IDEAS home Printed from https://ideas.repec.org/a/taf/eujhet/v19y2012i3p431-451.html
   My bibliography  Save this article

Bachelier: Not the forgotten forerunner he has been depicted as. An analysis of the dissemination of Louis Bachelier's work in economics

Author

Listed:
  • Franck Jovanovic

Abstract

This article presents the results of new research on the history of financial economics by analysing the dissemination of Louis Bachelier's work. Louis Bachelier is doubtless the best known French mathematician in the history of modern finance theory. While recent studies have given us a fairly complete picture of the man himself, his work and the results he arrived at, knowledge of his contribution to the development of ideas remains imprecise. Although the direct influence of his work is analysed on occasion, no study has assessed the dissemination of Bachelier's work, and hence its impact on all scientific disciplines. This is precisely the purpose of this article: to examine the dissemination of Bachelier's work in order to better assess his impact on the development of financial economics (Jovanovic (2010) makes a similar analysis of the dissemination of Bachelier's work in mathematics). Based on a bibliometric analysis of Bachelier's work, this study aims at shedding light on his influence and explaining how the idea of his ‘rediscovery’ in the 1950s gained credence. This article demonstrates that, contrary to the widely accepted view, Bachelier's work has never been forgotten; it also shows that the discovery of Bachelier's work by economists has had no significant influence on the development of financial economics.

Suggested Citation

  • Franck Jovanovic, 2012. "Bachelier: Not the forgotten forerunner he has been depicted as. An analysis of the dissemination of Louis Bachelier's work in economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 19(3), pages 431-451, September.
    • Handle: RePEc:taf:eujhet:v:19:y:2012:i:3:p:431-451
    DOI: 10.1080/09672567.2010.540343
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/09672567.2010.540343
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/09672567.2010.540343?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Leonard,Robert, 2010. "Von Neumann, Morgenstern, and the Creation of Game Theory," Cambridge Books, Cambridge University Press, number 9780521562669, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chambers, David, 2019. "Commodity Option Pricing Efficiency before Black Scholes Merton," CEPR Discussion Papers 13975, C.E.P.R. Discussion Papers.
    2. Nicole El Karoui & Antoine Parent & Pierre-Charles Pradier, 2022. "Louis Bachelier's Théorie de la spéculation : The missing piece in Walras' general equilibrium," Documents de travail du Centre d'Economie de la Sorbonne 22019, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    3. Maria Eug?nia Mata & Jos? Rodrigues da Costa & David Justino, 2018. "Finance, a New Old Science," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2018(2), pages 75-93.
    4. David Chambers & Rasheed Saleuddin, 2020. "Commodity option pricing efficiency before Black, Scholes, and Merton," Economic History Review, Economic History Society, vol. 73(2), pages 540-564, May.
    5. Jovanovic, Franck & Schinckus, Christophe, 2017. "Econophysics and Financial Economics: An Emerging Dialogue," OUP Catalogue, Oxford University Press, number 9780190205034.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Marek Hudik, 0. "Equilibrium as compatibility of plans," Theory and Decision, Springer, vol. 0, pages 1-20.
    2. Giocoli, Nicola, 2011. "From Wald to Savage: homo economicus becomes a Bayesian statistician," MPRA Paper 34117, University Library of Munich, Germany.
    3. Anthony Endres, 2013. "Is the economics of time and ignorance a “classic”?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(1), pages 17-25, March.
    4. Marek Hudik, 2020. "Equilibrium as compatibility of plans," Theory and Decision, Springer, vol. 89(3), pages 349-368, October.
    5. Kimbrough, Erik O. & Laughren, Kevin & Sheremeta, Roman, 2020. "War and conflict in economics: Theories, applications, and recent trends," Journal of Economic Behavior & Organization, Elsevier, vol. 178(C), pages 998-1013.
    6. Robert Leonard, 2020. "Karl Menger’s modernist journey: art, mathematics and mysticism, 1920–1955," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 3-31, March.
    7. Zhao, Jingang, 2018. "Three little-known and yet still significant contributions of Lloyd Shapley," Games and Economic Behavior, Elsevier, vol. 108(C), pages 592-599.
    8. João R. Faria & Rajeev K. Goel & Neela D. Manage, 2024. "The path of economics research production: Insights into the seesaw between theory and empirics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 83(4), pages 753-772, September.
    9. László Á. Kóczy, 2018. "Partition Function Form Games," Theory and Decision Library C, Springer, number 978-3-319-69841-0, September.
    10. Luca Lambertini, 2013. "John von Neumann between Physics and Economics: A methodological note," Review of Economic Analysis, Digital Initiatives at the University of Waterloo Library, vol. 5(2), pages 177-189, December.
    11. Hanappi, Hardy & Scholz-Waeckerle, Manuel, 2015. "Evolutionary Political Economy: Content and Methods," MPRA Paper 75447, University Library of Munich, Germany.
    12. Harald Hagemann, 2011. "European émigrés and the ‘Americanization’ of economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 18(5), pages 643-671, December.
    13. Simon MacKenzie & Manfred Kerber & Colin Rowat, 2015. "Pillage games with multiple stable sets," International Journal of Game Theory, Springer;Game Theory Society, vol. 44(4), pages 993-1013, November.
    14. Bjerkholt, Olav, 2014. "Econometric Society 1930: How It Got Founded," Memorandum 26/2014, Oslo University, Department of Economics.
    15. Larry Samuelson, 2016. "Game Theory in Economics and Beyond," Journal of Economic Perspectives, American Economic Association, vol. 30(4), pages 107-130, Fall.
    16. Philippe Mongin, 2018. "A game-theoretic analysis of the Waterloo campaign and some comments on the analytic narrative project," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 12(3), pages 451-480, September.
    17. Ivan Boldyrev & Martin Kragh, 2013. "The fate of social sciences in Soviet Russia: the case of Isaak Il’ich Rubin," HSE Working papers WP BRP 17/HUM/2013, National Research University Higher School of Economics.
    18. Roberto Marchionatti Author-Email: roberto.marchionatti@unito.it & Fiorenzo Mornati Author-Email: fiorenzo.mornati@unito.it, 2016. "Economic Theories in Competition A New Narrative of the Debate on the General Economic Equilibrium Theory in the 1930s," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(5), pages 503-523, December.
    19. Andrew P. Moore & Kirk A. Kennedy & Thomas J. Dover, 2016. "Introduction to the special issue on insider threat modeling and simulation," Computational and Mathematical Organization Theory, Springer, vol. 22(3), pages 261-272, September.
    20. Hanappi, Gerhard, 2019. "From Integrated Capitalism to Disintegrating Capitalism. Scenarios of a Third World War," MPRA Paper 91397, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:eujhet:v:19:y:2012:i:3:p:431-451. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/REJH20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.