6 Positively thinking the absolute 138\u003c\/p\u003e \u003cp\u003e5.2.7 Chaos, yet not without structure 139\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Passage to the Future 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 From Possibility to Inexistence 143\u003c\/p\u003e \u003cp\u003e6.1.1 The passing of the possible 144\u003c\/p\u003e \u003cp\u003e6.1.2 Factual ontology 145\u003c\/p\u003e \u003cp\u003e6.1.3 Cantor’s set theory as meta-ontology 146\u003c\/p\u003e \u003cp\u003e6.1.4 Factual derivation of the un-totalization 147\u003c\/p\u003e \u003cp\u003e6.1.5 Effective contingency versus absolute contingency 148\u003c\/p\u003e \u003cp\u003e6.1.6 Speculative result versus metaphysical result 149\u003c\/p\u003e \u003cp\u003e6.2 The Passage 150\u003c\/p\u003e \u003cp\u003e6.2.1 The future and the world 150\u003c\/p\u003e \u003cp\u003e6.2.2 Passage to the future 151\u003c\/p\u003e \u003cp\u003e6.2.3 Gravity of the world 152\u003c\/p\u003e \u003cp\u003e6.2.4 The quality of happening 153\u003c\/p\u003e \u003cp\u003e6.2.5 Turning the future on 155\u003c\/p\u003e \u003cp\u003e6.3 The Future 156\u003c\/p\u003e \u003cp\u003e6.3.1 Badiou and Deleuze 156\u003c\/p\u003e \u003cp\u003e6.3.2 Ontologizing the passage 157\u003c\/p\u003e \u003cp\u003e6.3.3 Cutting to the future 158\u003c\/p\u003e \u003cp\u003e6.3.4 A paper rotation 159\u003c\/p\u003e \u003cp\u003e6.3.5 Keeping only the future 160\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Necessity of the Future 163\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 A Model World 163\u003c\/p\u003e \u003cp\u003e7.1.1 Derivatives world 163\u003c\/p\u003e \u003cp\u003e7.1.2 The event of trading the derivative 164\u003c\/p\u003e \u003cp\u003e7.1.3 Exchange as fundamental ontology 166\u003c\/p\u003e \u003cp\u003e7.1.4 The market as the exchange of knowledge 167\u003c\/p\u003e \u003cp\u003e7.1.5 The market as the process of history 168\u003c\/p\u003e \u003cp\u003e7.1.6 Arche-exchange 168\u003c\/p\u003e \u003cp\u003e7.2 The Implied Absolute 169\u003c\/p\u003e \u003cp\u003e7.2.1 The absolute is in the inversion 169\u003c\/p\u003e \u003cp\u003e7.2.2 Why derivative pricing is not a human science 171\u003c\/p\u003e \u003cp\u003e7.2.3 The implied volatility smile is the absolute truth 173\u003c\/p\u003e \u003cp\u003e7.2.4 Implication is faster than thought 174\u003c\/p\u003e \u003cp\u003e7.2.5 The market as the last absolute 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Necessity of Writing 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Radical Speculation 177\u003c\/p\u003e \u003cp\u003e8.1.1 Elevating implication 177\u003c\/p\u003e \u003cp\u003e8.1.2 The ‘What?’ question 178\u003c\/p\u003e \u003cp\u003e8.1.3 Thinking speculation reflexively 178\u003c\/p\u003e \u003cp\u003e8.1.4 Critical speculation 179\u003c\/p\u003e \u003cp\u003e8.1.5 Absolute speculation 181\u003c\/p\u003e \u003cp\u003e8.1.6 Implication as the radicalization of speculation 182\u003c\/p\u003e \u003cp\u003e8.2 The Pricing Alternative 183\u003c\/p\u003e \u003cp\u003e8.2.1 Price as a crossing 183\u003c\/p\u003e \u003cp\u003e8.2.2 The absolutization of mathematics 183\u003c\/p\u003e \u003cp\u003e8.2.3 The mathematics of price 184\u003c\/p\u003e \u003cp\u003e8.2.4 Price as the exchange of metaphysics and possibility 186\u003c\/p\u003e \u003cp\u003e8.2.5 The ‘letter’ of the necessity of contingency 187\u003c\/p\u003e \u003cp\u003e8.2.6 Immanence and materiality of price 188\u003c\/p\u003e \u003cp\u003e8.3 From the Market to Work 189\u003c\/p\u003e \u003cp\u003e8.3.1 Price is the other of thought 189\u003c\/p\u003e \u003cp\u003e8.3.2 Meillassoux’s body 190\u003c\/p\u003e \u003cp\u003e8.3.3 The work (of the trader, of the poet) 191\u003c\/p\u003e \u003cp\u003e8.3.4 Writing the world 192\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Flight to Sydney, Or the Genesis of the Book 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 The Mathematics of Price 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 The Absolute without Thought 197\u003c\/p\u003e \u003cp\u003e9.1.1 Mathematical thinkability 197\u003c\/p\u003e \u003cp\u003e9.1.2 The absolute without necessity 199\u003c\/p\u003e \u003cp\u003e9.1.3 Impossible exchange 201\u003c\/p\u003e \u003cp\u003e9.1.4 Writing as nonmetaphysical speculation 203\u003c\/p\u003e \u003cp\u003e9.2 The Absolute within Thought 205\u003c\/p\u003e \u003cp\u003e9.2.1 Philosophy of the event 205\u003c\/p\u003e \u003cp\u003e9.2.2 Necessity as tension 208\u003c\/p\u003e \u003cp\u003e9.2.3 The event of thought 209\u003c\/p\u003e \u003cp\u003e9.2.4 Deep necessity versus superficial speculation 211\u003c\/p\u003e \u003cp\u003e9.2.5 The cohesion of thought 212\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Barton Fink 217\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 The Pledge 217\u003c\/p\u003e \u003cp\u003e10.1.1 Passivity of thought and the exchange surface 217\u003c\/p\u003e \u003cp\u003e10.1.2 Fiction, fabrication and dynamic programming 219\u003c\/p\u003e \u003cp\u003e10.1.3 The first mark on the surface 221\u003c\/p\u003e \u003cp\u003e10.1.4 The partition 222\u003c\/p\u003e \u003cp\u003e10.2 The Turn 224\u003c\/p\u003e \u003cp\u003e10.2.1 The turn of the world 224\u003c\/p\u003e \u003cp\u003e10.2.2 The violence in movie-making 225\u003c\/p\u003e \u003cp\u003e10.2.3 The probability distribution 228\u003c\/p\u003e \u003cp\u003e10.2.4 Partition of the world and shoe distribution 229\u003c\/p\u003e \u003cp\u003e10.2.5 The bellhop 232\u003c\/p\u003e \u003cp\u003e10.2.6 Time frame and deadline 233\u003c\/p\u003e \u003cp\u003e10.2.7 Woman, or the end of the partition 234\u003c\/p\u003e \u003cp\u003e10.2.8 The sum total of possibilities and the problem in the head office 235\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 The Narrative Adventure 237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 The Line of Flight 237\u003c\/p\u003e \u003cp\u003e11.1.1 The other end of the world 237\u003c\/p\u003e \u003cp\u003e11.1.2 The book of derivatives 238\u003c\/p\u003e \u003cp\u003e11.1.3 \u003ci\u003eTour du monde \u003c\/i\u003eversus point of the world 239\u003c\/p\u003e \u003cp\u003e11.1.4 Flight to Sydney, or the retro-adventure 241\u003c\/p\u003e \u003cp\u003e11.2 The \u003ci\u003ePOINT \u003c\/i\u003eof the World 243\u003c\/p\u003e \u003cp\u003e11.2.1 Flight to the virtual 243\u003c\/p\u003e \u003cp\u003e11.2.2 Eternal turn versus eternal return 246\u003c\/p\u003e \u003cp\u003e11.2.3 Writing after the departure of possibility 247\u003c\/p\u003e \u003cp\u003e11.2.4 The narrative from the \u003ci\u003epoint of the world \u003c\/i\u003e249\u003c\/p\u003e \u003cp\u003e11.2.5 The Australian bank, book and market 250\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Out of the Box 253\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 The Purple Gastropod 253\u003c\/p\u003e \u003cp\u003e12.1.1 Quants and the enterprise-wide system 253\u003c\/p\u003e \u003cp\u003e12.1.2 Integration versus differentiation 254\u003c\/p\u003e \u003cp\u003e12.1.3 How to be Australian 255\u003c\/p\u003e \u003cp\u003e12.1.4 Creators of a \u003ci\u003eboîte \u003c\/i\u003e257\u003c\/p\u003e \u003cp\u003e12.1.5 After dinner 259\u003c\/p\u003e \u003cp\u003e12.2 The Point of Return, the Point of Inversion 261\u003c\/p\u003e \u003cp\u003e12.2.1 The mark, the market and the point of return of the world 261\u003c\/p\u003e \u003cp\u003e12.2.2 Turning the world into a point, inverting the surface 263\u003c\/p\u003e \u003cp\u003e12.2.3 Blindness and insight 264\u003c\/p\u003e \u003cp\u003e12.2.4 Inverting the world, and the only remaining question 265\u003c\/p\u003e \u003cp\u003e12.2.5 From theory to the narrative adventure, to the only remaining book 268\u003c\/p\u003e \u003cp\u003e12.3 How to be a Writer 269\u003c\/p\u003e \u003cp\u003e12.3.1 My place as a writer 269\u003c\/p\u003e \u003cp\u003e12.3.2 My memory of the market 272\u003c\/p\u003e \u003cp\u003e12.3.3 Walking on my head 276\u003c\/p\u003e \u003cp\u003e12.3.4 Double writer, double trajectory 279\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 The Prestige 283\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Finding the Market, Binding the Book 283\u003c\/p\u003e \u003cp\u003e13.1.1 Reversibility between the book and the market 283\u003c\/p\u003e \u003cp\u003e13.1.2 Sydney process and writing process 286\u003c\/p\u003e \u003cp\u003e13.1.3 Marketing the philosophy book, and my trademark 287\u003c\/p\u003e \u003cp\u003e13.1.4 The infinite duration of writing 288\u003c\/p\u003e \u003cp\u003e13.1.5 The question of the book, the equation of the book 291\u003c\/p\u003e \u003cp\u003e13.2 Absolute Deterritorialization 293\u003c\/p\u003e \u003cp\u003e13.2.1 Making the point of the market 293\u003c\/p\u003e \u003cp\u003e13.2.2 Head office and blank box 298\u003c\/p\u003e \u003cp\u003e13.2.3 The revolutionary and virtual exotic market 300\u003c\/p\u003e \u003cp\u003e13.2.4 How the plane of immanence takes precedence 303\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 The Geographical Process 305\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 The Field of Ruins 305\u003c\/p\u003e \u003cp\u003e14.1.1 Ancient Greece, the market and Australia 305\u003c\/p\u003e \u003cp\u003e14.1.2 The market as field of ruins and geographical process 306\u003c\/p\u003e \u003cp\u003e14.1.3 The method of the intuition of the market 308\u003c\/p\u003e \u003cp\u003e14.1.4 The becoming of the book and the pressing of the ruins 310\u003c\/p\u003e \u003cp\u003e14.1.5 The dwelling of the virtual and the implosion of the ruins 313\u003c\/p\u003e \u003cp\u003e14.1.6 The book after the market and the cross of history 314\u003c\/p\u003e \u003cp\u003e14.1.7 Pulling out the tool, drawing the book and withdrawing in a hotel 318\u003c\/p\u003e \u003cp\u003e14.2 Landing on the Market 320\u003c\/p\u003e \u003cp\u003e14.2.1 The tool to write the market 320\u003c\/p\u003e \u003cp\u003e14.2.2 Reality of the market 325\u003c\/p\u003e \u003cp\u003e14.2.3 Absolute exchange 327\u003c\/p\u003e \u003cp\u003e14.2.4 Exchange as a category of its own 329\u003c\/p\u003e \u003cp\u003e14.2.5 Option volatility smile and exchange 332\u003c\/p\u003e \u003cp\u003e14.2.6 The heart of the market 336\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Conversion of Credit into Equity, Or the Genesis of the Market 341\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 History of the Market 343\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 The Conversion 343\u003c\/p\u003e \u003cp\u003e15.1.1 The significance of the convertible bond 343\u003c\/p\u003e \u003cp\u003e15.1.2 Genesis of the market 343\u003c\/p\u003e \u003cp\u003e15.1.3 Passivity and activity 344\u003c\/p\u003e \u003cp\u003e15.1.4 The moment of the conversion 345\u003c\/p\u003e \u003cp\u003e15.2 Possibility versus Contingency 347\u003c\/p\u003e \u003cp\u003e15.2.1 Contingent claim versus projected possibility 347\u003c\/p\u003e \u003cp\u003e15.2.2 Pricing versus evaluation 347\u003c\/p\u003e \u003cp\u003e15.2.3 Price and the stochastic process 348\u003c\/p\u003e \u003cp\u003e15.2.4 The meaning of the market and the volatility smile 351\u003c\/p\u003e \u003cp\u003e15.2.5 Possibility unmasked and return to the virtual 353\u003c\/p\u003e \u003cp\u003e15.2.6 Backward possibility 354\u003c\/p\u003e \u003cp\u003e15.3 The Market 357\u003c\/p\u003e \u003cp\u003e15.3.1 The privilege of the market 357\u003c\/p\u003e \u003cp\u003e15.3.2 The place of the trader 358\u003c\/p\u003e \u003cp\u003e15.3.3 The trader as a writer of last resort 360\u003c\/p\u003e \u003cp\u003e15.3.4 The end of the flight in possibility 361\u003c\/p\u003e \u003cp\u003e15.3.5 Summary 362\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 From Debt to Equity 365\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Deduction of the Contingent Claim 365\u003c\/p\u003e \u003cp\u003e16.1.1 Debt, death and contingency 365\u003c\/p\u003e \u003cp\u003e16.1.2 The morphing of debt into equity 366\u003c\/p\u003e \u003cp\u003e16.1.3 The conversion\/conservation of writing 367\u003c\/p\u003e \u003cp\u003e16.1.4 Company of the future 368\u003c\/p\u003e \u003cp\u003e16.2 Deduction of the Exchange 370\u003c\/p\u003e \u003cp\u003e16.2.1 The past of debt and the definition of probability 370\u003c\/p\u003e \u003cp\u003e16.2.2 The exchange place as the conversion of face 371\u003c\/p\u003e \u003cp\u003e16.2.3 Breaking the circle of representation 372\u003c\/p\u003e \u003cp\u003e16.2.4 The market without possibility 373\u003c\/p\u003e \u003cp\u003e16.2.5 The market as the medium of contingency 375\u003c\/p\u003e \u003cp\u003e16.2.6 The impossible exchange 376\u003c\/p\u003e \u003cp\u003e16.3 Deduction of Price 379\u003c\/p\u003e \u003cp\u003e16.3.1 Price as the ‘value’ of the contingent claim 379\u003c\/p\u003e \u003cp\u003e16.3.2 How does price differentiate? 381\u003c\/p\u003e \u003cp\u003e16.3.3 The atemporal pit of price 382\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 The Market and the Philosophy of Difference 385\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 The \u003ci\u003ePit \u003c\/i\u003eof Price 385\u003c\/p\u003e \u003cp\u003e17.1.1 The price of exotics as the key 385\u003c\/p\u003e \u003cp\u003e17.1.2 Price as intensive difference 386\u003c\/p\u003e \u003cp\u003e17.1.3 Price as meaning 388\u003c\/p\u003e \u003cp\u003e17.1.4 Price and the intensive conception of time 390\u003c\/p\u003e \u003cp\u003e17.2 The Market and Time 392\u003c\/p\u003e \u003cp\u003e17.2.1 The market as noncausal redistribution of probability distributions 392\u003c\/p\u003e \u003cp\u003e17.2.2 Creative time 395\u003c\/p\u003e \u003cp\u003e17.2.3 Creation as eternal return 397\u003c\/p\u003e \u003cp\u003e17.2.4 The single dice-throw 398\u003c\/p\u003e \u003cp\u003e17.3 The Market and Difference 403\u003c\/p\u003e \u003cp\u003e17.3.1 The pure order of time 403\u003c\/p\u003e \u003cp\u003e17.3.2 Internal difference 405\u003c\/p\u003e \u003cp\u003e17.3.3 The market as philosophy and conversion as meta-philosophy 406\u003c\/p\u003e \u003cp\u003e17.3.4 Immanence and the ontology of multiplicities 409\u003c\/p\u003e \u003cp\u003e17.3.5 Reawakening the virtual 411\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Future of the Market 415\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e18.1 The Category of Price 415\u003c\/p\u003e \u003cp\u003e18.1.1 Price as interface 415\u003c\/p\u003e \u003cp\u003e18.1.2 Possibility as a pretext for writing 418\u003c\/p\u003e \u003cp\u003e18.1.3 The past of possibility 420\u003c\/p\u003e \u003cp\u003e18.1.4 The aleatory point lying at the heart of the contingent claim and the exchange 421\u003c\/p\u003e \u003cp\u003e18.1.5 The market, as exchange, is the answer to the impossible exchange 424\u003c\/p\u003e \u003cp\u003e18.1.6 Time-to-expiry versus place 426\u003c\/p\u003e \u003cp\u003e18.2 The Step Beyond 427\u003c\/p\u003e \u003cp\u003e18.2.1 Reactivating the conversion 427\u003c\/p\u003e \u003cp\u003e18.2.2 Possibility is only a tool 429\u003c\/p\u003e \u003cp\u003e18.2.3 The pricing tool 432\u003c\/p\u003e \u003cp\u003e18.2.4 Making money in the market 433\u003c\/p\u003e \u003cp\u003e18.2.5 The market as alternative to probability 435\u003c\/p\u003e \u003cp\u003e18.2.6 Suppressing possibility 436\u003c\/p\u003e \u003cp\u003e18.2.7 Thinking of contingency instead 437\u003c\/p\u003e \u003cp\u003e18.2.8 Beyond the financial market 439\u003c\/p\u003e \u003cp\u003e18.3 Place and Contingency 440\u003c\/p\u003e \u003cp\u003e18.3.1 The sense of place 440\u003c\/p\u003e \u003cp\u003e18.3.2 The power of price 442\u003c\/p\u003e \u003cp\u003e18.3.3 A life in contingency 443\u003c\/p\u003e \u003cp\u003e18.3.4 Success and succession 445\u003c\/p\u003e \u003cp\u003e18.3.5 Becoming the market 446\u003c\/p\u003e \u003cp\u003e18.4 Conclusion 448\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 Appendix 1 The Logic and Mathematics of Regime Switching 449\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA1.1 Description of the Regime-Switching Model 450\u003c\/p\u003e \u003cp\u003eA1.1.1 Regimes 450\u003c\/p\u003e \u003cp\u003eA1.1.2 Risk-free yield curve 451\u003c\/p\u003e \u003cp\u003eA1.1.3 Dividends 451\u003c\/p\u003e \u003cp\u003eA1.1.4 Regime probability 452\u003c\/p\u003e \u003cp\u003eA1.2 General Backward Equations 452\u003c\/p\u003e \u003cp\u003eA1.2.1 Stand-alone default regime 453\u003c\/p\u003e \u003cp\u003eA1.2.2 Coupled nondefault regimes 453\u003c\/p\u003e \u003cp\u003eA1.2.3 Fixed dividends 454\u003c\/p\u003e \u003cp\u003eA1.2.4 Proportional dividends 454\u003c\/p\u003e \u003cp\u003eA1.2.5 Vanilla calls 454\u003c\/p\u003e \u003cp\u003eA1.3 Credit Default Swaps 454\u003c\/p\u003e \u003cp\u003eA1.3.1 Definitions 454\u003c\/p\u003e \u003cp\u003eA1.3.2 Value in default 455\u003c\/p\u003e \u003cp\u003eA1.3.3 Backward equation 455\u003c\/p\u003e \u003cp\u003eA1.4 Calibration 456\u003c\/p\u003e \u003cp\u003eA1.5 Recalibration 456\u003c\/p\u003e \u003cp\u003e\u003cb\u003e20 Appendix 2 From ‘Being and Time’ to ‘Being and Place’ with Jeff Malpas 459\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBibliography 463\u003c\/p\u003e \u003cp\u003eIndex 467\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402419413335,"sku":"9780470725221","price":32.3,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780470725221.jpg?v=1730480344","url":"https:\/\/bookcurl.com\/products\/the-blank-swan-9780470725221","provider":"Book Curl","version":"1.0","type":"link"}