Bachelier’s ‘Theory of speculation’
The influences which determine fluctuations on the Exchangeare innumerable; past, present, and even discountedfuture events are reflected in market price, butoften show no apparent relation to price changes. Besidesthe somewhat natural causes of price changes, artificialcauses also intervene: The Exchange reacts onitself, and the current fluctuation is a function, not only of previous fluctuations,but also of the orientation of the current state.
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