An Engine Not A Camera
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An Engine Not A Camera
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Author : Donald MacKenzie
language : en
Publisher: MIT Press
Release Date : 2008-08-29
An Engine Not A Camera written by Donald MacKenzie and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-29 with Technology & Engineering categories.
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.
An Engine Not A Camera
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Author : Donald A. MacKenzie
language : en
Publisher:
Release Date : 2006
An Engine Not A Camera written by Donald A. MacKenzie and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Trading At The Speed Of Light
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Author : Donald MacKenzie
language : en
Publisher: Princeton University Press
Release Date : 2023-01-31
Trading At The Speed Of Light written by Donald MacKenzie and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-31 with Business & Economics categories.
A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets In today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading—automated high-frequency trading or HFT—began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms. In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal—light in a vacuum—can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges’ systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others. Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.
Mechanizing Proof
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Author : Donald MacKenzie
language : en
Publisher: MIT Press
Release Date : 2004-01-30
Mechanizing Proof written by Donald MacKenzie and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-30 with Social Science categories.
Most aspects of our private and social lives—our safety, the integrity of the financial system, the functioning of utilities and other services, and national security—now depend on computing. But how can we know that this computing is trustworthy? In Mechanizing Proof, Donald MacKenzie addresses this key issue by investigating the interrelations of computing, risk, and mathematical proof over the last half century from the perspectives of history and sociology. His discussion draws on the technical literature of computer science and artificial intelligence and on extensive interviews with participants. MacKenzie argues that our culture now contains two ideals of proof: proof as traditionally conducted by human mathematicians, and formal, mechanized proof. He describes the systems constructed by those committed to the latter ideal and the many questions those systems raise about the nature of proof. He looks at the primary social influence on the development of automated proof—the need to predict the behavior of the computer systems upon which human life and security depend—and explores the involvement of powerful organizations such as the National Security Agency. He concludes that in mechanizing proof, and in pursuing dependable computer systems, we do not obviate the need for trust in our collective human judgment.
Material Markets
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Author : Donald MacKenzie
language : en
Publisher: OUP Oxford
Release Date : 2008-12-11
Material Markets written by Donald MacKenzie and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-12-11 with Business & Economics categories.
Financial markets, processes, and instruments are often difficult to fathom; the credit crisis highlights both their importance and their fragility. Donald MacKenzie is one of the most perceptive analysts of the workings of the financial world. In this book, he argues that economic agents and markets need to be analyzed in their full materiality: their physicality, their corporeality, their technicality. Markets are populated not by disembodied, abstract agents, but by embodied human beings and technical systems. Concepts and systematic ways of thinking that simplify market processes and make them mentally tractable are essential to how markets function. In putting forward this material sociology of markets, the book synthesizes and contributes to the field of social studies of finance; the application to financial markets not just of economics but of wider social-science disciplines, in particular science and technology studies. The topics covered include the development of financial derivatives exchanges; arbitrage; how corporate profit figures are constructed; the crucial new markets in carbon emissions; and a case-study of a hedge fund (based, unusually, on direct observation of its trading). The book will appeal to research students and academics across the social sciences, and the general reader will enjoy the book's explanations and analyses of some of the most important phenomena of today's turbulent markets.
Inventing Accuracy
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Author : Donald MacKenzie
language : en
Publisher: MIT Press
Release Date : 1993-01-29
Inventing Accuracy written by Donald MacKenzie and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-01-29 with Science categories.
"Mackenzie has achieved a masterful synthesis of engrossing narrative, imaginative concepts, historical perspective, and social concern." Donald MacKenzie follows one line of technology—strategic ballistic missile guidance through a succession of weapons systems to reveal the workings of a world that is neither awesome nor unstoppable. He uncovers the parameters, the pressures, and the politics that make up the complex social construction of an equally complex technology.
Thomas Friends Camera Tour
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Author :
language : en
Publisher:
Release Date : 2002-01
Thomas Friends Camera Tour written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01 with Toy and movable books categories.
Science Mart
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Author : Philip Mirowski
language : en
Publisher: Harvard University Press
Release Date : 2011-04-29
Science Mart written by Philip Mirowski and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-29 with Business & Economics categories.
This trenchant study analyzes the rise and decline in the quality and format of science in America since World War II. Science-Mart attributes this decline to a powerful neoliberal ideology in the 1980s which saw the fruits of scientific investigation as commodities that could be monetized, rather than as a public good.
Plato S Camera
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Author : Paul M. Churchland
language : en
Publisher: MIT Press
Release Date : 2012-01-20
Plato S Camera written by Paul M. Churchland and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-20 with Philosophy categories.
A noted philosopher draws on the empirical results and conceptual resources of cognitive neuroscience to address questions about the nature of knowledge. In Plato's Camera, eminent philosopher Paul Churchland offers a novel account of how the brain constructs a representation—or "takes a picture"—of the universe's timeless categorical and dynamical structure. This construction process, which begins at birth, yields the enduring background conceptual framework with which we will interpret our sensory experience for the rest of our lives. But, as even Plato knew, to make singular perceptual judgments requires that we possess an antecedent framework of abstract categories to which any perceived particular can be relevantly assimilated. How that background framework is assembled in the first place is the motivating mystery, and the primary target, of Churchland's book. Unexpectedly, this neurobiologically grounded account of human cognition also provides a systematic story of how such low-level epistemological activities are integrated within an enveloping framework of linguistic structures and regulatory mechanisms at the social level. As Churchland illustrates, this integration of cognitive mechanisms at several levels has launched the human race on an epistemological adventure denied to all other terrestrial creatures.
Image Sensors And Signal Processing For Digital Still Cameras
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Author : Junichi Nakamura
language : en
Publisher: CRC Press
Release Date : 2017-12-19
Image Sensors And Signal Processing For Digital Still Cameras written by Junichi Nakamura and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-19 with Technology & Engineering categories.
Shrinking pixel sizes along with improvements in image sensors, optics, and electronics have elevated DSCs to levels of performance that match, and have the potential to surpass, that of silver-halide film cameras. Image Sensors and Signal Processing for Digital Still Cameras captures the current state of DSC image acquisition and signal processing technology and takes an all-inclusive look at the field, from the history of DSCs to future possibilities. The first chapter outlines the evolution of DSCs, their basic structure, and their major application classes. The next few chapters discuss high-quality optics that meet the requirements of better image sensors, the basic functions and performance parameters of image sensors, and detailed discussions of both CCD and CMOS image sensors. The book then discusses how color theory affects the uses of DSCs, presents basic image processing and camera control algorithms and examples of advanced image processing algorithms, explores the architecture and required performance of signal processing engines, and explains how to evaluate image quality for each component described. The book closes with a look at future technologies and the challenges that must be overcome to realize them. With contributions from many active DSC experts, Image Sensors and Image Processing for Digital Still Cameras offers unparalleled real-world coverage and opens wide the door for future innovation.