Financial markets are a fascinating example of 'complexity in action': a real-world complex system whose evolution is dictated by the decisions of crowds of traders who are continually trying to win in a vast global 'game'. This book draws on recent ideas from the highly- topical science of complexity and complex systems, to address the following questions: how do financial markets behave? Why do financial markets behave in the way that they do? What can we do to minimize risk, given this behavior? Standard finance theory is built around several seemingly innocuous assumptions about market dynamics. This book shows how these assumptions can give misleading answers to crucially important practical problems such as minimizing financial risk, coping with extreme events such as crashes or drawdowns, and pricing derivatives. After discussing the background to the concept of complexity and the structure of financial markets in Chapter 1, Chapter 2 examines the assumptions upon which standard finance theory is built. Reality sets in which Chapter 3, where data from two seemingly different markets are analyzed and certain universal features uncovered which cannot be explained within standard finance theory. Chapters 4 and 5 mark a significant departure from the philosophy of standard finance theory, being concerned with exploring microscopic models of markets which are faithful to real market microstructure yet, which also reproduce real-world features. Chapter 6 moves to the practical problem of how to quantify and hedge risk in real world markets. Chapter 7 discusses deterministic descriptions of market dynamics, incorporating the topics of chaos and the all-important phenomenon of market crashes.

Financial Market Complexity: What Physics Can Tell Us About Market Behaviour (Oxford Finance Series)

Business & Money

Johnson, Neil F.

Jefferies, Paul

Hui, Pak Ming

Economics

Oxford University Press

Information Hiding: Steganography and Watermarking - Attacks and Countermeasures deals with information hiding. With the proliferation of multimedia on the Internet, information hiding addresses two areas of concern: privacy of information from surveillance (steganography) and protection of intellectual property (digital watermarking). Steganography (literally, covered writing) explores methods to hide the existence of hidden messages. These methods include invisible ink, microdot, digital signature, covert channel, and spread spectrum communication. Digital watermarks represent a commercial application of steganography. Watermarks can be used to track the copyright and ownership of electronic media. In this volume, the authors focus on techniques for hiding information in digital media. They analyze the hiding techniques to uncover their limitations. These limitations are employed to devise attacks against hidden information. The goal of these attacks is to expose the existence of a secret message or render a digital watermark unusable. In assessing these attacks, countermeasures are developed to assist in protecting digital watermarking systems. Understanding the limitations of the current methods will lead us to build more robust methods that can survive various manipulation and attacks. The more information that is placed in the public's reach on the Internet, the more owners of such information need to protect themselves from theft and false representation. Systems to analyze techniques for uncovering hidden information and recover seemingly destroyed information will be useful to law enforcement authorities in computer forensics and digital traffic analysis. Information Hiding: Steganography and Watermarking - Attacks and Countermeasures presents the authors' research contributions in three fundamental areas with respect to image-based steganography and watermarking: analysis of data hiding techniques, attacks against hidden information, and countermeasures to attacks against digital watermarks. Information Hiding: Steganography and Watermarking &amp;endash; Attacks and Countermeasures is suitable for a secondary text in a graduate level course, and as a reference for researchers and practitioners in industry.

Information Hiding: Steganography and Watermarking - Attacks and Countermeasures

Duric, Zoran

Jajodia, Sushil

Reference

Springer

What do traffic jams, stock market crashes, and wars have in common? They can all be explained by complexity, an unsolved puzzle which is the most important scientific development since general relativity, and considered by many to be the 'Science of Sciences'. In Two's Company, Three is Complexity, Neil Johnson draws on his experience as a leading researcher in the field to explore the surprising ways in which order eventually emerges from the interaction of all things. Relevant across the whole breadth of social studies and science from pubs to plants, Johnson utilizes a wealth of real-life examples as he leads us on a brilliantly entertaining romp through chaos, game theory, economics, and even jazz, ultimately proving that complexity lies at the very heart of the Universe itself. The sheer scope and interdisciplinary nature of the subject means that those with backgrounds in physics, biology, engineering, computer science, economics, sociology, politics, business, or mathematics will appreciate the book's relevance to, and illumination of, their own field of interest. Lucidly written, this is the first publication to deal with complexity as a self-contained subject in its own right, and will be an indispensable reference for anyone seeking to step back and understand how order always emerges from the patterns and processes of every day life.

Two's Company, Three Is Complexity: A Simple Guide to the Science of All Sciences

Science & Math

Physics

Oneworld Pubns Ltd

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