The dangers of trading derivatives have been well-known ever since they were catapulted into the public eye by the spectacular losses of Nick Leeson and Barings Bank. John Dickson explains what derivatives are, and how they can be both risky, and used to reduce risk.
This is a game played between a team of 3 people (Ann, Bob and Chris, say), and a TV game show host. The team enters the room, and the host places a hat on each of their heads. Each hat is either red or blue at random (the host tosses a coin for each team-member to decide which colour of hat to give them). The players can see each others' hats, but no-one can see their own hat.
The paradoxes of the philosopher Zeno, born approximately 490 BC in southern Italy, have puzzled mathematicians, scientists and philosophers for millennia. Although none of his work survives today, over 40 paradoxes are attributed to him which appeared in a book he wrote as a defense of the philosophies of his teacher Parmenides.
'Of the myriad strategems I employ to avoid useful work, the one I most enjoy is to envision how scientists of earlier eras would have made use of modern computers.' John L. Casti tells us how today's mathematicians are using computers to carry on the work of turn-of-the-century polymath d'Arcy Wentworth Thompson, who showed how mathematical functions could be applied to the
shape of one organism to continuously transform it into other, physically similar organisms.
Actuarial science began as the place where two branches of mathematics meet: compound interest and observed mortality statistics. Financial planning for the future is therefore rooted firmly in the past. John Webb takes us through some of the mathematics involved, introducing us to some of the colourful characters who led the way.