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9781784710019

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`Few issues are more important, and more often misunderstood, than the role of quantitative models in financial markets. Svetlova's calm, balanced, and - above all - well-informed analysis of this issue will be highly influential.' -- Donald MacKenzie, The University of Edinburgh, UK

`Svetlova's book is essential reading for anyone - scholars and practitioners alike - who truly want to understand how financial models shape modern financial markets. Her brilliant starting point - that markets function remarkably well despite widespread adoption of models that are necessarily limited - sets the stage for her key insight: that models are not followed blindly but wielded judiciously by savvy practitioners who collectively create a culture of model use that makes the otherwise incalculable investable .' -- Ezra Zuckerman Sivan, Massachusetts Institute of Technology, Sloan School of Management, US `This is a wonderfully stimulating book that delivers a brilliant, extremely lucid account of how formal models are used in financial decision-making, an issue rather neglected so far. This multi-faceted body of work shows in a fascinating way how everyday practices of model use produce heterogeneous behavior of market participants. Theoretical models are demonstrated to be creative resources of financial markets. The book represents a successful - and provocative - interplay of modelling accounts developed in philosophy, science and technology studies, economics and social studies of finance. The book will certainly spark a lively debate. Key reading for those who are interested in profound insights of how financial markets work.' -- Birger P. Priddat, Witten/Herdecke University, Germany `This book addresses the topical, but relatively untouched issue of the cultures in which financial models are used. Following a thorough analysis of empirical cases of the use of models in financial institutions, the author offers an important innovation by enriching the meanings assigned to the notion of ignorance. Readers in diverse disciplines, from finance, through sociology, social psychology and regulation studies will find this book relevant and illuminating.' -- Yuval Millo, University of Warwick, UK `Few issues are more important, and more often misunderstood, than the role of quantitative models in financial markets. Svetlova's calm, balanced, and - above all - well-informed analysis of this issue will be highly influential.' -- Donald MacKenzie, The University of Edinburgh, UK `Financial Models and Society is rich with original insights about the way investment practitioners use-and do not use-models. Many of the observations will ring true to those of us who work with financial models daily and are intimately familiar with their inevitable limitations.' -- Financial Analysts Journal

`Svetlova's book is essential reading for anyone - scholars and practitioners alike - who truly want to understand how financial models shape modern financial markets. Her brilliant starting point- that markets function remarkably well despite widespread adoption of models that are necessarily limited - sets the stage for her key insight: that models are not followed blindly but wielded judiciously by savvy practitioners who collectively create a culture of model use that makes the otherwise incalculable investable .' -- Ezra Zuckerman Sivan, MIT Sloan School of Management, US `This book addresses the topical, but relatively untouched issue of the cultures in which financial models are used. Following a thorough analysis of empirical cases of the use of models in financial institutions, the author offers an important innovation by enriching the meanings assigned to the notion of ignorance. Readers in diverse disciplines, from finance, through sociology, social psychology and regulation studies will find this book relevant and illuminating.' -- Yuval Millo, University of Warwick, UK `Few issues are more important, and more often misunderstood, than the role of quantitative models in financial markets. Svetlova's calm, balanced, and - above all - well-informed analysis of this issue will be highly influential.' -- Donald MacKenzie, The University of Edinburgh, UK

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Ekaterina Svetlova, University of Leicester, UK

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