Rubinstein's History

From: Mark Taranto
Affiliation:
Address: MarkTaranto@comcast.net
Date: 26 Dec 2006
Time: 11:43:18

Comments

Thanks for these comments. I hadn't realized that Mark Rubinstein finally published his history of finance. He'd been working on it for several years. I had to laugh at your comments about him pointing out that many things in finance are attributed to someone other than the person it is named for. If you ever give a talk at Berkeley -- don't mention the Gordon Growth Model -- because Mark will stop you cold and explain the history of the model. ........................ He has been on both sides of the attribution problem. There are always fireworks at Berkeley if a speaker mentions Breeden's Consumption CAPM. It was immediately pointed out to them (usually by Heyne Leland -- but sometimes by Mark R) that Breeden's continuous time model is based on Rubinstein's discrete model. At the other end of the spectrum, Cox, Ross and Rubinstein are given the credit for binomial trees. However, they got the idea from Bill Sharpe. They offered to include Sharpe on the paper -- but he declined.

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