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521

Seven Prescriptions for Accelerationism

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Reed, P. (2014). Seven Prescriptions for Accelerationism. In Avanessian, A. and Mackay, R. (eds) #Accelerate: The Accelerationist Reader. Urbanomic, pp. 521-535

529

In Donald MacKenzie's study on the financial turn of economics, he highlights the role of the self-fulfilling prophecy (positive feedback) of mathematical models upon reality, through the example of the Black-Scholes-Merton model. At first the correspondence between the model and actual prices was fairly inaccurate (the model did not refiect reality), yet as traders began to rely on the modeltaking up its mathematical claims of legitimacy, directly using its projections in their practice through the dissemination of purchased pricing charts-the model began to create reality, it became a tool of the trade-what MacKenzie calls 'an engine, not a camera', a (once inaccurate) model (now) driving reality. [...]

footnote 8

—p.529 by Patricia Reed 4¬†years ago

In Donald MacKenzie's study on the financial turn of economics, he highlights the role of the self-fulfilling prophecy (positive feedback) of mathematical models upon reality, through the example of the Black-Scholes-Merton model. At first the correspondence between the model and actual prices was fairly inaccurate (the model did not refiect reality), yet as traders began to rely on the modeltaking up its mathematical claims of legitimacy, directly using its projections in their practice through the dissemination of purchased pricing charts-the model began to create reality, it became a tool of the trade-what MacKenzie calls 'an engine, not a camera', a (once inaccurate) model (now) driving reality. [...]

footnote 8

—p.529 by Patricia Reed 4¬†years ago