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Pricing the Future: Finance, Physics, and the 300-year Journey to the Black-Scholes Equation by George Szpiro

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SIX
Botany, Physics, and Chemistry
BACHELIER’S PH.D. DISSERTATION, AS WELL AS MUCH OF his later work, concerned price movements on the stock market, how the peaks and troughs, the ups and downs follow each other. He did not really invent a new concept. As it turned out, an English botanist, of all people, had seen it before . . . in a totally different context. And he had not been the first one either. He simply rediscovered a phenomenon that had been observed by many curious scientists previously.
The discovery that would immortalize the British army doctor and botanist Robert Brown’s name was made by the British during the first half of the nineteenth century. Surprisingly, his claim to fame among the general scientific public was not the ...

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