January 2012
Intermediate to advanced
384 pages
8h 36m
English
Content preview from Tail Risk Killers: How Math, Indeterminacy, and Hubris Distort MarketsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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CHAPTER 39Financial System Resonance and Complexity
The wonder of financial crises is how events can move straight from impossible to inevitable, without ever passing through improbable.1
—ANATOLE KALETSKY
Dynamical systems are a refinement of our hunter instincts. We focus on motion, and dynamical systems capture motion. In the most general setting, it is a space X equipped with a geometric structure called a topology and a function μ mapping across transformations of X called a measure. When X is of manageable size—it is compact—we can normalize μ(X) = 1, making it equivalent to a probability. Often in practical applications, μ(X) is iterated to model the passage of time.
Take, for example, a system composed of a huge number of small particles ...
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