Palgrave Pivot

Theory and Applications

By: M. Osborne

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Hardcover | 6 January 2014 | Edition Number 1

At a Glance

Hardcover
150 Pages

Dimensions(cm)
14.7 x 22.7 x 1.6

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Although mathematicians have known about complex numbers as solutions to equations since the seventeenth century, the numbers had few applications until the twentieth century. Today, their applications include mobile phones, satellite navigation, imaging techniques (MRI, PET), and circuit design in computers. Until recently, however, there were few applications of complex numbers to finance. This situation has changed.

Multiple Interest Rate Analysis is the study of all interest rates solving the time value of money equation - not only the orthodox rates of conventional economics, but also the unorthodox rates that are complex-valued. The unorthodox rates are employed to convert conventional financial equations containing a single interest rate into 'dual' expressions containing every rate. These dual expressions solve long-standing puzzles and lead to revised conclusions about best practice and sound policy advice in various areas of financial economics, including loan finance, investment appraisal, bond risk management, and capital theory.

Industry Reviews

'I liked everything about it (except for the title, which gave me no clue about what was inside). If anyone had asked me, I would have guessed that there was nothing very new to be said about present-value equations, but you have certainly showed that conjecture to be wrong. The product of the roots of the present-value polynomial contains interesting and useful information, as the book demonstrates'.

- Robert M. Solow, Nobel laureate in Economics (1987), Institute Professor, Emeritus, and Professor of Economics, Emeritus,

Massachusetts Institute of Technology

'When facing complex problems that arise in the real world, one should always remember that real answers to real questions may require imagination. This book gets to the real root of such problems and more'.

- Peter Carr, PhD, Global Head of Market Modeling, Morgan Stanley and Exec. Director of NYU Courant Math Finance Program

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