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In this part of the book, we discuss the background of Bronzin’s scientific work (chapters 6 and 7), and start with a review and evaluation of his (Theorie der Prämiengeschäfte from the perspective of modern option pricing (chapter 5). It is interesting to observe how many elements of modern finance theory can be found in his Treatise — such as the unpredictability of security prices, the fair pricing...
In this chapter,1 Bronzin’s Treatise (1908) is analyzed from the perspective of modern financial economics. In the first two sections, we shortly characterize the general approach and institutional background of Bronzin’s analysis (5.1 and 5.2). The key valuation elements, such as the notion of “coverage”, “equivalence”, “fair pricing” and other fundamental insights about the properties of option...
This chapter explores possible probabilistic roots of Bachelier’s and Bronzin’s work. Why did they choose their specific probabilistic setting? Are there parallels to the early development of life insurance two centuries earlier, when the emerging statistical probabilism, advanced by major mathematicians of that time, was explicitly used to “domesticate” speculation and to transform it to a morally...
The present chapter argues that Bronzin’s life, during the period of his most active academic work and up until its climax with the publication of his treatise “Theory of Premium Contracts” was biographically typical of his day. Both his personal and psychological development and the specific cultural, social and political biotope in which he lived complemented each other optimally. At the time, the...
How was the economic, cultural and social atmosphere in the late Habsburg monarchy? Why did Bronzin’s contribution not get a broader recognition by economists and mathematicians in the socio-economic setting of that time?
In historical perspective the Austro-Hungarian Monarchy around 1900 was over a long period of time perceived as a state which chiefly flourished in cultural fields. However at the same time it was viewed as persisting in the state of hopeless economical backwardness. This paper attempts to revise the rather distorted picture and to replace it by a more differentiated consideration which is based on...
In the following article we shall be tracing the international socio-economic influences, particularly those specific to Trieste, which laid the foundations for the development of Bronzin’s work on premium contracts. The educational system played a central role in institutionalizing certain concepts and ideas. Most notably, there was a change of paradigm in the teaching methodology for mathematics...
When Vinzenz Bronzin published his book “Theorie der Prämiengeschäfte” (“Theory of Premium Contracts”), he received no support from the “Monatshefte für Mathematik und Physik” (“Monthly Bulletin of Mathematics and Physics”), the foremost publishing organ for mathematicians in the Austro-Hungarian empire. On the contrary, his ideas were judged to be of no practical use.1 This raises questions about...
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