279:
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
432:, 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
388:
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
296:
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,
301:, 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
393:, 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.
373:, 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
1657:
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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38:
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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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329:, despite its ultimate importance, the grade assigned is still interpreted as an appreciation for his contribution.
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Jean-Michel
Courtault; Yuri Kabanov; Bernard Bru; Pierre Crépel; Isabelle Lebon; Arnaud Le Marchand (2000).
361:(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
1159:, vol. SĂ©ance du 14 Novembre 1910, prĂ©sentĂ©e par M. H. PoincarĂ©, no. 151, pp. 852â855
805:
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Combined volume prints of Théorie de la spéculation (1900b) and Théorie mathématique du jeu (1901)
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1152:
1302:, vol. SĂ©ance du 11 Juin 1923, prĂ©sentĂ©e par M. dâOcagne, no. 176, pp. 1693â1695
1153:"Mouvement d'un point ou d'un systÚme matériel soumis à l'action de forces dépendant du hasard"
1134:
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146:
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Louis
Bachelier webpage at the Université de Franche-Comté, Besançon / France. Text in French.
1205:, 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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353:, and was published in prestigious journals. In 1909 he became a "free professor" at the
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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
365:, Bachelier was given a permanent professorship at the Sorbonne, but
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Bachelier's and other academic's contribution to financial science.
1126:, vol. SĂ©ance du 25 Mai 1908, no. 146, pp. 1085â1088
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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
225:, was the first paper to use advanced mathematics in the study of
1363:, vol. SĂ©ance du 19 Mai 1941, no. 212, pp. 836â838
1287:, vol. SĂ©ance du 7 Juillet 1920, no. 48, pp. 44â46
1250:, vol. SĂ©ance du 7 Juillet 1920, no. 48, pp. 42â44
1120:"Le problÚme général des probabilités dans les épreuves répétées"
265:
226:
37:
1444:
865:. Index Fund Advisor. Archived from the original on 1 April 2004
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909:"Louis Bachelier on the Centenary of Théorie de la Spéculation"
860:"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
424:. The arguments Bachelier used in his thesis also predate
1522:, vol. 10, no. 3, July 2000, pp. 341â353,
1510:
1216:, BibliothĂšque de Philosophie scientifique, E. Flammarion
1614:"Louis Bachelier, fondateur de la finance mathématique"
1575:
Bachlier and his Times: A Conversation with Bernard Bru
1324:
Les lois des grands nombres du Calcul des Probabilités
806:"Louis BACHELIER, b. 11 March 1870 - d. 28 April 1946"
686:
Les lois des grands nombres du Calcul des Probabilités
159:
Théorie de la spéculation (The Theory of Speculation)
1664:. also from Index Funds Advisors, this discussion of
1376:
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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385:, where he worked for 10 years until his retirement.
1651:
Louis Bachelier par Laurent Carraro et Pierre Crepel
321:
and was accepted for publication in the prestigious
309:
very original, and all the more interesting in that
244:
and a pioneer in the study of stochastic processes.
16:
French pioneer in mathematical economics (1870-1946)
1296:"Le problÚme général de la statistique discontinue"
1188:
Annales Scientifiques de l'Ăcole Normale SupĂ©rieure
1142:
Annales Scientifiques de l'Ăcole Normale SupĂ©rieure
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Annales Scientifiques de l'Ăcole Normale SupĂ©rieure
1050:
Annales Scientifiques de l'Ăcole Normale SupĂ©rieure
323:
Annales Scientifiques de lâĂcole Normale SupĂ©rieure
1556:, vol. 1, New York: Charles Scribner's Sons,
1273:
652:
1628:
1346:Les nouvelles méthodes du Calcul des Probabilités
705:Les nouvelles méthodes du Calcul des Probabilités
668:Le problÚme général de la statistique discontinue
1672:
1407:Reprint of Le Jeu, la Chance et le Hasard (1914)
1372:"Probabilités des oscillations maxima (Erratum)"
948:
19:"Bachelier" redirects here. For the artist, see
1513:"On the Centenary of Théorie de la Spéculation"
198:; 11 March 1870 â 28 April 1946) was a French
1231:, vol. 17, pp. 5â11, archived from
1181:"Les probabilités cinématiques et dynamiques"
240:Bachelier is considered as the forefather of
1457:, Princeton NJ: Princeton University Press,
1335:La spéculation et le Calcul des Probabilités
1144:, vol. 3, no. 27, pp. 339â360
1109:Journal de Mathématiques Pures et Appliquées
1094:Journal de Mathématiques Pures et Appliquées
1081:, vol. 3, no. 18, pp. 143â210
696:La spéculation et le Calcul des Probabilités
1475:The Random Character of Stock Market Prices
1111:, vol. 6, no. 4, pp. 395â425
1096:, vol. 6, no. 2, pp. 259â327
978:
577:Les probabilités cinématiques et dynamiques
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333:et al. point out in "On the Centenary of
288:, where his grades were less than ideal.
1135:"Les probabilités à plusieurs variables"
1640:MacTutor History of Mathematics Archive
1472:
1389:, vol. 1, Editions Jacques Gabay,
1105:"Ătude sur les probabilitĂ©s des causes"
469:
1673:
1357:"Probabilités des oscillations maxima"
834:. Houghton Mifflin Harcourt. pp.
540:Les probabilités à plusieurs variables
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187:Louis Jean-Baptiste Alphonse Bachelier
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522:Ătude sur les probabilitĂ©s des causes
325:. While it did not receive a mark of
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1090:"Théorie des probabilités continues"
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714:Probabilités des oscillations maxima
1581:, Boston University, archived from
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1686:20th-century French mathematicians
1681:19th-century French mathematicians
1553:Dictionary of Scientific Biography
1312:Revue de MĂ©taphysique et de Morale
513:Théorie des probabilités continues
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210:, as part of his doctoral thesis
14:
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1244:"Sur la théorie des corrélations"
1199:"Les probabilités semi-uniformes"
891:
1315:, vol. 32, pp. 311â320
357:. In 1914, he published a book,
36:
1721:Knights of the Legion of Honour
1484:Bachelier, L.; May, D. (2011),
1190:, vol. 30, pp. 77â119
1172:, vol. 1, Gauthier-Villars
1005:10.1090/s0002-9904-1914-02484-x
958:, Basic Books, pp. 48â49,
629:Sur la théorie des corrélations
586:Les probabilités semi-uniformes
359:Le Jeu, la Chance, et le Hasard
317:The thesis received a grade of
1214:Le Jeu, la Chance et le Hasard
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595:Le Jeu, la Chance et le Hasard
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1:
1716:University of Burgundy alumni
1624:Mathematics Genealogy Project
1259:"Sur les décimales du nombre
1072:"Théorie mathématique du jeu"
1016:
952:; Hudson, Richard L. (2014),
396:Although Bachelier's work on
1691:French probability theorists
779:
638:Sur les décimales du nombre
412:who pointed out his work to
7:
1473:Cootner, P.H., ed. (1964),
1378:, no. 213, p. 220
1229:L'Enseignement Mathématique
1043:"Théorie de la spéculation"
985:by Louis Bachelier. Tome I"
727:
494:Théorie mathématique du jeu
430:efficient-market hypothesis
138:Université de Franche-Comté
10:
1737:
1696:University of Paris alumni
1477:, Cambridge, MA: MIT Press
1429:, Editions Jacques Gabay,
1409:, Editions Jacques Gabay,
1225:"La périodicité du hasard"
813:www.encyclopediaofmath.org
456:Also published as a book,
18:
1061:Théorie de la spéculation
883:: CS1 maint: unfit URL (
607:Translated into English,
481:Translated into English,
468:Translated into English,
450:Théorie de la spéculation
335:Théorie de la spéculation
271:, and the vice-consul of
216:Théorie de la spéculation
212:The Theory of Speculation
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1645:University of St Andrews
1453:; Etheridge, A. (2006),
620:La périodicité du hasard
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1528:10.1111/1467-9965.00098
1370:Bachelier, L. (1941b),
1355:Bachelier, L. (1941a),
1257:Bachelier, L. (1920b),
1242:Bachelier, L. (1920a),
1197:Bachelier, L. (1913b),
1179:Bachelier, L. (1913a),
1169:Calcul des probabilités
1151:Bachelier, L. (1910b),
1133:Bachelier, L. (1910a),
1118:Bachelier, L. (1908b),
1103:Bachelier, L. (1908a),
1059:Bachelier, L. (1900b),
1041:Bachelier, L. (1900a),
983:Calcul des Probabilités
928:10.1111/1467-9965.00098
558:Calcul des probabilités
404:'s celebrated study of
1425:Bachelier, L. (1995),
1405:Bachelier, L. (1993),
1385:Bachelier, L. (1992),
1344:Bachelier, L. (1939),
1333:Bachelier, L. (1938),
1322:Bachelier, L. (1937),
1294:Bachelier, L. (1923),
1275:
1274:{\displaystyle {\pi }}
1223:Bachelier, L. (1915),
1212:Bachelier, L. (1914),
1166:Bachelier, L. (1912),
1088:Bachelier, L. (1906),
1070:Bachelier, L. (1901),
734:BlackâScholes equation
654:
653:{\displaystyle {\pi }}
383:University of Besançon
315:
252:Bachelier was born in
21:Jean-Jacques Bachelier
1487:Theory of Speculation
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992:Bull. Amer. Math. Soc
759:Louis Bachelier Prize
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477:Bachelier et al. 2006
418:Leonard Jimmie Savage
331:Jean-Michel Courtault
307:
218:, defended in 1900).
1631:Robertson, Edmund F.
1572:Taqqu, M.S. (2001),
1520:Mathematical Finance
1263:
979:Rietz H. L. (1914).
916:Mathematical Finance
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242:mathematical finance
147:University of Rennes
107:mathematical finance
78:Saint-Servan-sur-Mer
1629:O'Connor, John J.;
1029:Random House, 2004
434:BlackâScholes model
363:University of Paris
351:diffusion processes
292:The doctoral thesis
260:. His father was a
235:Black-Scholes model
143:Université de Dijon
134:University of Paris
97:University of Paris
1550:Felix, L. (1970),
1490:, Google Documents
1348:, Gauthier-Villars
1337:, Gauthier-Villars
1326:, Gauthier-Villars
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1063:, Gauthier-Villars
950:Mandelbrot, Benoit
795:, pp. 366â367
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204:stochastic process
1635:"Louis Bachelier"
1563:978-0-684-10114-9
1464:978-0-691-11752-2
1436:978-2-87647-129-0
1416:978-2-87647-147-4
1396:978-2-87647-090-3
410:Andrey Kolmogorov
305:'s law of errors
195:[baÊÉlje]
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377:. He moved to
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102:Known for
99:
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87:
83:
82:
76:
74:(aged 76)
68:
64:
63:
57:
46:
42:
41:
33:
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29:
15:
9:
6:
4:
3:
2:
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1588:on 2007-06-27
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1545:on 2007-06-22
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1235:on 2011-07-16
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1062:
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1036:
1035:0-09-945786-5
1032:
1028:
1027:Critical Mass
1024:
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1020:
1006:
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993:
986:
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965:9780465004683
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601:Republished,
600:
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583:
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564:Republished,
563:
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314:
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306:
304:
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289:
287:
283:
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274:
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264:merchant and
263:
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245:
243:
238:
236:
232:
228:
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223:stock options
219:
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200:mathematician
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96:
92:
88:
84:
79:
70:28 April 1946
69:
65:
60:
55:11 March 1870
47:
43:
39:
34:
27:
22:
1638:
1583:the original
1574:
1552:
1540:the original
1519:
1486:
1474:
1454:
1426:
1406:
1386:
1375:
1360:
1345:
1334:
1323:
1310:
1299:
1284:
1247:
1233:the original
1228:
1213:
1202:
1187:
1168:
1156:
1141:
1123:
1108:
1093:
1078:
1060:
1049:
1037:, pp238â242.
1026:
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867:. Retrieved
854:
829:
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628:
619:
609:Harding 2017
594:
585:
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557:
548:
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493:
470:Cootner 1964
449:
398:random walks
395:
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308:
295:
251:
239:
220:
215:
211:
186:
185:
158:
130:Institutions
113:
72:(1946-04-28)
1706:1946 deaths
1701:1870 births
1023:Philip Ball
749:Random walk
426:Eugene Fama
367:World War I
248:Early years
206:now called
124:Mathematics
105:Pioneer in
86:Nationality
1675:Categories
1017:References
793:Felix 1970
744:Martingale
416:, then by
319:honorable,
140:(Besançon)
51:1870-03-11
1451:Davis, M.
1268:π
981:"Review:
869:28 August
780:Citations
720:Erratum,
703:, (Book)
694:, (Book)
684:, (Book)
647:π
593:, (Book)
556:, (Book)
414:Paul LĂ©vy
400:predated
391:Paul LĂ©vy
339:honorable
311:Fourier's
273:Venezuela
269:scientist
1594:citation
1536:14422885
1496:citation
936:14422885
879:cite web
728:See also
483:May 2011
402:Einstein
371:Besançon
355:Sorbonne
286:Sorbonne
282:military
254:Le Havre
80:, France
61:, France
59:Le Havre
1662:YouTube
1622:at the
337:" that
266:amateur
227:finance
191:French:
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688:(Book)
379:Rennes
277:poetry
229:. His
163:(1900)
161:
154:Thesis
120:Fields
89:French
1586:(PDF)
1579:(PDF)
1543:(PDF)
1532:S2CID
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912:(PDF)
863:(PDF)
838:â11.
809:(PDF)
440:Works
375:Dijon
303:Gauss
256:, in
1600:link
1558:ISBN
1502:link
1459:ISBN
1431:ISBN
1411:ISBN
1391:ISBN
1031:ISBN
960:ISBN
885:link
871:2024
840:ISBN
262:wine
67:Died
45:Born
1660:on
1524:doi
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