It took a revolution in the field of finance to produce the theories and techniques that make possible today’s sophisticated markets. This revolution started in the 1950s inside the heads of a few dozen economists, mathematicians, statisticians, and physicists working at universities and consulting firms. Modern quantitative finance came of age between the 1970s and 1990s, but is only reaching full maturity now. With the exception of the computer and the Internet, no modern development has affected business more powerfully.
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