The economic crisis of 2008 has shown that the capital markets need
new theoretical and mathematical concepts to describe and price
financial instruments. Focusing almost exclusively on interest
rates and coupon bonds, this book does not employ stochastic
calculus the bedrock of the present day mathematical finance for
any of the derivations. Instead, it analyzes interest rates and
coupon bonds using quantum finance. The Heath-Jarrow-Morton and the
Libor Market Model are generalized by realizing the forward and
Libor interest rates as an imperfectly correlated quantum field.
Theoretical models have been calibrated and tested using bond and
interest rates market data. Building on the principles formulated
in the author s previous book (Quantum Finance, Cambridge
University Press, 2004) this ground-breaking book brings together a
diverse collection of theoretical and mathematical interest rate
models. It will interest physicists and mathematicians researching
in finance, and professionals working in the finance industry.
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