Book Description
This very successful textbook is distinguished by a superior writing style that draws upon common reader experiences to introduce economic concepts, making economic theory more accessible and interesting. "Case Studies" and numerous examples take advantage of readers' intuitive knowledge of economics, building upon real-life situations. A streamlined design places pedagogy and illustrations directly within the flow of the text, making them less distracting and more useful for readers. A fully integrated program of technology enhancements sets this text apart by pairing the book with numerous online multimedia learning tools that have been developed to help the text better serve a wide range of learning styles. The text uniquely integrates classroom use of The Wall Street Journal by including in-text pedagogy to help readers learn to analyze the latest economic events as reported in the Journal.
Customer Reviews:
This is not what I wanted.......2007-02-19
I thought I was ordering the text for my micro econ course.. When I actually received the it, it was a condensed version of the text "To accompany the text," that's weak sauce. It's more than likely that it was my fault for not noticing, but it should be more obvious that this is not the text.
Great!.......2007-01-16
I recieved the book a couple days after I ordered it and it was in perfect condition! I am very happy with my purchase!!!
Fast service..........2007-01-03
I pick a next day delivery for this product and yes i received it on time... it arrived around 11 the next day and the product was great asset to my economic studies...
Average customer rating:
- Good Companion Book
- Good book
- Very thoughtful and clear explanation of financial math
- sophisticated maths
- Remarkable Introduction to Serious Math, Serious Finance, and Real-World Applications
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Introduction to the Mathematics of Financial Derivatives
Salih N. Neftci
Manufacturer: Academic Press
ProductGroup: Book
Binding: Hardcover
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Similar Items:
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Options, Futures and Other Derivatives (6th Edition)
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Principles of Financial Engineering (Academic Press Advanced Finance)
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Financial Calculus : An Introduction to Derivative Pricing
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Heard on the Street: Quantitative Questions from Wall Street Job Interviews
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Stochastic Calculus for Finance II: Continuous-Time Models (Springer Finance)
ASIN: 0125153929 |
Book Description
This popular text, publishing Spring 1999 in its Second Edition, introduces the mathematics underlying the pricing of derivatives. The increase of interest in dynamic pricing models stems from their applicability to practical situations: with the freeing of exchange, interest rates, and capital controls, the market for derivative products has matured and pricing models have become more accurate. Professor Neftci's book answers the need for a resource targeting professionals, Ph.D. students, and advanced MBA students who are specifically interested in these financial products. The Second Edition is designed to make the book the main text in first year masters and Ph.D. programs for certain courses, and will continue to be an important manual for market professionals.
Customer Reviews:
Good Companion Book.......2007-08-29
good companion book for the other book "Principles of Financial Engineering" by the same author
Clear and easy to understand treatment. The author does not assume a high level of math knowledge of the reader.
Good book.......2007-05-09
As title states this is a good Introduction to the mathematics of derivatives.
If you're looking for some book with C/C++/C#/Java code samples this isn't the book. Indeed a good mathematical introduction; its pre-requirements are a good mathematical and statistical ones.
Very thoughtful and clear explanation of financial math.......2007-02-05
I turn to this book after I get frustrated with Tomas Bojork's book "Arbitrage Theory in Continuous Time." As I am not from a strict math background, this Neftci's book makes much more sense to me. What I particularly like about this book is explanation in plain English of why the mathematical formulae are so, and how they are connected to the bigger picture. Also Neftci has a good grasp of how many real-life examples included in this book so that it doesn't lose its focus on the real math in finance.
sophisticated maths.......2006-06-16
Neftci takes us on a mathematically sophisticated tour of financial derivatives. The treatment is on a level akin to a senior-level undergrad text on physics or engineering. Indeed, to a reader who might come from that background, there will be a lot of similarities and familiar ideas.
For example, partial differential equations arise naturally in the pricing of derivative assets. But unlike many places in physics, here it is not sufficient to assume smoothly varying variables. The inherently discrete nature of most financial variables means that derivatives have to be approximated numerically.
Neftci also describes the various types of options, like basket, knock-out, multi-asset and so on. Each has a slightly different modelling. Another key idea involves the time aspect of pricing. So Wiener processes naturally arise, and the text shows how to handle these.
Much more is covered in the book. Perhaps just as importantly, it gives you enough maths preparation that you should be able to analyse other new types of financial instruments. Maybe even ones that you create yourself.
Remarkable Introduction to Serious Math, Serious Finance, and Real-World Applications.......2006-06-14
Neftci's book is easily grouped into a large number of texts that provide graduate level (considerable more rigorous than the MBA version) introductions to mathematical finance. Some are written for MBA with want to be exposed to as little math as possible without short changing the financial and valuation aspects and with considerable attention to a broad range of financial products and applications (Hull's classic comes to mind). Others are extremely implementation driven and are more a hybrid of finance and computer programming (Duffy, London, Wilmont). Still others are math books that speak above the heads of almost all practitioners and cover the finance topics poorly (or not at all).
Netfci's book is a rare gem in this field. Excellent coverage of financial topics and fundamentals (Arbitrage Theorem, Forwards Futures, Equity Derivatives, Interest Rate Derivatives), serious graduate level review of financial math and mathematical techniques (Probability, Numeric Processes, Binomial Methods, Stochastic Calculus, Finite Difference, Martingales, Monte Carlo methods), and applications (Bond Pricing, Term Structure Modeling, Exotic Options, Rare Event Modeling).
Best of all, it start assuming very little, builds aggressively, and progresses logically.
The biggest drawbacks are a lack of coverage for credit modeling and credit derivatives, Merton-model and contingent claim models for distressed equity, and more common financial engineering applications (hedging, rebalancing).
It is also remarkable well-written.
Book Description
In this revised second edition, An Introduction to the Economics of Information covers the consequences for the character and efficiency of the interaction between individuals and organizations when one party has more or better information on some aspect of the relationship. This is the condition of asymmetric information, under which the information gap will be exploited if, by doing so, the better-informed party can achieve some advantage. The book is written for a one-semester course for advanced undergraduates taking specialized course options, and for first-year postgraduate students of economics or business. After an introduction to the subject and the presentation of a benchmark model in which both parties share the same information throughout the relationship, chapters are devoted to the three main asymmetric information topics of Moral Hazard, Adverse Selection, and Signalling. The wide range of economic situations where the conclusions are applied includes such areas as finance, regulation, insurance, labour economics, health economics, and even politics. Each chapter presents the basic theory before moving on to applications and advanced topics. The problems are presented in the same framework throughout to allow easy comparison of the different results. This new edition incorporates extended exercises to test the student's understanding of the material, and to develop the tools and skills provided by the main text to solve other, original problems.
Customer Reviews:
Information to the reader: this book is good.......2000-04-11
In less than three hundred pages, the authors are able to introduce Moral Hazard, Adverse Selection and Signalling in an outstanding accessible way. Given the importance of contract theory in modern Economics, undoubtedely this is the first book to be read.
Each chapter is full of examples and graphs that help to understand the mathematics underneath.
The reader is supposed to know Kuhn-Tucker theorem, so any advanced undergraduate student in economics should be able to read it.
The base model, presented in chapter 2, is used as a benchmark to compare wirh the results obtained from the Moral Hazard model (brilliantly presented in chapter 3), Adverse Selection (chapter 4) and Signalling (chapter 5).
Each chapter has very well posed exercises, whose answers are in the end of the book. Furthermore, advanced themes are also discussed in the end of each chapter, giving to the reader a complete overview about theory of information.
So, since this theme has been increasingly important in modern economics, and given that this book is very easily readable, I strongly recommend it to any person who wishes to understand theory of contracts and incetives.
Book Description
The Economics of Information Technology is a concise and accessible review of important economic factors affecting information technology industries. These industries are characterized by high fixed costs and low marginal costs of production, large switching costs for users, and strong network effects. Hal Varian outlines the basic economics of these industries while Joseph Farrell and Carl Shapiro describe the impact of these factors on competition policy. The volume is an ideal introduction for undergraduate and graduate students in economics, business strategy, law and related areas.
Customer Reviews:
A fair introduction.......2005-12-22
The rise of the Internet and its resulting commercialization have caused many to wonder whether the economics of the information age is governed by a different set of rules than can be found in "classical" economic treatises. If information technology is indeed different in this regard, this would be of great interest to those businesses whose goal it is to generate profits by its use. This very short book, composed of only two articles, gives a fairly good introduction to the economic issues that arise in the use of information technology. The authors in the book certainly motivate the subject well, but the length of the articles, along with the relative paucity of references, entails that the reader will have to do a lot of outside research in order to obtain a more in-depth understanding of the issues.
The author of the first article clearly believes that high-technology industries face the same market forces as any other industry, but that there are some that are of particular concern to them. Fixed costs for example are very high for information goods, but the marginal costs are very small. In addition, intellectual property is very important to the high-tech industry.
The Internet "boom" has become the paradigmatic example of the economics of information technology due to the speed in which the Internet took hold in business all around the world and in the "wild" speculation that took place in dot.com companies in the late nineteen-nineties. The author claims that the large increase in the NASDAQ during this time is evidence of the efficacy of competition, but he does not offer detailed evidence for this claim. When discussing the reasons behind the Internet financial "bubble" he also annoys the reader somewhat by referring to the differences between "rational" investors and "real people". It would be difficult he believes to cause a financial bubble with the former class but relatively easy with the latter. There is however no evidence for this view, from either historical data or from simulation studies. This reviewer knows of no study that is able to distinguish between a `rational investor' and a `real person' in terms of their ability to cause a financial bubble. It would be difficult in and of itself to arrive at criteria that would distinguish the two classes. It would be even more difficult to collect historical data to indeed show their behavior is different in the financial markets.
The author interprets the Internet boom as an example of what he calls "combinatorial innovation." This characterizes an historical period where a collection of technologies emerges whose components can be combined to form new products. Innovators cause a technology boom by working through all the possibilities in these components. This would seem to be a plausible explanation of the Internet boom, but it is one that would need to be examined with more care. The designation of a product as being innovative or an idea as being creative is difficult, as patent officials will attest to wholeheartedly. In addition, innovation must also be correlated with utility, in that products must be useful to the individuals or businesses that are using them. And arriving at a sound notion of creativity and innovation is also very important to those who want to automate these processes. If information technology can itself be trained (or "programmed") to create useful products, this would be very significant economically (possibly resulting in another technological "boom"), and would have major ramifications for employment and productivity.
The second article of the book is concerned with the economics of intellectual property in information technology, with particular emphasis on the role that it plays in the competitive strategies of IT firms. Legal issues are discussed in various places in the article, giving some insight into their complexity. The authors discuss the current schism between the `incentives' school, which emphasizes the ability of innovators to claim financial awards for their creations, and the `openness' school, which emphasizes the role of open (and essentially free) development in the public domain. There have been few empirical studies done on resolving which one of these approaches is optimal in terms of the creation of wealth or the creation of social benefit.
In discussing the issue of whether the patent system can provide any incentives for a private firm to make a commitment to innovation and research, the authors outline a simple mathematical (static) model to illustrate the tradeoffs that are involved. The results of this model indicate that the patent system will not offer sufficient incentives for investors. The authors point out however that this model is too simplistic to model the real issues involved in the economics of the patent system, and that a dynamic model would reveal that patent holders are able to obtain rewards that are much greater than the social contributions they make. They do not discuss this model at any length, nor give references to the "large literature" they claim exists on patent system economics. One would like to know for example what the dependence of the incentive is on the lifetime of the patent; whether a patent system can be optimized with respect to all industries, i.e. whether it can ensure optimal incentives regardless of the products offered; the degree to which patents have to be original or "creative" in order for incentives to be optimal; whether empirical studies have been done that indicate vulnerabilities to patent issuing; and whether a company can exist solely by innovation and the resulting licensing of patents.
Good enough to make it a required text.......2005-08-21
This is a great concise treatment of the topic with footnotes sufficient to allow the interested reader to perform further research. I am seldom disappointed by Varian's work, and no exception here. This is good enough that it is now part of the required reading for my course "Economics of Technology" in the Masters of Information Management program at Washington University in St. L. - Prof. Steve Parsons
Really worth reading!.......2005-02-19
As a graduate student in Economics having an undergraduate degree in Information Management, I pay much attention toward those "new economy" issues. The Economics of Information Technology illustrates the application of economic knowledge on information technology in an easy and clear way. As Professor Varian argues, "Many of the effects that drive the new information economy were there in the old industrial economy-you just have to know where to look." (p. 12), the authors demonstrate how to use the models we learned in microeconomics to discuss the development of information technology as well as the rationales behind intellectual property. The economics used throughout this book is pretty straightforward; anyone who has the most essential microeconomic knowledge can understand the whole book. Besides, the authors also review the most recent issues in intellectual properties and patents and then propose ideas about the reform of the patent system. This book is undoubtedly a very good introduction; furthermore, it exemplify some further applications and research directions, which would also benefit those who want to take a step further into this field.
Book Description
This is an examples-driven treatment of introductory economic dynamics for students with a basic familiarity of spreadsheets. Shone approaches the subject with the belief that true understanding of a subject can only be achieved by students themselves setting out a problem and manipulating it experimentally. Although all economics students now have access to spreadsheets, they are often used for little more than graphing economic data. This book encourages students to go several stages further and set up and investigate simple dynamic models. A web-site for students and instructors is included that contains an additional 100 questions for students and 100 for instructors.
Download Description
An examples-driven treatment of introductory economic dynamics for students with a basic familiarity with spreadsheets. Shone approaches the subject with the belief that true understanding of a subject can only be achieved by students themselves setting out a problem and manipulating it experimentally. Although all economics students now have access to spreadsheets, they are often used for little more than graphing economic data. This book encourages students to go several stages further and set up and investigate simple dynamic models. The book presents the essentials of macro and micro economic dynamics, including: demand and supply dynamics, Keynesian dynamics, IS-LM, Inflation-unemployment, dynamics of the firm, rational expectations and saddle points, fiscal dynamics and the Maastricht Treaty and Chaos theory. The Book contains 50 exercises. The support website contains an additional 100 questions for students and 100 for lecturers. Visit www.cambridge.org/resources/economics
Book Description
This textbook takes the reader from the level of microeconomics principles through to modern asset pricing theory. Yvan Lengwiler elegantly links together issues that have in the past been the territory of general economic theorists on the one hand, and financial economists on the other.
In a sequence of carefully explained steps, the reader learns how the first welfare theorem is used in asset pricing theory. The book then moves on to explore Radner economies and von Neumann-Morgenstern decision theory, and this section culminates in Wilson's mutuality principle and the consumption-based CAPM. This is then put into a dynamic setting, and term structure models are introduced. The empirical shortcomings of the standard asset pricing models are extensively discussed, as is research from the last twenty years aimed at bringing theory in line with reality. The reader is brought up to date on the latest areas of concern, such as habit formation, the consequences of heterogeneity, demographic effects, changing tax regimes, market frictions, and the implications of prospect theory for asset pricing.
Aimed at masters or Ph.D. students specializing in financial economics, the book can also be used as a supplementary text for students of macroeconomics at this advanced level and will be of interest to finance professionals with a background in economics and mathematics. It includes problems (with solutions), and an accompanying website provides supporting material for lecturers.
Customer Reviews:
Excellent introduction to General Equiibrum Asset Pricing.......2005-06-23
This is not meant to be a textbook though there are some exercises following each chapter. The book is very easy to read and must be read as an uptodate introduction to General Equilibrium models and asset pricing as used in Financial Economics, Macro Economics etc. The ideas are developed without resorting to anything more than undergraduate level Linear Algebra, Optimization and Microeconomics. Reading this book has helped to put into perspective the financial economic theory learned over several courses and levels. The book should be compulsory reading for Graduate and Doctoral students.
Book Description
Interest and attention to entrepreneurship has exploded in recent years. Yet, much of the research and scholarship has remained elusive to academics, policymakers and other researchers. This reflects two crucial aspects of the entrepreneurship literature. First has been the explosion of new findings and insights, both theoretically and empirically. Second, most of this scholarship has been rooted in traditional academic disciplines, spanning a broad spectrum of fields such as management, finance, economics, sociology and psychology. The purpose of the Handbook of Entrepreneurship is to bring together leading scholars from each of these disciplines to provide an overview of what the issues are for entrepreneurship when viewed through the lens provided by the academic disciplines as well as a synthesis about what has been learned and what questions should be high on the agenda for future research. Taken together, this Handbook will provide a roadmap to an emerging complex but intriguing field of entrepreneurship.
Book Description
Assuming no prior knowledge of economics, this textbook is intended for interdisciplinary environmental science and management courses. The authors, who have written extensively on the economics of sustainability, combine insights from mainstream economics as well as ecological sciences. Part I explores the interdependence of the modern economy and its environment, while Part II focuses mainly on the economy and on economics. Part III reviews how national governments set policy targets and the instruments used to pursue those targets. Part IV examines international trade and institutions, and two major global threats to sustainability - climate change and biodiversity loss.
Book Description
Succeed with the Study Guide for MICROECONOMICS: A CONTEMPORARY INTRODUCTION. This Study Guide includes chapter outlines, definitions of all terms, a bonus section with supplemental material, and a variety of true-false, multiple-choice, and discussion questions with answers.
Book Description
Within the economist's abstraction of a "Perfect Market" it is assumed that all agents have access to the same timely, accurate and free information, and as a result allocative efficiency will be achieved. In practice this rarely happens and in most cases agents have access to different levels of information so that transactions are characterized by asymmetric information. This book presents the first integrated treatment of asymmetric information as both a macroeconomic and microeconomic phenomenon in financial markets.
Download Description
Within the abstraction of a 'Perfect Market' it is assumed that all agents have access to the same timely, accurate and free information, and as a result allocative efficiency will be achieved. In practice this rarely happens and in most cases agents have access to different levels of information so that transactions are characterised by asymmetric information. This book presents the first integrated treatment of asymmetric information as both a macroeconomic and microeconomic phenomenon in financial markets. Subjects include: protecting against asymmetric information, information problems and corporate financing, dividend policy, the financial system and economic growth, business cycles, and international capital flows.
Customer Reviews:
Excellent text.......2004-05-17
This is an excellent text that puts in an intuitive level concepts that usually belong to much more advanced books or technical journals. It should be attractive to both graduate students in economics looking for an intuitive presentation as well as to business or finance Master's students with little background since the book keeps a discursive style with lots of examples.
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