Applied Equity Analysis: Stock Valuation Techniques for Wall Street Professionals

Book Description

Applied Equity Analysis treats stock valuation as a practical, hands-on tool rather than a vague, theoretical exercise—and covers the entire valuation process from financial statement analysis through the final investment recommendation. Its integrated approach to valuation builds viable connections between a firm’s competitive situation and the ultimate behavior of its common stock. Techniques explained include EVA, newer hybrid valuation techniques, and relative multiple analysis.

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Applied Equity Analysis treats stock valuation as a practical, hands-on tool rather than a vague, theoretical exercise--and covers the entire valuation process from financial statement analysis through the final investment recommendation.

Customer Reviews:

great book for those in finance.......2006-06-20

This book is great if you're in the field of finance. This is not for the average consumer looking for investment advice. I've been in corporate financial planning and analyis for the past five years and always wondered how equity analysts built their models. This books will give you insight into their thinking and also give enough detail to build your own models. I would have rated it five stars if the book included a CD with his examples in Excel. The author does have website where you can download sample models.

for SELL-SIDE analysts only.......2006-01-14

I bought this book based on the strong reviews as a complement to Damodaran's classic on valuation, but felt disappointed.

To qualify my comments: First, I am not a sell-side analyst, and secondly, I haven't finished the book. After about 50 pages, I threw in the towel.

My first stylistic objection to the book is its low content density. There is tremendous repetition and examples are trotted out in excruciating detail, even where the conclusions are fairly obvious. For example, on p. 34: "At competitive equilibrium, the firm can identify no incremental investment opportunities likely to generate returns in excess of capital costs. Competitive equilibrium is often defined as a condition in which investment opportunities generate returns equal to capital costs, but existing investments continue to earn abnormal rates." To me these two sentences are already redundant. But in case you still didn't get it, further DOWN on the SAME PAGE: "...This situation is called economic equilibrium, or economic parity. What does equilibrium mean? When returns are forced down to capital costs, then economic rents and/or abnormal earnings disappear and no further incentive to enter the business exists".

But the most frequently repeated point of the first two chapters, is best summed up on p. 19: "As I say many times in the coming pages [and he's not kidding, there], equity analysis is not prophecy; it's opinion. It was never meant to be objective description, but it is strong advocacy." If you're the sell-side analyst, having to "dress up a pig" to help your firm gain some banking business, this book might offer some ideas. But where does this leave the consumer of such analysis? "It's the investor's job to 'diversify' by considering a variety of analysts' positions." (p.9)

I think better advice for the investor might be to learn how to perform sound analysis themselves. For that, I recommend Damodaran's book. I lost my faith in this book's intent to provide balanced (let alone predictive) analysis.

One of the Best.......2005-11-01

There are reams and reams of investment valuation books on the market -- that is obvious.

In my opinion, the three no one should be without are Applied Equity Analysis, Stephen Penman's monster tome "financial statements and...", and lastly, Aswath Damadoran's book, "investment valuation."

Most hyperventilating MBAs default to Damadoran; I really enjoy the simplicity behind Applied Equity Analysis.

Caution: Neither of the 3 are what you'd call "light reading."

If you have any money left, honorable mention goes to Cooke's "security analysis on wall street."

Probably the best.......2004-07-15

I've been looking for a practical step by step book on equity analysis from a practitioners viewpoint. This is it. Other books try to take shortcuts. This book does not take short-cuts, but neither is it bogged down with unncessary academic exercises. If you really want to understand how to do valuation and applied equity analysis I can't recommend any book more highly. It is head and shoulders above anything else out there. Penman's book (from Columbia Business School) is also good but it is a VERY serious and weighty book that probably should only be attacked after you have read this one. Get this book by English and you will not be sorry. I have spent way too much time reading hundreds of other books that weren't nearly as educational. Again, however, it is only for the serious investor.

Very readable, very insightful, and extremely practical.......2001-09-23

James English's "Applied Equity Analysis" is a how-to manual on evaluating stocks based on his 20 years of experience at JP Morgan. The book is very well-written and readable since the author employs plain english (no pun intended) to make his three major points: 1) accounting numbers--while by no means perfect--are excellent tools in evaluating stocks, 2) accounting-based stock valuation is superior to (but does not neccessarily supplant) cash flows, and 3) competition ensures that eye-popping financial performance doesn't last forever.

Contrary to another reviewer, English employs excellent examples to clarify and explain his points. Some examples: Gateway 2000's earnings history was used to explain how to find and interpret non-recurring items (NRI) on financial statements. Ratio analysis was demonstrated by looking at the PC industry in 1998. Emerson Electric was the company chosen to show why mature companies were still good buys. Many other examples abound, and English does a successful job in tying their relevance to his arguements.

But successful use of examples is not just the only strength of the book. The author also tackles a range of topics complete with insightful and clear discussions: the flaws of the Efficient Market Hypothesis (EMH), Economic Value Added (EVA), financial statement analysis, fundamental analysis, etc.

A quick glance at the table of contents below gives you an idea of the scope of English's book. I highly recommend this book to not just Wall Street analysts, anyone who is interested in finding fundamental value in evaluating stocks instead of following the crowd.

Book Description

This book evolved from an interdisciplinary graduate course entitled Molecular Modeling developed at New York University. Its primary goal is to stimulate excitement for molecular modeling research while introducing readers to the wide range of biomolecular problems being solved by computational techniques and to those computational tools. The book is intended for beginning graduate students in medical schools and scientific fields such as biology, chemistry, physics, mathematics, and computer science. Other scientists who wish to enter, or become familiar, with the field of biomolecular modeling and simulation may also benefit from the broad coverage of problems and approaches. The book surveys three broad areas: biomolecular structure and modeling: current problems and state of computations; molecular mechanics: force field origin, composition, and evaluation techniques; and simulation methods: geometry optimization, Monte Carlo, and molecular dynamics approaches. Appendices featuring homework assignments, reading lists, and other information useful for teaching molecular modeling complement the material in the main text. Extensive use of world wide web resources is encouraged, and additional course and text information may be found on a supplementary website. Some praise for Tamar Schlick¿s ¿Molecular Modeling and Simulation: An Interdisciplinary Guide¿:||"The interdisciplinary structural biology community has waited long for a book of this kind which provides an excellent introduction to molecular modeling.¿|¿Harold A. Scheraga, Cornell University||"A uniquely valuable introduction to the modeling of biomolecular structure and dynamics. A rigorous and up-to-date treatment of the foundations, enlivened by engaging anecdotes and historical notes.¿|¿J. Andrew McCammon, Howard Hughes Medical Institute, University of California at San Diego||"I am often asked by physicists, mathematicians and engineers to recommend a book that would be useful to get them started in computational molecular biology. I am also often approached by my colleagues in computational biology to recommend a solid textbook for a graduate course in the area. Tamar Schlick has written the book that I will be recommending to both groups. Tamar has done an amazing job in writing a book that is both suitably accessible for beginners, and suitably rigorous for experts.¿|¿J.J. Collins, Boston University

Customer Reviews:

Outstanding introduction.......2004-05-13

... not only to molecular modeling, but to some of the subtleties of DNA and protein behavior and geometry, too.

This book's focus is generally on interactions with large molecules, DNA and proteins, although it does discuss small molecules (drugs, a few dozen to a few hundred atoms) too. That means that it skips most of the quantum mechanical modeling of more advanced computational chemistry texts.

Nothing is lost, because Schlick covers her chosen topic (molecular modeling and dynamics) in such detail. She starts with a very clear discussion of the structure of large biomolecules, with emphasis on the features that need quantitative description for modeling. That covers protein structure at ever level. It also covers DNA/RNA structure in the best detail I've ever seen. The double-helix is the just the starting point. There are alternative helix forms, non-standard binding between nucleotides, and asymmetries caused by nucleotide composition. The next chapters describe the geometric model and, briefly, the forces acting between atoms.

The second half of the book gets down to the nuts and bolts of modeling. This includes numerical techniques, minimization, sampling and Monte Carlo techniques, and the start of dynamics. Schlick attacks some of the nasty points of the calculations, such as modeling of forces that act on very different time scales. As with the simpler material, the development is clear, descriptive, and free of pointless theorems. The meticulous reader should come away able to implement most or all of the techniques described. The level of presentation is consistent and approachable. I think freshman physics should be enough preparation for most students to get most of the value out of the discussion.

The book is written with clarity as a top priority. The glossary is in the front, making sure that the reader knows it's a first-class part of the text. After that, every chapter starts with a list of the mathematical symbols and variables used and a one-line description of each. These are small things, but they increase the book's readability immensely. The illustrations are generally informative enough. On the whole, though, they don't seem quite up to the level of the textual and mathematical presentations.

I needed a crash course in the mathematical techniques used for describing molecular structure and behavior. I should have read this book first - its clarity and thoroughness would have saved me a lot of time. After this one, I can now go back and reread the more complex texts with more hops of understanding. Do yourself a favor and read this one first.

A long expected book in molecular modeling is finally here.......2004-02-17

I highly recommend Professor T. Schlick's book. It is beautifully written with many examples and great illustrations. The book is truly interdisciplinary; it covers, in good depth, both the biological and mathematical aspects of computational structural biology. Most chapters start with an amenable introduction and finish with "hands-on" recommendations and future challenges. I was particularly pleased with the level of detail in each chapter (in particular those that show the reader the advantages and pitfalls of the different methods presented). My colleague Mariel Vazquez and I used this book in the design and preparation of our "Special topics in Mathematics" course at the UC Berkeley Mathematics Department during the Spring of 2003.

This upper-level undergraduate/lower-level graduate course was centered on mathematical and computational models of the three dimensional structure of DNA, and DNA topology. We found Professor T. Schlick's book very useful in our class preparation. In particular we covered chapter 5 (DNA structure) completely, sections 3 and 4 from chapter 7 (basic principles and formulation of atomic interactions in molecular mechanics), and several sections or subsections from chapters 8 and 9 (force terms used in molecular dynamics simulations). We also covered most of the material in chapter 10 (Multivariate Minimization), and gave a brief introduction to chapter 11 (Monte-Carlo techniques) and chapter 12 (Molecular Dynamics algorithms).

Chapter 5 starts with a very amenable and brief introduction that relates DNA with other biological processes and describes some of the challenges in studying DNA structure. It continues describing the basic building blocks of DNA. The author wisely spends some time defining the nomenclature for each of the atoms, angles and bonds that form these basic blocks. The following sections teach the reader what parameters are relevant for describing a DNA double helix and how they characterize the A, B and Z- forms of DNA. Illustrations in this chapter are particularly helpful.

Although our course's approach to DNA supercoiling was different that the one in the book I found particularly useful some illustrations in chapter 6 and movies (to be found in her webpage) that Prof. Schlick's group has developed over the years. In brief, chapter 6 is a study of more complex structures and behavior of DNA (such as structural role of the DNA sequence, DNA-protein interactions, and higher order organization of DNA -i.e. DNA supercoiling and histone-DNA interactions). This chapter can be a good source for short research projects (e.g. final projects).

Chapters 7, 8 and 9 describe the basic concepts in molecular mechanics. From sections 7.3 and 7.4 I found of interest how the author addresses the problem of the system size (i.e. number of interacting molecules) and some of the details that the author gives for modeling the geometry of atomic interactions. At the end of the chapter (section 7.4.3) interested readers can find some of the limitations of current approaches. Chapters 8 and 9 describe in depth the force fields and how to implement them. Chapter 9 also illustrates with clarity how to implement periodic boundary conditions and the advantages of using different lattice models.

Chapter 10 describes a number of familiar methods for energy minimization (i.e. steepest descent, conjugate gradient, etc....). We used sections 10.1 to 10.4 and section 10.5.2 (conjugate gradient). I found the Hessian patterns shown in figures 10.4 and 10.5 and the minimization trajectories shown in 10.10 very pedagogical. As in previous chapters the author finishes with practical recommendations and future challenges.

We left chapter 11 (Monte Carlo methods) for last in the course and discussed chapter 12 (molecular dynamics) first. As in previous chapters the author gives a very nice introduction (section 12.1 and 12.2) and covers the basics on simulation protocols in sections 12.3 and 12.4. Section 12.4 describes the basic integration algorithms such as leap-frog, verlet, etc... Figure 12.3 was revealing for the students as it compares the time scales in biological systems.

Chapter 11 (Monte-Carlo methods) provides a very comprehensive introduction to Monte-Carlo methods. We found particularly useful some of the subsections of random number generation and the treatment of Importance sampling and Markov chains in section 11.5.

As mentioned earlier we were particularly delighted with the amount of details given in each topic. For example chapters 7 and 8 provide all the formalism needed for the problems of molecular mechanics. In section 8.4 (bond angle potential) the author highlights the differences (both formally and by figures-see figure 8.4) between different formulations of the problem (see also figure 8.6). In Chapter 10 the author describes minimization algorithms in detail and shows some of the patterns that one observes in the Hessian associated to minimization functions of biological structures (see figs. 10.4, 10.5 and 10.11). She also makes very detailed comparisons between the different minimization methods (see figs 10. 2, 10.10). In chapter 12 she compares the different methods and initial conditions for the algorithms discussed (figs 12.3, 12.4, 12.6).

Overall we found that Prof. T. Schlick's book is very adequate for a broad spectrum of levels and very accessible to both graduate and undergraduate students interested in mathematical modeling and computational biology. It is also very well organized facilitating the option of selecting parts of the material for the classroom or for use in one's research.

Beautifully written!.......2003-08-11

As a person with no expertise in molecular modeling who wanted to learn about this field, this book is right on! I find the author's lively text to be as well-written and clear as any science textbook I have ever read. I especially enjoyed the first two chapters for their historical perspective and their practical illustrations of applications of genetics in the world today. These chapters can be understood by non-scientists, whereas the rest of the book is clearly designed for graduate students in any one of the science disciplines.

The interesting information sprinkled throughout the book, including the boxes and figures, help keep the reader stimulated and yearning for greater knowledge of this exciting field. The color graphics also complement the book nicely. Although the subject covered in the book is extremely broad, the author managed to convey the perspectives of multiple scientific disciplines (e.g., biology, chemistry, computer science, math) very well. The combination of breadth and depth in a readable style is remarkable.

Overall, I highly recommend this book to readers interested in the area.

Never short of something exciting.......2003-08-11

It contains many many exiting problems and stimulate to go through the world of art of biology and mathematics. This book can guide the way where to go when you lost in the world of biomathematics, specifically molecular modeling. It looks like a well-organized dictionary with analysis. So it is good for a beginner and also deep-thinker in computational biology field.

Excellent book for both students and researchers.......2003-08-08

This book covers state-of-arts technologies used in today's hot field: molecular modeling. The book is easy to understand and it is suitable for graduate students in both theoretic majors and experimental majors. The homeworks in the book are practical for students to learn basic molecular modeling computer skills very fast.

Book Description

Thirty years ago, biologists could get by with a rudimentary grasp of mathematics and modeling. Not so today. In seeking to answer fundamental questions about how biological systems function and change over time, the modern biologist is as likely to rely on sophisticated mathematical and computer-based models as traditional fieldwork. In this book, Sarah Otto and Troy Day provide biology students with the tools necessary to both interpret models and to build their own.

The book starts at an elementary level of mathematical modeling, assuming that the reader has had high school mathematics and first-year calculus. Otto and Day then gradually build in depth and complexity, from classic models in ecology and evolution to more intricate class-structured and probabilistic models. The authors provide primers with instructive exercises to introduce readers to the more advanced subjects of linear algebra and probability theory. Through examples, they describe how models have been used to understand such topics as the spread of HIV, chaos, the age structure of a country, speciation, and extinction.

Ecologists and evolutionary biologists today need enough mathematical training to be able to assess the power and limits of biological models and to develop theories and models themselves. This innovative book will be an indispensable guide to the world of mathematical models for the next generation of biologists.

A how-to guide for developing new mathematical models in biology
Provides step-by-step recipes for constructing and analyzing models
Interesting biological applications
Explores classical models in ecology and evolution
Questions at the end of every chapter
Primers cover important mathematical topics
Exercises with answers
Appendixes summarize useful rules
Labs and advanced material available

Occupancy Estimation and Modeling: Inferring Patterns and Dynamics of Species Occurrence

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Great book for understanding site occupancy modeling

Occupancy Estimation and Modeling: Inferring Patterns and Dynamics of Species Occurrence
Darryl I. MacKenzie , James D. Nichols , J. Andrew Royle , Kenneth H. Pollock , Larissa L. Bailey , and James E. Hines
Manufacturer: Academic Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0120887665

Book Description

Occupancy Estimation and Modeling is the first book to examine the latest methods in analyzing presence/absence data surveys. Using four classes of models (single-species, single-season; single-species, multiple season; multiple-species, single-season; and multiple-species, multiple-season), the authors discuss the practical sampling situation, present a likelihood-based model enabling direct estimation of the occupancy-related parameters while allowing for imperfect detectability, and make recommendations for designing studies using these models.

* Provides authoritative insights into the latest in estimation modeling
* Discusses multiple models which lay the groundwork for future study designs
* Addresses critical issues of imperfect detectibility and its effects on estimation
* Explores the role of probability in estimating in detail

Customer Reviews:

Great book for understanding site occupancy modeling.......2006-03-10

I think this is a pretty good book. It is the only reference on this relatively new type of patch occupancy modeling. It is mainly focused on the models of MacKenzie et al. and the Royle and Nichols model. This is a great place to start if you know nothing about this method or a good reference for advanced users.
This book does not fill the need of an introductory "how-to" book. If you want to know how to set up models and run them in program PRESENCE or MARK you will need to wait. Such a book does not exist. This is not a cookbook, but a compilation of the theory and an explanantion of the methodology behind occupancy estimation.

Average customer rating:

An excellent recent overview of modeling

Dynamic Models in Biology
Stephen P. Ellner , and John Guckenheimer
Manufacturer: Princeton University Press
ProductGroup: Book
Binding: Paperback

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ASIN: 0691125899

Book Description

From controlling disease outbreaks to predicting heart attacks, dynamic models are increasingly crucial for understanding biological processes. Many universities are starting undergraduate programs in computational biology to introduce students to this rapidly growing field. In Dynamic Models in Biology, the first text on dynamic models specifically written for undergraduate students in the biological sciences, ecologist Stephen Ellner and mathematician John Guckenheimer teach students how to understand, build, and use dynamic models in biology.

Developed from a course taught by Ellner and Guckenheimer at Cornell University, the book is organized around biological applications, with mathematics and computing developed through case studies at the molecular, cellular, and population levels. The authors cover both simple analytic models--the sort usually found in mathematical biology texts--and the complex computational models now used by both biologists and mathematicians.

Linked to a Web site with computer-lab materials and exercises, Dynamic Models in Biology is a major new introduction to dynamic models for students in the biological sciences, mathematics, and engineering.

Customer Reviews:

An excellent recent overview of modeling.......2007-06-14

This is an excellent book for students or faculty interested in learning more about the current state of the art in modeling of biological systems. The authors make a great effort to keep the mathematical sophistication at a level that students (or faculty) who primarily have a biological background will still be able to follow in some detail. They are also able to suggest some of the exciting current areas of research and new areas for the future. All in all, well worth reading if you are interested in the topic of modeling of biological systems.

Individual-based Modeling and Ecology (Princeton Series in Theoretical and Computational Biology)

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Thorough

Individual-based Modeling and Ecology (Princeton Series in Theoretical and Computational Biology)
Volker Grimm , and Steven F. Railsback
Manufacturer: Princeton University Press
ProductGroup: Book
Binding: Paperback

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ASIN: 069109666X

Book Description

Individual-based models are an exciting and widely used new tool for ecology. These computational models allow scientists to explore the mechanisms through which population and ecosystem ecology arises from how individuals interact with each other and their environment. This book provides the first in-depth treatment of individual-based modeling and its use to develop theoretical understanding of how ecological systems work, an approach the authors call "individual-based ecology."

Grimm and Railsback start with a general primer on modeling: how to design models that are as simple as possible while still allowing specific problems to be solved, and how to move efficiently through a cycle of pattern-oriented model design, implementation, and analysis. Next, they address the problems of theory and conceptual framework for individual-based ecology: What is "theory"? That is, how do we develop reusable models of how system dynamics arise from characteristics of individuals? What conceptual framework do we use when the classical differential equation framework no longer applies? An extensive review illustrates the ecological problems that have been addressed with individual-based models. The authors then identify how the mechanics of building and using individual-based models differ from those of traditional science, and provide guidance on formulating, programming, and analyzing models. This book will be helpful to ecologists interested in modeling, and to other scientists interested in agent-based modeling.

Customer Reviews:

Thorough.......2007-09-10

I haven't finished the book, but so far it's been very thorough on the subject and has given me lots of ideas for how to proceed on the project I'm working on. Would definitely recommend it.

Investment Guarantees: The New Science of Modeling and Risk Management for Equity-Linked Life Insurance

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Very Helpful

Investment Guarantees: The New Science of Modeling and Risk Management for Equity-Linked Life Insurance
Mary Hardy
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0471392901

Book Description

A comprehensive guide to investment guarantees in equity-linked life insurance
Due to the convergence of financial and insurance markets, new forms of investment guarantees are emerging which require financial service professionals to become savvier in modeling and risk management. With chapters that discuss stock return models, dynamic hedging, risk measures, Markov Chain Monte Carlo estimation, and much more, this one-stop reference contains the valuable insights and proven techniques that will allow readers to better understand the theory and practice of investment guarantees and equity-linked insurance policies.
Mary Hardy, PhD (Waterloo, Ontario, Canada), is an Associate Professor and Associate Chair of Actuarial Science at the University of Waterloo and is a Fellow of the Institute of Actuaries and an Associate of the Society of Actuaries, where she is a frequent speaker. Her research covers topics in life insurance solvency and risk management, with particular emphasis on equity-linked insurance. Hardy is an Associate Editor of the North American Actuarial Journal and the ASTIN Bulletin and is a Deputy Editor of the British Actuarial Journal.

Customer Reviews:

Very Helpful.......2004-07-17

As guarantee products are popping up all over the global banking and insurance markets, it is absolutely essential to ensure that the proper financial values are upheld in order to avoid many of the problems that the North American market has faced. 'Investment Guarantees' does a wonderful job of describing these risks in simple enough terms that the pages can be quoted to both financial and non financial people. A very powerful read for those looking to undersand the value of guarantees that are placed on accumulation type insurance products.

Integrated Practice in Architecture: Mastering Design-Build, Fast-Track, and Building Information Modeling

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Integrated Practice in Architecture: Mastering Design-Build, Fast-Track, and Building Information Modeling
George Elvin
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0471998494

Book Description

Get the only comprehensive book about integrated practice in architecture, which is the collaborative design, construction and life-cycle management of buildings. Chapters are clearly organized around critical issues in integrated architectural practice, including teambuilding, project planning, communication, risk management, and implementation.

Dynamic Modeling (Modeling Dynamic Systems)

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learning to use STELLA on different problems
Dynamic Modeling, Second Edition
Great blend of concept and practice
Stimualting book for those interested in System Dynamics

Dynamic Modeling (Modeling Dynamic Systems)
Bruce Hannon , and Matthias Ruth
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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Accessories:

ASIN: 0387988688

Book Description

Computer models offer a means of interpreting and analyzing the dynamics of real-world systems ranging from population growth to ozone depletion and a new section on modeling in genetics. Dynamic Modeling introduces an approach to modeling that makes it a more practical, intuitive endeavor. The book enables readers to convert their understanding of a phenomenon to a computer model, and then to run the model and let it yield the inevitable dynamic consequences built into the structure of the model. Dynamic Modeling uses STELLA software to develop simulation models. Part I provides an introduction to modeling dynamic systems. Part II offers general methods for modeling. Parts III through VIII apply these methods to model real-world phenomena from chemistry, genetics, ecology, economics, and engineering. To develop and execute dynamic simulation models, Dynamic Modeling comes with STELLA run-time software compatible with both Windows and Mac systems, as well as computer files of sample models used in the book. Dynamic Modeling offers a clear, approachable introduction to the modeling process, and will be of interest in any field where real problems can be illuminated by computer simulation.

Customer Reviews:

learning to use STELLA on different problems.......2006-01-27

The book teaches the use of a modelling program called STELLA, that can be used to simulate the behaviour of dynamical systems. You can treat the text as an extended user's manual about the capabilities of STELLA. It appears to be an easy program to learn. Its user interface hides the gory details of coupled integro-differential equations that actually model the systems.

More generally, the theory of modelling a dynamical system is developed. With a deprecating of the maths. Showing how positive and negative feedback and randomness can or should be introduced. The idea is to introduce STELLA to a broad audience, who can then perform modelling. Where otherwise they might have been put off by the amount of maths to be understood or the amount of code to be written.

Then, several chapters go into important special cases. There is a chapter on chemical models for mass action. This chapter is a little terse. No mention of molecular dynamics, which has been a very active area of simulation for decades and is highly developed.

And a chapter on genetics, where evolution is discussed. Then a chapter on different types of models of ecologies. Including, naturally, the predator-prey models. And a perhaps very topical section on how epidemics might spread. This is important in trying to understand how to contain AIDS, SARS or a new influenza.

Economic modelling is also gone into. Simulating scarcity of resources and how firms might compete.

Dynamic Modeling, Second Edition.......2003-06-21

This is an excellent book for beginning and intermediate modelers. I found it to be engaging, practical, and easy to understand. Dynamic modeling has become an essential tool to facilitate understanding developments in our increasingly complex and interdependent world, to communicate ideas across disciplinary boundaries, and to help solve problems. This book is a great place to begin. It offers a hands-on introduction to dynamic modeling.

The authors start with an easy to understand, step-by-step description of the modeling process, key principles of modeling, and general methods of modeling. This is followed-up with and numerous examples from chemistry, genetics, ecology, economics, and engineering. But this is not just a book to read. The book comes with run-time versions of the easy to learn STELLA and Madonna software as well as copies of the various models developed in each of the 37 chapters.

The authors encourage readers to build the models themselves as they work through the chapters, and then explore the dynamics by experimenting with the models. This is an active, fun way to learn. It definitely helped me to expand my systems thinking capability. Although my substantive interest is organizations, I learned a great deal by analogy from working through models of problems from other disciplines. Basic systems principles apply across disciplines, and useful insights can be gleaned from recognizing similar dynamic structures underlying different systems.

I particularly liked the instruction by example that is used throughout this book. I learned so much from this book because the reading and modeling, modeling and reading formed a positive feedback loop. The reading provided direction and engaged me in the modeling, and the modeling clarified and reinforced the concepts in the reading. Drawing from my experience with this book, I think it is ideal for those who are just getting started in dynamic modeling or have been learning for several years but want to sharpen and expand their systems thinking and modeling skills.

Great blend of concept and practice.......2003-06-20

I have been involved in static data modeling as part of database design throughout my career, and because of that know very well that to really learn how to model, you have to do more than listen to lectures or read a text. This book, along with the accompanying STELLA modeling tool, is an excellent blend of concept and practice.

The book begins with a short tutorial of the STELLA tool, a run-time version of which is included. (STELLA is very easy to use, and although the math underlying it relies heavily on differential equations, the user can be completely removed from that and still model effectively.) The early chapters gradually develop an understanding of dynamic modeling by building on basic concepts. The following chapters work through models in various areas, such as genetics, economics, and ecology, and provide exposure to modeling in these disciplines, as well as introducing some very interesting aspects of models, such as chaos, randomness, and non-predictable results.

By way of introduction to modeling concepts, case studies are presented clearly and concisely. These are followed by an explanation of a basic model of the system being examined. There are always additional questions that lead to expansion of the ideas being presented, so that the reader can increase their understanding and have opportunities to practice the skills presented.

I used this book for a course in Dynamic Modeling, and found it to be great in presenting the basic concepts of dynamic modeling and in developing a heightened awareness that any system being studied is really a dynamic process. It took this understanding to the next step and showed how to model that process and how to run the model and watch the dynamics in action, while honing the skills of analyzing, refining, and looking for trends and unanticipated results. The book opened up a whole new way of viewing systems for me.

Stimualting book for those interested in System Dynamics.......2002-06-05

The book is extremely well written and is so far the best attempt by any author(s)to achieve the right mix of theory and practice in the field of system dynamics. The organization of contents of the book is unique and it highlights the potential use of system dynamics principles for modeling a variety of hydro, ecological, environmental and engineered systems. The principles of system dynamics modeling and the complexities of physical systems are clearly explained by the authors and real-world examples from a number of disciplines are provided. Modelers can benefit from the actual code/examples from the simulation modeling environment, STELLA. The book includes a CD-ROM with all the examples/models discussed in the text to enhance the learning experience of modelers.

Solar Electric Power Generation - Photovoltaic Energy Systems: Modeling of Optical and Thermal Performance, Electrical Yield, Energy Balance, Effect on Reduction of Greenhouse Gas Emissions

Average customer rating:

excellent
Energy supply via photoelectric power generation - globally

Solar Electric Power Generation - Photovoltaic Energy Systems: Modeling of Optical and Thermal Performance, Electrical Yield, Energy Balance, Effect on Reduction of Greenhouse Gas Emissions
Stefan C.W. Krauter
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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ASIN: 3540313451

Book Description

Solar electricity is a viable, environmentally sustainable alternative to the world’s energy supplies. In support, Dr. Krauter thoroughly examines the various technical parameters of photovoltaic systems. Study of performance and yield (including optical, thermal, and electrical parameters and interfaces) are analyzed. The net energy balance of photovoltaic systems – from production, operation and maintenance, to recycling – is explored. Professor Krauter demonstrates how the importance of accurate yield calculations, optimal system performance, and new prototypes aid in cost reductions. The potential of solar electric power generation as a means to significantly reduce CO ₂ emissions is also detailed. In addition, various locations for the production and installation of photovoltaic power plants are considered – with surprising results. Examples, tables and figures are included.

Customer Reviews:

excellent.......2006-07-12

Finally someone wrote a book that also treats the interface from the solar cell to the operating conditions in a real environment.
Very nice are also the LCAs (including energy (and CO2) payback via recyling) for different sites of application.

Energy supply via photoelectric power generation - globally.......2006-07-11

This book explores the real potential of solar electric power generation in order to reduce CO2 emissions and prevent the planet from global warming. For this purpose the author analyses the entire energy balance of photovoltaic power plants during their life time from the production to the recycling - taking into account the whole system. He considers all optical interfaces and layers passed by the sunlight from the sun into the solar cell, thermal layout of any photovoltaic module and its heat transfer mechanisms, its related actual electrical properties, allowing an accurate calculation of yield and an optimization of system components, thus reducing costs for solar electricity. Different locations for production and installation of photovoltaic systems are also considered. The concluding message is: If applied in an intelligent way, global energy supply via photo-electric power generation is widely possible.

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