The Medium of Contingency

An unprecedented meeting of philosophical thought, financial markets, and the art world. Why has the concept of contingency taken on a marked importance both in contemporary philosophy and in contemporary art practice?

The Medium of Contingency

Author: Robin MacKay

Publisher:

ISBN: 9780993045899

Page: 70

View: 707

An unprecedented meeting of philosophical thought, financial markets, and the art world. Why has the concept of contingency taken on a marked importance both in contemporary philosophy and in contemporary art practice? And if this simultaneity derives from parallel problems met within the two different fields, what are their common roots? Beyond acknowledging the contingent nature of tradition, institutions, and practices, recent speculative philosophies of "absolute contingency" demand a radical revision of the ways in which we conceive of our interaction with unknowable materialities, and pose a challenge to both probabilistic management and process-driven affirmation of contingency. In an unprecedented meeting of philosophical thought, financial markets, and the art world, The Medium of Contingency explores how works of art write contingency into the present, and are in turn written by the contingency of their materials, and how these exchanges interact with other markets. From the mathematical instruments used to value financial derivatives to the nature of literary creation, from the market-making role of the curator to the "chemistry of openness," the contributors to this lively discussion draw out the startling consequences of a new figure of thought.

The Medium of Contingency

This book does not aim to change the market but the way we must think of it.

The Medium of Contingency

Author: Elie Ayache

Publisher: Springer

ISBN: 1137286563

Page: 414

View: 462

In The Medium of Contingency Elie Ayache builds upon his ground-breaking book The Blank Swan, in exploring the intersection of philosophy and finance, introducing new notions of price and market. Inverting the received view, he now sees a creation of matter in both the market and its metaphysics, rather than pure speculation. Once recognized as the proper medium of contingency and disassociated from the probabilistic and statistical tools traditionally used to model it, the market can be thought as 'real', in a new sense of reality corresponding to the new sense of matter. To bring this new and original perspective, The Medium of Contingency builds on probability theory as first formalized by von Mises and Kolmogorov, and later revisited by Shafer and Vovk. It utilises the author's extensive experience in derivatives pricing technology and software, as well as his work in the philosophy of contingency and contingent claims, to propose a new philosophical interpretation of Brownian motion and of the Black-Scholes-Merton formula. Then it completes the overturning of the traditional view of the market by arguing that there should be no difference, ultimately, between an underlying asset and the derivative written on it. This book does not aim to change the market but the way we must think of it. It is the author's conviction that there can be no philosophy of the market, and consequently no thinking of it, without a philosophy of contingent claims and of derivative pricing. The book provides the missing piece, which the philosophy of probability cannot provide alone. Its scope, however, extends beyond the strict critique of financial mathematics, as it also, and perhaps most importantly, delivers the author's definitive treatment of the philosophically prominent and recently much discussed notion of contingency.

The Blank Swan

The virtual will be the place of differentiation of unmediated contingency, that is to
say the place where contingency can be processed. Thus the market will be the
medium – and the price process will be the process – that may lead us to ...

The Blank Swan

Author: Elie Ayache

Publisher: John Wiley & Sons

ISBN: 0470725222

Page: 496

View: 203

"Elie Ayache is the only person to present arguments about The Black Swan and rare events that I had not thought about. He does what philosophical inquiry has always done: to go the extra mile and look at the world in a deeply philosophical way." Nassim Nicholas Taleb, PhD, author of The Black Swan, Distinguished Professor, New York University Polytechnic Institute & Principal, Universa Investments. "Elie Ayache has uniquely straddled the down-to-earth world of money and complex financial derivatives and the abstract world of the mind and philosophy. Insightful and insane in equal measures, this book is not an easy read. I wouldn't recommend this for holiday reading on the beach but perhaps for while sitting in front of a log fire with a large Scotch, or probably several.??? Paul Wilmott, author of Frequently Asked Questions in Quantitative Finance October 19th 1987 was a day of huge change for the global finance industry. On this day the stock market crashed, the Nobel Prize winning Black-Scholes formula failed and volatility smiles were born, and on this day Elie Ayache began his career, on the trading floor of the French Futures and Options Exchange. Experts everywhere sought to find a model for this event, and ways to simulate it in order to avoid a recurrence in the future, but the one thing that struck Elie that day was the belief that what actually happened on 19th October 1987 is simply non reproducible outside 19th October 1987 - you cannot reduce it to a chain of causes and effects, or even to a random generator, that can then be reproduced or represented in a theoretical framework. The Blank Swan is Elie's highly original treatise on the financial markets – presenting a totally revolutionary rethinking of derivative pricing and technology. It is not a diatribe against Nassim Taleb's The Black Swan, but criticises the whole background or framework of predictable and unpredictable events – white and black swans alike – , i.e. the very category of prediction. In this revolutionary book, Elie redefines the components of the technology needed to price and trade derivatives. Most importantly, and drawing on a long tradition of philosophy of the event from Henri Bergson to Gilles Deleuze, to Alain Badiou, and on a recent brand of philosophy of contingency, embodied by the speculative materialism of Quentin Meillassoux, Elie redefines the market itself against the common perceptions of orthodox financial theory, general equilibrium theory and the sociology of finance. This book will change the way that we think about derivatives and approach the market. If anything, derivatives should be renamed contingent claims, where contingency is now absolute and no longer derivative, and the market is just its medium. The book also establishes the missing link between quantitative modelling (no longer dependent on probability theory but on a novel brand of mathematics which Elie calls the mathematics of price) and the reality of the market."

Bank Contingency Financing

MEDIUM - TERM NOTES The remaining component of the euronote market —
the medium - term note — is a debt instrument similar to commercial paper and
bonds except that the medium - term note is able to attract both short - and ...

Bank Contingency Financing

Author: Andrew J. Zamora

Publisher: John Wiley & Sons

ISBN: 9780471608943

Page: 222

View: 783

In recent years, banks have greatly increased their reliance on contingency financing. Shows bankers how to minimize their risk and maximize their profits when dealing in these new markets. Contingency items (also called off-balance-sheet items) are agreements made by banks in which, for a fee, the bank undertakes to act as an intermediary, guaranteeing a transaction between other parties. Zamora explains the various types of contingency financing, including swap transactions, forward rate agreements, bankers' acceptances, and standby letters of credit. Each topic is illustrated with a case study. covers all aspects of contingency financing and places them in the context of the bank's overall financial structure.

Risk and Contingency Management Breakthroughs in Research and Practice

The next key issues is who are the early adopters and holders of innovation in
the financing of medium enterprises, what are their attitudes and how can other
companies apply positive experiences in this field. From the study of the existing
 ...

Risk and Contingency Management  Breakthroughs in Research and Practice

Author: Management Association, Information Resources

Publisher: IGI Global

ISBN: 1522539336

Page: 472

View: 657

In business, mistakes and errors will inevitably occur. As such, organizations must be constantly alert and ready to meet challenges head-on. Risk and Contingency Management: Breakthroughs in Research and Practice is a comprehensive reference source for the latest scholarly material on trends and techniques for the prediction and evaluation of financial risks and how to diminish their effect. Highlighting a range of pertinent topics such as project management, risk auditing and reporting, and resource management, this multi-volume book is ideally designed for researchers, academics, professionals, managers, students, and practitioners interested in risk and contingency management.

Deleuze and the Schizoanalysis of Literature

London: Wiley. —(2011), 'In the Middle of the Event', in The Medium of
Contingency, ed. Robin Mackay, Falmouth: Urbanomic. Ballard, J. G. (1962), The
Drowned World. London: Berkley Books. Batterman, Robert W. (2001), The Devil
in the ...

Deleuze and the Schizoanalysis of Literature

Author: Ian Buchanan

Publisher: Bloomsbury Publishing

ISBN: 147252635X

Page: 244

View: 690

In 1972, the French theorists Deleuze and Guattari unleashed their collaborative project-which they termed schizoanalysis-upon the world. Today, few disciplines in the humanities and social sciences have been left untouched by its influence. Through a series of groundbreaking applications of Deleuze and Guattari's work to a diverse range of literary contexts, from Shakespeare to science fiction, this collection demonstrates how schizoanalysis has transformed and is transforming literary scholarship. Intended for upper-level undergraduates, postgraduates and scholars with an interest in continental philosophy, literary theory and critical and cultural theory, Deleuze and the Schizoanalysis of Literature is a cutting edge volume, featuring some of the most original voices in the field, setting the agenda for future research.

Life contingency Tables

... the difference between the Napierian logarithms of the numbers living at
commencement of and surviving any period , whence its relation to the
differential rate , and to the medium number of survivors to be considered as
constantly exposed ...

Life contingency Tables

Author: Edwin James Farren

Publisher:

ISBN:

Page: 19

View: 533

Contingency Management for Substance Abuse Treatment

12.2.2.2 Medium Prizes (Optional) Although many prize bowls do not contain
medium prizes per se, having some items valued at about $5 is helpful once
patients begin earning multiple draws. These are referred to as “trade-up” prizes.

Contingency Management for Substance Abuse Treatment

Author: Nancy M. Petry

Publisher: Routledge

ISBN: 1136699449

Page: 334

View: 336

Isn’t it unethical to pay people to do what they should be doing anyway? Won’t patients just sell the reinforcers and buy drugs? Others didn’t get prizes for not using. Why should they? The concerns surrounding Contingency Management (CM) are many and reflect how poorly understood and rarely utilized this evidence-based treatment model is in practice settings. Despite being identified as the most efficacious intervention for substance use disorders, a significant gap persists between research and practice, at the client’s expense. Nancy Petry, an experienced researcher and consultant for organizations such as the National Institute of Health, has begun to fill this gap by authoring the first clinician-oriented text that focuses on CM protocol development and implementation. In this well-organized and clear book she provides a foundation for understanding CM and details how to design and implement a program that can work for any clinician, whether he or she works for a well-funded program or not. She also addresses realistic concerns such as: How to describe CM to eligible and ineligible patients How to calculate the costs of CM interventions How to solicit donations and raise funds to support CM interventions How to stock a prize cabinet and keep track of prizes Over 50 charts, worksheets, and tables are provided to help the clinician pinpoint exactly which behaviors to target, brainstorm how to reinforce change, and develop a treatment plan that incorporates cost, length of treatment, and method for determining patient compliance. Included with the book is a CD-ROM of editable logs, forms, tables, and worksheets for personal use. More than just filling a void, Dr. Petry provides all of the tools clinicians require to successfully apply a novel treatment in practice.

The Contingency Theory of Organizations

The exemplar is the pioneering study by Woodward ( 1965 ) in which the fit for
low - technology contingency ( unit and small batch production ) produces the
same level of performance as the fit for medium technology ( mass production )
and ...

The Contingency Theory of Organizations

Author: Lex Donaldson

Publisher: SAGE

ISBN: 9780761915744

Page: 326

View: 468

Written by one of the foremost scholars in the field, this volume presents a comprehensive, in-depth analysis of the theories, evidence and methodological issues of contingency theory - one of the major theoretical lenses used to view organizations. It includes both an appreciation of the coherency of contingency theory overall and a frank recognition of some of the deficiencies in contingency theory research. The coherent underlying model provides the platform from which to make good some of the deficiencies through a series of improvements in theory and method that chart the course for future research.

Tiffany s Monthly

by an intelligence which must have acted consciously to have observed the
contingency and produced such a result , then ... But it is claimed by some that
the medium , or some one in the circle , became clairvoyant and perceived the
event .

Tiffany s Monthly

Author:

Publisher:

ISBN:

Page:

View: 170

European Socialists Respond to Fascism Ideology Activism and Contingency in the 1930s

Der Kampf, launched in 1907, took over where NZ had left off and developed into
a lively medium of intellectual exchange. Under the influence of left-leaning
Austro-Marxism, its monthly editions included articles covering the entire
spectrum of ...

European Socialists Respond to Fascism  Ideology  Activism and Contingency in the 1930s

Author: Gerd-Rainer Horn

Publisher: Oxford University Press

ISBN: 019987994X

Page: 224

View: 725

Based on documents collected in six European countries, European Socialists Respond to Fascism: Ideology, Activism and Contingency in the 1930s is a transnational study of largely parallel developments in Austria, Belgium, France, Germany, and Spain in the years 1933-1936. Triggered into action by the shock effect of the Nazi rise to power in Germany, socialists throughout Western Europe entered an unusually active period of practical reorientation and debate over political strategy which helped determine the contours of European politics up to the outbreak of World War II and beyond. Stressing the transnational dimension of this process while simultaneously integrating local, regional, and national factors, this work finds that it was social democracy, rather than communism, that acted as the primary vehicle for radical change among European marxists during the 1930s. Following major figures within the European left and the significant events that made up the inter-war period, Gerd-Rainer Horn demonstrates the interconnectedness of Europe's interwar socialists. Finally, Horn manages to relate these findings to the ongoing interdisciplinary debate on structure, agency, and contingency in the historical process.

Staging Contingency

Teruhi performs the ambiguous functions of the " yoribito " : both " spirit medium "
and " one possessed by a spirit . " As the yoribito approaches and is possessed (
yorikuru combines both meanings ) " on a dappled - grey horse , loosely ...

Staging Contingency

Author: Steven Thomas Brown

Publisher:

ISBN:

Page: 1094

View: 925

OECD Economic Surveys Canada 2003

medium. and. long. term. The 1990s was a decade of enormous fiscal
consolidation, with the general government ... An annual contingency reserve of
C$3 billion (around 1⁄4 per cent of GDP) is set aside and used to reduce debt if it
is not ...

OECD Economic Surveys  Canada 2003

Author: OECD

Publisher: OECD Publishing

ISBN: 9264104372

Page: 127

View: 920

This 2003 edition of OECD's periodic survey of Canada's economy focuses on key challenges including raising living standards, international migration, and managing fiscal pressures in the medium and long-term.

Postcolonial Literatures and Deleuze

CambridgeMA: Harvard University Press. Negarestani, Reza(2008)
Cyclonopedia: Complicity with Anonymous Materials. Melbourne: Re.press. ——
(2011a) 'Contingency and Complicity', in The Medium of Contingency. Ed.Robin
Mackay.

Postcolonial Literatures and Deleuze

Author: L. Burns

Publisher: Springer

ISBN: 1137030801

Page: 220

View: 861

Bringing together high profile scholars in the fields of Deleuze and postcolonial studies, this book highlights the overlooked connections between two major schools of contemporary criticism and establishes a new critical discourse for postcolonial literature and theory.

A Contingency Based View of Chief Executive Officers Early Warning Behaviour

... and medium-sized companies, Andreas Kirschkamp has found a highly
relevant and, up to this point, mainly unexplored research area as a field for his
dissertation thesis. In a first step, he confirms the results of traditional contingency
theory ...

A Contingency Based View of Chief Executive Officers  Early Warning Behaviour

Author: Andreas Kirschkamp

Publisher: Springer Science & Business Media

ISBN: 9783835055049

Page: 271

View: 465

Andreas Kirschkamp empirically analyses the early warning behavior of Chief Executive Officers in German medium-sized companies. First, he presents the design variables of early warning, then the influencing contingency variables. On the basis of the scholarly research on psychological and contingency theory, the author deduces hypotheses and tests them.