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books). Both of Louis's parents died just after he completed his high school diploma ("baccalauréat" in French), forcing him to take care of his sister and three-year-old brother and to assume the family business, which effectively put his graduate studies on hold. During this time
Bachelier gained a
443:, which is very closely related, as the idea of a random walk is suited to predict the random future in a stock market where everyone has all the available information. His work in finance is recognized as one of the foundations for the
399:
Besides the setback that the war had caused him, Bachelier was blackballed in 1926 when he attempted to receive a permanent position at Dijon. This was due to a "misinterpretation" of one of
Bachelier's papers by Professor
307:
Defended on 29 March 1900 at the
University of Paris, Bachelier's thesis was not well received because it attempted to apply mathematics to an area mathematicians found unfamiliar. However, his instructor,
312:, is recorded as having given some positive feedback (though insufficient to secure Bachelier an immediate teaching position in France at that time). For example, Poincaré called his approach to deriving
404:, whoâto Bachelier's understandable furyâknew nothing of Bachelier's work, nor of the candidate that LĂ©vy recommended above him. LĂ©vy later learned of his error, and reconciled himself with Bachelier.
384:, replacing a regular professor on leave. He married Augustine Jeanne Maillot in September 1920 but was soon widowed. When the professor returned in 1922, Bachelier replaced another professor at
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Bachelier's theory of speculation is demonstrated by this 8 ft tall
Probability Machine comparing stock market returns to the randomness of the beans dropping through the quincunx pattern
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intervened and he was drafted into the French army as a private. His army service ended on
December 31, 1918. In 1919, he found a position as an assistant professor in
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was "the highest note which could be awarded for a thesis that was essentially outside mathematics and that had a number of arguments far from being rigorous".
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reasoning can be extended with a few changes to the theory of errors. ... It is regrettable that M. Bachelier did not develop this part of his thesis further.
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Bachelier's doctoral thesis, which introduced the first mathematical model of
Brownian motion and its use for valuing
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Jean-Michel
Courtault; Yuri Kabanov; Bernard Bru; Pierre Crépel; Isabelle Lebon; Arnaud Le Marchand (2000).
372:(Games, Chance, and Randomness), that sold over six thousand copies. With the support of the Council of the
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For several years following the successful defense of his thesis, Bachelier further developed the theory of
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who translated
Bachelier's thesis into English and brought the work of Bachelier to the attention of
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by five years, the pioneering nature of his work was recognized only after several decades, first by
17:
1170:, vol. SĂ©ance du 14 Novembre 1910, prĂ©sentĂ©e par M. H. PoincarĂ©, no. 151, pp. 852â855
816:
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Combined volume prints of Théorie de la spéculation (1900b) and Théorie mathématique du jeu (1901)
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1313:, vol. SĂ©ance du 11 Juin 1923, prĂ©sentĂ©e par M. dâOcagne, no. 176, pp. 1693â1695
1164:"Mouvement d'un point ou d'un systÚme matériel soumis à l'action de forces dépendant du hasard"
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Louis
Bachelier webpage at the Université de Franche-Comté, Besançon / France. Text in French.
1216:, vol. SĂ©ance du 20 Janvier 1913, prĂ©sentĂ©e par M. Appell, no. 156, pp. 203â205
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Mouvement dâun point ou dâun systĂšme matĂ©riel soumis Ă lâaction de forces dĂ©pendant du hasard
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Bulletin de la Société Mathématique de France. Vie de la Société. Comptes Rendus des Séances
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Bulletin de la Société Mathématique de France. Vie de la Société. Comptes Rendus des Séances
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at Le Havre. His mother was the daughter of an important banker (who was also a writer of
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at the turn of the 20th century. He is credited with being the first person to model the
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practical acquaintance with the financial markets. His studies were further delayed by
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Courtault, J-M.; Kabanov, Y.; Bru, B.; Crépel, P.; Lebon, I.; Le
Marchand, A. (2000),
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Bachelier, L. (1925), "Quelques curiosités paradoxales du calcul des probabilités",
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has been influential in the development of other widely used models, including the
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The Physics of Wall Street: A Brief History of Predicting the Unpredictable
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in 1925, but was finally awarded a permanent professorship in 1927 at the
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Louis Bachelier's Theory of Speculation: the Origins of Modern Finance
376:, Bachelier was given a permanent professorship at the Sorbonne, but
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Bachelier's and other academic's contribution to financial science.
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Translated into English with additional commentary and background,
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The Misbehavior of Markets: A Fractal View of Financial Turbulence
236:, was the first paper to use advanced mathematics in the study of
1374:, vol. SĂ©ance du 19 Mai 1941, no. 212, pp. 836â838
1298:, vol. SĂ©ance du 7 Juillet 1920, no. 48, pp. 44â46
1261:, vol. SĂ©ance du 7 Juillet 1920, no. 48, pp. 42â44
1131:"Le problÚme général des probabilités dans les épreuves répétées"
276:
237:
48:
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876:. Index Fund Advisor. Archived from the original on 1 April 2004
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920:"Louis Bachelier on the Centenary of Théorie de la Spéculation"
871:"Louis Bachelier on the centenary of theorie de la speculation"
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Le problÚme général des probabilités dans les épreuves répétées
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service. Bachelier arrived in Paris in 1892 to study at the
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Quelques curiosités paradoxales du calcul des probabilités
435:. The arguments Bachelier used in his thesis also predate
1533:, vol. 10, no. 3, July 2000, pp. 341â353,
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1227:, BibliothĂšque de Philosophie scientifique, E. Flammarion
1625:"Louis Bachelier, fondateur de la finance mathématique"
1586:
Bachlier and his Times: A Conversation with Bernard Bru
1335:
Les lois des grands nombres du Calcul des Probabilités
817:"Louis BACHELIER, b. 11 March 1870 - d. 28 April 1946"
697:
Les lois des grands nombres du Calcul des Probabilités
170:
Théorie de la spéculation (The Theory of Speculation)
1675:. also from Index Funds Advisors, this discussion of
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Comptes-rendus des Séances de l'Académie des Sciences
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Comptes-rendus des Séances de l'Académie des Sciences
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Comptes-rendus des Séances de l'Académie des Sciences
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Comptes-rendus des Séances de l'Académie des Sciences
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Comptes-rendus des Séances de l'Académie des Sciences
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Comptes-rendus des Séances de l'Académie des Sciences
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396:, where he worked for 10 years until his retirement.
1662:
Louis Bachelier par Laurent Carraro et Pierre Crepel
332:
and was accepted for publication in the prestigious
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very original, and all the more interesting in that
255:
and a pioneer in the study of stochastic processes.
27:
French pioneer in mathematical economics (1870-1946)
1307:"Le problÚme général de la statistique discontinue"
1199:
Annales Scientifiques de l'Ăcole Normale SupĂ©rieure
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Annales Scientifiques de l'Ăcole Normale SupĂ©rieure
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Annales Scientifiques de l'Ăcole Normale SupĂ©rieure
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Annales Scientifiques de l'Ăcole Normale SupĂ©rieure
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Annales Scientifiques de lâĂcole Normale SupĂ©rieure
1567:, vol. 1, New York: Charles Scribner's Sons,
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663:
1639:
1357:Les nouvelles méthodes du Calcul des Probabilités
716:Les nouvelles méthodes du Calcul des Probabilités
679:Le problÚme général de la statistique discontinue
1683:
1418:Reprint of Le Jeu, la Chance et le Hasard (1914)
1383:"Probabilités des oscillations maxima (Erratum)"
959:
30:"Bachelier" redirects here. For the artist, see
1524:"On the Centenary of Théorie de la Spéculation"
209:; 11 March 1870 â 28 April 1946) was a French
1242:, vol. 17, pp. 5â11, archived from
1192:"Les probabilités cinématiques et dynamiques"
251:Bachelier is considered as the forefather of
1468:, Princeton NJ: Princeton University Press,
1346:La spéculation et le Calcul des Probabilités
1155:, vol. 3, no. 27, pp. 339â360
1120:Journal de Mathématiques Pures et Appliquées
1105:Journal de Mathématiques Pures et Appliquées
1092:, vol. 3, no. 18, pp. 143â210
707:La spéculation et le Calcul des Probabilités
1486:The Random Character of Stock Market Prices
1122:, vol. 6, no. 4, pp. 395â425
1107:, vol. 6, no. 2, pp. 259â327
989:
588:Les probabilités cinématiques et dynamiques
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344:et al. point out in "On the Centenary of
299:, where his grades were less than ideal.
1146:"Les probabilités à plusieurs variables"
1651:MacTutor History of Mathematics Archive
1483:
1400:, vol. 1, Editions Jacques Gabay,
1116:"Ătude sur les probabilitĂ©s des causes"
480:
14:
1684:
1368:"Probabilités des oscillations maxima"
845:. Houghton Mifflin Harcourt. pp.
551:Les probabilités à plusieurs variables
302:
198:Louis Jean-Baptiste Alphonse Bachelier
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533:Ătude sur les probabilitĂ©s des causes
336:. While it did not receive a mark of
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1101:"Théorie des probabilités continues"
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725:Probabilités des oscillations maxima
1592:, Boston University, archived from
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1697:20th-century French mathematicians
1692:19th-century French mathematicians
1564:Dictionary of Scientific Biography
1323:Revue de MĂ©taphysique et de Morale
524:Théorie des probabilités continues
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221:, as part of his doctoral thesis
25:
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1255:"Sur la théorie des corrélations"
1210:"Les probabilités semi-uniformes"
902:
1326:, vol. 32, pp. 311â320
368:. In 1914, he published a book,
47:
1732:Knights of the Legion of Honour
1495:Bachelier, L.; May, D. (2011),
1201:, vol. 30, pp. 77â119
1183:, vol. 1, Gauthier-Villars
1016:10.1090/s0002-9904-1914-02484-x
969:, Basic Books, pp. 48â49,
640:Sur la théorie des corrélations
597:Les probabilités semi-uniformes
370:Le Jeu, la Chance, et le Hasard
328:The thesis received a grade of
1225:Le Jeu, la Chance et le Hasard
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830:
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606:Le Jeu, la Chance et le Hasard
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1:
1727:University of Burgundy alumni
1635:Mathematics Genealogy Project
1270:"Sur les décimales du nombre
1083:"Théorie mathématique du jeu"
1027:
963:; Hudson, Richard L. (2014),
407:Although Bachelier's work on
1702:French probability theorists
790:
649:Sur les décimales du nombre
423:who pointed out his work to
7:
1484:Cootner, P.H., ed. (1964),
1389:, no. 213, p. 220
1240:L'Enseignement Mathématique
1054:"Théorie de la spéculation"
996:by Louis Bachelier. Tome I"
738:
505:Théorie mathématique du jeu
441:efficient-market hypothesis
149:Université de Franche-Comté
10:
1748:
1707:University of Paris alumni
1488:, Cambridge, MA: MIT Press
1440:, Editions Jacques Gabay,
1420:, Editions Jacques Gabay,
1236:"La périodicité du hasard"
824:www.encyclopediaofmath.org
467:Also published as a book,
29:
1072:Théorie de la spéculation
894:: CS1 maint: unfit URL (
618:Translated into English,
492:Translated into English,
479:Translated into English,
461:Théorie de la spéculation
346:Théorie de la spéculation
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227:Théorie de la spéculation
223:The Theory of Speculation
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1656:University of St Andrews
1464:; Etheridge, A. (2006),
631:La périodicité du hasard
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1539:10.1111/1467-9965.00098
1381:Bachelier, L. (1941b),
1366:Bachelier, L. (1941a),
1268:Bachelier, L. (1920b),
1253:Bachelier, L. (1920a),
1208:Bachelier, L. (1913b),
1190:Bachelier, L. (1913a),
1180:Calcul des probabilités
1162:Bachelier, L. (1910b),
1144:Bachelier, L. (1910a),
1129:Bachelier, L. (1908b),
1114:Bachelier, L. (1908a),
1070:Bachelier, L. (1900b),
1052:Bachelier, L. (1900a),
994:Calcul des Probabilités
939:10.1111/1467-9965.00098
569:Calcul des probabilités
415:'s celebrated study of
1436:Bachelier, L. (1995),
1416:Bachelier, L. (1993),
1396:Bachelier, L. (1992),
1355:Bachelier, L. (1939),
1344:Bachelier, L. (1938),
1333:Bachelier, L. (1937),
1305:Bachelier, L. (1923),
1286:
1285:{\displaystyle {\pi }}
1234:Bachelier, L. (1915),
1223:Bachelier, L. (1914),
1177:Bachelier, L. (1912),
1099:Bachelier, L. (1906),
1081:Bachelier, L. (1901),
745:BlackâScholes equation
665:
664:{\displaystyle {\pi }}
394:University of Besançon
326:
263:Bachelier was born in
32:Jean-Jacques Bachelier
1498:Theory of Speculation
1287:
1003:Bull. Amer. Math. Soc
770:Louis Bachelier Prize
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488:Bachelier et al. 2006
429:Leonard Jimmie Savage
342:Jean-Michel Courtault
318:
229:, defended in 1900).
1642:Robertson, Edmund F.
1583:Taqqu, M.S. (2001),
1531:Mathematical Finance
1274:
990:Rietz H. L. (1914).
927:Mathematical Finance
653:
253:mathematical finance
158:University of Rennes
118:mathematical finance
89:Saint-Servan-sur-Mer
1640:O'Connor, John J.;
1040:Random House, 2004
445:BlackâScholes model
374:University of Paris
362:diffusion processes
303:The doctoral thesis
271:. His father was a
246:Black-Scholes model
154:Université de Dijon
145:University of Paris
108:University of Paris
1561:Felix, L. (1970),
1501:, Google Documents
1359:, Gauthier-Villars
1348:, Gauthier-Villars
1337:, Gauthier-Villars
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1074:, Gauthier-Villars
961:Mandelbrot, Benoit
806:, pp. 366â367
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215:stochastic process
1646:"Louis Bachelier"
1574:978-0-684-10114-9
1475:978-0-691-11752-2
1447:978-2-87647-129-0
1427:978-2-87647-147-4
1407:978-2-87647-090-3
421:Andrey Kolmogorov
316:'s law of errors
206:[baÊÉlje]
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125:Scientific career
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388:. He moved to
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310:Henri Poincaré
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275:merchant and
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81:28 April 1946
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66:11 March 1870
58:
54:
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38:
33:
19:
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1594:the original
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1244:the original
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141:Institutions
124:
83:(1946-04-28)
1717:1946 deaths
1712:1870 births
1034:Philip Ball
760:Random walk
437:Eugene Fama
378:World War I
259:Early years
217:now called
135:Mathematics
116:Pioneer in
97:Nationality
1686:Categories
1028:References
804:Felix 1970
755:Martingale
427:, then by
330:honorable,
151:(Besançon)
62:1870-03-11
1462:Davis, M.
1279:π
992:"Review:
880:28 August
791:Citations
731:Erratum,
714:, (Book)
705:, (Book)
695:, (Book)
658:π
604:, (Book)
567:, (Book)
425:Paul LĂ©vy
411:predated
402:Paul LĂ©vy
350:honorable
322:Fourier's
284:Venezuela
280:scientist
18:Bachelier
1605:citation
1547:14422885
1507:citation
947:14422885
890:cite web
739:See also
494:May 2011
413:Einstein
382:Besançon
366:Sorbonne
297:Sorbonne
293:military
265:Le Havre
91:, France
72:, France
70:Le Havre
1673:YouTube
1633:at the
348:" that
277:amateur
238:finance
202:French:
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699:(Book)
390:Rennes
288:poetry
240:. His
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165:Thesis
131:Fields
100:French
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451:Works
386:Dijon
314:Gauss
267:, in
1611:link
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1470:ISBN
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882:2024
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273:wine
78:Died
56:Born
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