January 2009
Beginner
430 pages
15h 34m
English
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The Functional Examples
The overall goal of the article and presentation is to propose a convenient mechanism for describing and handling financial contracts, especially modern financial instruments that can be very complicated, as in this example from the presentation (in whose numerical values one can hear the nostalgic echo of a time when major currencies enjoyed a different relationship):
“Against the promise to pay USD 2.00 on December 27 (the price of the option), the holder has the right, on December 4, to choose between:
Receiving USD 1.95 on December 29, or
Having the right, on December 11, to choose between:
Receiving EUR 2.20 on December 28, or
Having the right, on December 18, to choose between:
Receiving GBP 1.20 on December 30, or
Paying immediately one more EUR and receiving EUR 3.20 on December 29”
(Throughout this section, extracts in quotes are direct citations from the presentation or the article. Elements not in quotes are our interpretations and comments.)
As a pedagogical device to illustrate the issues, the presentation starts with a toy example: puddings rather than contracts. From the precise description of a pudding, it should be possible to “compute the sugar content,” “estimate the time to make” the pudding, and obtain “instructions to make it.” A “bad approach” would be to:
“List all puddings (Trifle, lemon upside-down pudding, Dutch apple cake, Christmas pudding)
For each pudding, write down sugar content, time to make, instructions, etc.”
Although the presentation ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.