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In this innovative book, Stephen P. Rice offers a new understanding of class formation in America during the several decades before the Civil War. This was the period in the nation's early industrial development when travel by steamboat became commonplace, when the railroad altered concepts of space and time, and when Americans experienced the beginnings of factory production. These disorienting changes raised a host of questions about what machinery would accomplish. Would it promote equality or widen the distance between rich and poor? Among the most contentious questions were those focusing on the social consequences of mechanization: while machine enthusiasts touted the extent to which m...
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This book shows how current and recent market prices convey information about the probability distributions that govern future prices. Moving beyond purely theoretical models, Stephen Taylor applies methods supported by empirical research of equity and foreign exchange markets to show how daily and more frequent asset prices, and the prices of option contracts, can be used to construct and assess predictions about future prices, their volatility, and their probability distributions. Stephen Taylor provides a comprehensive introduction to the dynamic behavior of asset prices, relying on finance theory and statistical evidence. He uses stochastic processes to define mathematical models for pri...