From Statistical Physics to Risk Management.

231
Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management. : Cambridge University Press, . p 1 http://site.ebrary.com/id/10014876?ppg=1 Copyright © Cambridge University Press. . All rights reserved. May not be reproduced in any form without permission from the publisher, except fair uses permitted under U.S. or applicable copyright law.

Transcript of From Statistical Physics to Risk Management.

Page 1: From Statistical Physics to Risk Management.

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 1http://site.ebrary.com/id/10014876?ppg=1Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 2: From Statistical Physics to Risk Management.

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 2http://site.ebrary.com/id/10014876?ppg=2Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 3http://site.ebrary.com/id/10014876?ppg=3Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 4http://site.ebrary.com/id/10014876?ppg=4Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 5http://site.ebrary.com/id/10014876?ppg=5Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 6http://site.ebrary.com/id/10014876?ppg=6Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 7http://site.ebrary.com/id/10014876?ppg=7Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 8http://site.ebrary.com/id/10014876?ppg=8Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 9http://site.ebrary.com/id/10014876?ppg=9Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 10http://site.ebrary.com/id/10014876?ppg=10Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 11http://site.ebrary.com/id/10014876?ppg=11Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 12http://site.ebrary.com/id/10014876?ppg=12Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 13http://site.ebrary.com/id/10014876?ppg=13Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 14http://site.ebrary.com/id/10014876?ppg=14Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 15http://site.ebrary.com/id/10014876?ppg=15Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 16http://site.ebrary.com/id/10014876?ppg=16Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 17http://site.ebrary.com/id/10014876?ppg=17Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 18http://site.ebrary.com/id/10014876?ppg=18Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 19http://site.ebrary.com/id/10014876?ppg=19Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 20http://site.ebrary.com/id/10014876?ppg=20Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 21http://site.ebrary.com/id/10014876?ppg=21Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 22http://site.ebrary.com/id/10014876?ppg=22Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 23http://site.ebrary.com/id/10014876?ppg=23Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 24http://site.ebrary.com/id/10014876?ppg=24Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 25http://site.ebrary.com/id/10014876?ppg=25Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 26http://site.ebrary.com/id/10014876?ppg=26Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 27http://site.ebrary.com/id/10014876?ppg=27Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 28http://site.ebrary.com/id/10014876?ppg=28Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 29http://site.ebrary.com/id/10014876?ppg=29Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 30http://site.ebrary.com/id/10014876?ppg=30Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 31http://site.ebrary.com/id/10014876?ppg=31Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 32http://site.ebrary.com/id/10014876?ppg=32Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 33http://site.ebrary.com/id/10014876?ppg=33Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 34http://site.ebrary.com/id/10014876?ppg=34Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 35http://site.ebrary.com/id/10014876?ppg=35Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 36http://site.ebrary.com/id/10014876?ppg=36Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 37http://site.ebrary.com/id/10014876?ppg=37Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 38http://site.ebrary.com/id/10014876?ppg=38Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 39http://site.ebrary.com/id/10014876?ppg=39Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 40http://site.ebrary.com/id/10014876?ppg=40Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 41http://site.ebrary.com/id/10014876?ppg=41Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 42http://site.ebrary.com/id/10014876?ppg=42Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 43http://site.ebrary.com/id/10014876?ppg=43Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 44http://site.ebrary.com/id/10014876?ppg=44Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 45http://site.ebrary.com/id/10014876?ppg=45Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 46http://site.ebrary.com/id/10014876?ppg=46Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 47http://site.ebrary.com/id/10014876?ppg=47Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 48http://site.ebrary.com/id/10014876?ppg=48Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 49http://site.ebrary.com/id/10014876?ppg=49Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 50http://site.ebrary.com/id/10014876?ppg=50Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 51http://site.ebrary.com/id/10014876?ppg=51Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 52http://site.ebrary.com/id/10014876?ppg=52Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 53http://site.ebrary.com/id/10014876?ppg=53Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 54http://site.ebrary.com/id/10014876?ppg=54Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 55http://site.ebrary.com/id/10014876?ppg=55Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 56http://site.ebrary.com/id/10014876?ppg=56Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 57http://site.ebrary.com/id/10014876?ppg=57Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 58http://site.ebrary.com/id/10014876?ppg=58Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 59http://site.ebrary.com/id/10014876?ppg=59Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 60http://site.ebrary.com/id/10014876?ppg=60Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 61http://site.ebrary.com/id/10014876?ppg=61Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 62http://site.ebrary.com/id/10014876?ppg=62Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 63http://site.ebrary.com/id/10014876?ppg=63Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 64http://site.ebrary.com/id/10014876?ppg=64Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 65http://site.ebrary.com/id/10014876?ppg=65Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 66http://site.ebrary.com/id/10014876?ppg=66Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 67http://site.ebrary.com/id/10014876?ppg=67Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 68http://site.ebrary.com/id/10014876?ppg=68Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 69http://site.ebrary.com/id/10014876?ppg=69Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 70http://site.ebrary.com/id/10014876?ppg=70Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 71http://site.ebrary.com/id/10014876?ppg=71Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 72http://site.ebrary.com/id/10014876?ppg=72Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 73http://site.ebrary.com/id/10014876?ppg=73Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 74http://site.ebrary.com/id/10014876?ppg=74Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 76http://site.ebrary.com/id/10014876?ppg=76Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 77http://site.ebrary.com/id/10014876?ppg=77Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 78http://site.ebrary.com/id/10014876?ppg=78Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

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