Book Description
The million-copy bestseller, revised and updated with new investment strategies for retirement and the most current research into behavioral finance.
Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, here is the best-selling, authoritative, and gimmick-free guide to investing. Burton Malkiel evaluates the full range of investment opportunities, from stocks, bonds, and money markets to real estate investment trusts and insurance, home ownership, and tangible assets such as gold and collectibles. This edition includes new strategies for rearranging your portfolio for retirement, along with the book's classic life-cycle guide to investing, which matches the needs of investors in any age bracket. A Random Walk Down Wall Street long ago established itself as a must-read, the first book to purchase before starting a portfolio. So whether you want to brief yourself on the ways of the market before talking to a broker or follow Malkiel's easy steps to managing your own portfolio, this book remains the best investing guide money can buy.
Customer Reviews:
Quarterlife Finance says, "A Classic that Every Investor Should Read".......2007-10-03
I recently finished reading the 9th edition of Burton Malkiel's classic text A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition. First published in 1973, this book is a classic text that deserves a place on any investor's bookshelf.
Malkiel presents two possible security valuation models - one based on a firm foundation of value and one based on finding a "greater fool" to sell your speculative buys to. He analyzes the history of investment bubbles from the Dutch tulip mania some two hundred years ago all the way through the tech stock bubble of the late 1990s. He discusses fundamental analysis of stocks and thoroughly trashes technical analysis. Finally, Malkiel presents a strategy that virtually guarantees that your investments will keep pace with the market with minimal investment of time.
I enjoyed and recommend this book for several reasons. First and foremost, it blows the whistle on many common "beat the market" strategies, including all manner of technical analysis. As a relatively young investor, I was always intimidated by the chartist strategies (moving averages, buy points, etc) but after reading Malkiel there is no cause for fear. Those strategies simply do not work.
Moreover, I found the book to be an easy read relative to many texts on investment. While he covers different types of stock analysis, modern portfolio theory, the efficient market hypothesis, and asset allocation in detail, the book is not weighted down with too much heavy terminology. His writing style, use of historical anecdotes, and ability to challenge your beliefs again and again keeps you riveted to the book.
Finally, I believe that the strategies presented in the book are clear, concise, and can be employed by anyone to their immense gain. Too many people pay for poor investment advice, make mistakes by chasing gains and paying for active portfolio management, or even pay absurd 12b-1 fees on underperforming mutual fund investments. By reading this book and taking Malkiel's advice to heart, I believe that just about anyone can end up with more dollars in hand.
On the other hand, the book does delve into financial topics that may be intimidating for someone completely new to the investment world. The basic message (buy and hold a well-diversified portfolio of extremely low-cost index funds) could be expressed much more succinctly. However, I wouldn't change a thing with this book...just be prepared for a wild ride that challenges everything you thought you knew about investing.
not a fan........2007-10-03
This book was not what it was trumped up to be, as far as I am concerned. It's a gloomy, negative, pessimistic, unending drivel of known and common sense information and data presented in a much more complicated manner that they are in real life. After reading this book you may be inclined to start taking anti-depressants and definitely stay away from the stock and other securities markets. Weeooogh!!
Excellent Message. Sweeps some exceptions (particularly those noted herein) under the rug........2007-10-02
Particularly in a day and age where mutual funds are often touting themselves on the television, this book has an excellent, largely unbiased message for the average investor: buy low cost index funds and stay in them for the long haul.
The book is exceptionally well written, covering most of the lessons of an introductory to intermediate finance course in a very accessible format (i.e. all the right *ideas* without the confusing math). He utilizes dozens of powerful examples and good data to show that his basic premise, despite now being 30 years old, is sound. Due to its theoretical strength and accessible style, this book could be of particular value to Undergrad Business and MBA students who find the professor's academic approach to an Introductory Finance course confusing. Get the big picture here, making the math just that much easier to follow. (5 stars for making difficult financial concepts readable and interesting)
Despite my strong recommendation for both his message and style, the book does have some drawbacks. Number one is that he has clearly taken a side on the issue and has thrown impartiality to the wind. Regularly, the author depends on "transaction costs" (the cost to trade) to ensure that a trading strategy cannot beat his preferred portfolio (implying that it would have succeeded without the transaction costs). This "sweeps under the rug" several clear counter-examples to the basic efficient market thesis in order to reinforce his index-investment message. While I understand his reasoning for doing so -- a desire not to encourage investment in high cost funds or heaven forbid day trading -- it does lead to some skepticism about his willingness to admit any possibility that his thesis has weaknesses. To that end, I would discourage readers who are familiar with CAPM and efficient-markets from reading the book (2 stars as a brush up).
In the end, however, I think the message is sound. Rather than cite trading costs, I think the message can effectively be said another way: If you spent 5h a day investigating stocks, what are the odds that you can beat a professional manager? If a manager has a staff of 20 that invest 8h per day investigating stocks, what are the odds that they're going to beat the whole financial services industry? If the whole industry is taking advantage of every opportunity to profit from small deviations, and you're going to pay a manager most if not all of that profit anyway, investing in an index basically gets you the benefit of thousands of mutual funds and investment bankers without the cost of any of them (or of your time to do research).
With qualifications to the highly technical reader, who should pass on the book, I can't, in good conscience, fail to give this book 5 stars for a profoundly valuable message targeted at the individual investor.
Best guide ever.......2007-10-02
A good informative writing on the handling of your finances in regards to investing. I found it to be quite basic but I have been investing since a club in the 1960's. It still gave me a lot of information and ideas that I knew a little or nothing on. I would recommend it highly to any and all that wish to have anything in the future for their retirement.
Still the Best.......2007-09-10
I first read this book in its seventh edition. I was great then. I recently purchased the ninth edition as a "refresher." It's still a great book and the one I recommend to prospective clients or other investors prone to believe all of the active management garbage out there. Burton Malkiel does a masterful job of dismantling all of the Wall Street hype and laying out investing in a simple, straight-forward, and long-term approach.
If you read this book and still believe in the Wall Street gurus then you're hopeless. And, you deserve every bit of the bad advice you're following.
Book Description
Well-suited for the non-statistician, this applications-oriented introduction to multivariate analysis focuses on the fundamental concepts that affect the use of specific techniques rather than the mathematical derivation of the technique.
Provides an overview of several techniques and approaches that are available to analysts today — e.g., data warehousing and data mining, neural networks and resampling/bootstrapping. Chapters are organized to provide
a practical, logical progression of the phases of analysis and to
group similar types of techniques applicable to most situations.
Customer Reviews:
Best general Multivariate stats book.......2007-06-07
This is without question THE BEST introduction to Multivariate Statistics book currently available. It is designed for the user of the techniques, not someone who wants to examine the math underlying the techniques. I have created a collection of the various editions of this book and I have all of them going from the 1st edition to the current one. Personally I really likely the 2nd and 3rd editions but the current one is also very good. Whether you are interested in Exploratory Factor Analysis, Multiple Regression Analysis, Discriminant Analysis [I think that there should have been more on classification analysis in this section], Logistic regression, multivariate analysis of variance, conjoint analysis, cluster analysis, multidimensional scaling, Confirmatory Factor Analysis or Structural Equation Modeling, this book provides a good broad overview as to how to use and interpret the techniques. The key terms for each technique are defined clearly technique by technique. Having taught faculty how to teach multivariate statistics this is the book that I chose to use. It is important to remember that it is BROAD overview and if you are going to do serious analyses that you'd likely want to get additional books about the specific technique or techniques that you are going to use.
Probably the best advanced stats book ever written...GOD bless the authors!.......2007-05-12
Over the course of my undergrad, grad, and post grad, I have read a variety of statistics books. Without a doubt, Hair's Multivariate Data Analysis is THE BEST book of them all. Here is a brief outline of the awesome features of the book:
1. The book itself is very well organized - chapter order and the order within each chapter helps the reader in knowing what is coming next and provides a sense of direction. I think this is a very important feature for any book to have especially when the topics are complex and are discussed over 800 odd pages.
2. The HBAT data set that comes along with the book (or that is provided by the instructor of the course depending on the version of the book you purchase) is really a very good resource. All multivariate techniques in the book can be carried out using this data set. The data set is clearly explained at the end of the first chapter.
3. Tables of examples, the 'Rules of thumb" after each important concept discussion prove invaluable. This is akin to the managerial implication written at the end of lenghty academic articles. This is almost like saying - Here is the deal folks.....Much precise than the summary section, in bullet points, these rules of thumb acts as quick referece that captures the content of the discussion.
4. From chapter 4 onwards till the very end of the book, each chapter is divided into two halves - the first half is the concept dicsussion - in detail, with examples and in very simple and understandable language. The second half is the illustration of the discussed concept through a very elaborate example using the HBAT data set. This arrangement not only helps the reader in better understanding the complex concepts, but also allows the reader to get their hands dirty by actually working out.
5. Keywords at the begining of each chapter provides a list of all the 'jargon' that would be used in that chapter. This list provides a detail definition of each term. Many times while reading the chapter, you would come across a confusing term and in those times the keyword list can prove invaluable.
All in all, this is an invaluable book. If you are a taking stats and you have not read this book, you are missing something. In spite of all the above great things, the best feature of this book is the writing style. I have not come across a book that explains concepts is such easy to understand language but at the same time not over simplifying the subject matter.
My advanced stats became enjoyable because of this book. Really may GOD bless these authors for writing this book!!
Sure it's good, and a good price by the pund too!.......2005-10-26
A pretty good overview and a lot of in-depth material on Multivariate data analysis. Not quite a bed time read though.
I recommend this book as part of your analytical library.
If you liked this book, another good book on multivariate data analysis you may want to check out as well is Sharma, S.; Applied Multivariate Techniques, New York: John Wiley & Sons, Inc., 1996.
If you want something easier to read/more practical, and you prefer SPSS over SAS you may want to check out either `Discovering Statistics using SPSS for Windows' by Andy Field, or probably even better/simpler `SPSS Survival Manual' by Pallant.
Tom Anderson
Anderson Analytics, LLC
(...)
Good for a second stats course & reference.......2005-08-03
We used this book for our Stats 2 course in grad school, and although our professor was good enough to eclipse Hair, et al. (he had written his own Stats text), I am most pleased at how much mileage I have drawn from Hair, et al. in the years since I took the course. In my subsequent career, reviewers have often sent me back to Hair, et al. when they have questions about something I'm doing with a data analysis, so it has become an invaluable reference for that reason alone.
The chapters on structural equation modeling, MANOVA, and factor analysis are particularly useful and well-written. I recommend this book without reservations for graduate students and others who work with advanced statistics as part of their daily work.
simple but great!!.......2005-06-02
I used this book as a reference on the topics while I was working on a research project at the university. Because the book does not use complex mathematics to explain the multivariate statistics, it is easy for social sciences students to understand. Each chapter starts with an overview, step-by step procedures and ends with an example from the data set that is used throughout the book.
In addition to the common topics in multivariate, the book also includes the new analysis techniques as CHAID, neural network, and data mining.
Book Description
Valuable software, realistic examples, and fascinating topics . . . everything you need to master the most widely used management science techniques using Microsoft® Excel™ is right here! Learning to make decisions in today's business world takes training and experience. Cliff Ragsdale--the respected innovator in the field of management science--is an outstanding guide to help you learn the skills you need, use Microsoft Excel for Windows to implement those skills, and gain the confidence to apply what you learn to real business situations. SPREADSHEET MODELING AND DECISION ANALYSIS gives you step-by-step instructions and annotated screen shots to make examples easy to follow. Plus, interesting sections called The World of Management Science show you how each topic has been applied in a real company.
Customer Reviews:
A Good Book for Finance/IT majors.......2007-09-17
This book does what it sets out to do: teach spreadsheet modeling. I'm only on the third chapter, but the author does a good job including step by step instructions on how to create winning models. The author is also very easy to understand. So if you're going to be doing optimization and modeling in your work, I highly recommend this book.
Great book, and includes @RISK.......2007-08-06
Ragsdale really makes spreadsheet modeling accessible to real-world business situations. It was a great asset to my MBA coursework. As a student, it came with a free student version of @RISK risk analysis software as well.
Good practical text.......2006-11-12
A good book for those studying decision making techniques or as a reference for managers looking to upgrade their skills
Decision analysis.......2006-11-02
Excellent book; I am considering it as a textbook for a Managerial Sciences course. The examples are clear and real increasing the interest of the students.
Good book , worth to read.......2006-02-17
This book is designated as the textbook for our master's level management modeling class. The author concerntrated on the application of Microsoft Solver to solve various of optimazation problems that we freqently faced in the real business opreations. Overall, this is good book for entry-level management modeling study.
Book Description
The last decade has brought dramatic changes in the way that researchers analyze economic and financial time series. This book synthesizes these recent advances and makes them accessible to first-year graduate students. James Hamilton provides the first adequate text-book treatments of important innovations such as vector autoregressions, generalized method of moments, the economic and statistical consequences of unit roots, time-varying variances, and nonlinear time series models. In addition, he presents basic tools for analyzing dynamic systems (including linear representations, autocovariance generating functions, spectral analysis, and the Kalman filter) in a way that integrates economic theory with the practical difficulties of analyzing and interpreting real-world data. Time Series Analysis fills an important need for a textbook that integrates economic theory, econometrics, and new results.
The book is intended to provide students and researchers with a self-contained survey of time series analysis. It starts from first principles and should be readily accessible to any beginning graduate student, while it is also intended to serve as a reference book for researchers.
Customer Reviews:
Excellent book in time series.......2007-06-29
I don't think there is another book out ther that would outperform this book in time series econometrics. A must have if you are a graduate student in economics.
No complaints. .......2007-02-14
No complaints. I received the book before deadline and book is same as descrition. 100% recomended seller
Absolutely Excellent (for what it is).......2007-02-06
Hamilton is often dubbed, "too hard to understand." That may be true, but actually it seems to be much more reasonable and readable than other econometrics texts I have attempted to read.
I would definitely not start out into econometrics with this book though. You probably will not be able to appreciate how good this book is until you have tried to read something as atrocious as Greene.
As is typical with almost every upper level econometrics book, it assumes you have a wide mathematical and statistical knowledge base that you may or may not have. I would not recommend it as a beginning graduate econometrics book but it is a great reintroduction to time series methods. I will say that I haven't found a single book yet in intermediate econometrics that I felt was written clearly or concisely.
Still, overall, this has been by far the best among the worst and I would highly recommend reading it to anyone who is beginning to study time series econometrics in some detail.
Awesome book for TS.......2006-03-06
If you are thinking of mastering TS this is the book to start with. Do not get intimidated however with all the symbols and notations, the author does a pretty good job explaining each and every equation. A seperate book is needed for application eg RATs handbook by Enders.
A review of Time Series Analysis.......2005-08-05
The book provides a good overview of the analysis of time series and it also gives a good treatise of the economitric background of the use of estimation methods.
Book Description
Evidence-Based Technical Analysis examines how you can apply the scientific method, and recently developed statistical tests, to determine the true effectiveness of technical trading signals. Throughout the book, expert David Aronson provides you with comprehensive coverage of this new methodology, which is specifically designed for evaluating the performance of rules/signals that are discovered by data mining.
Customer Reviews:
Fantastic!.......2007-09-26
Just wanted to add to the praise of this book. If you're not following the backtesting practice of this book then you're playing slots with your trading (hey, maybe you'll get lucky!!). Some of the material is tough going and will require a second reading, but it'll be worth it. As another reviewer said about this being a kind of in-depth follow on to "Fooled by Randomness", I couldn't agree more. As matter of fact it's what I read just prior, so I couldn't help smiling as I went through this book, because he was putting the meat on the plate that Nassim set! Thank you, thank you..
The previous reviewer (Useless..) that gave it one star clearly did not get the concepts of the book. Did he even read it? That review does not compute. The *only* negative I would say is that if you're just looking for how to do robust backtesting, then the extensive material on the scientific method might be a bit much (but you can always read lightly those sections). But I understand why he put it in there, since it's the entire premise of taking a different and more rigorous approach to TA.
Now back to re-reading Chapter 6... Thank you Mr. Aronson!
Useless.......2007-08-29
I found this book useless..a total waste of time and money.Instead of analyzing the results obtained by using the various technical indicators,the author simply trashes their use,and does so in a preverse use of mathematical formulas,from which the reader gains nothing.I truly felt like my money was taken,for the purchase of the book,under false pretenses.
Make backtesting meaningful.......2007-08-24
Most trading books are pseudoscience or entertaining reminiscences of successful traders. Aronson has done an admirable job of applying the requisite rigor to the many difficulties associated with analyzing the results of historical backtesting.
Best for professional, intellectual and philosophical trading system developers.......2007-08-08
I had thought of using another review title "For fans and followers of Victor Niederhoffer" as inspired by his praise on the front cover. Pardon me to assume the following: if you had not heard of Niederhoffer, the chance is high that you have no prior experience/idea of testing the statistical significance of various TA tools, nor dwelling into the philosophical/scientific aspects of TA at all. Please accept the fact that this book is not for you. For trading professionals who deem themselves philosophical and intellectual (preferably with a college level of knowledge on statistics), this book is an inspiration. Highly recommended!
A must-have for TA practitioners.......2007-08-01
This book shakes some of your most deep beliefs in TA - and this is a healthy thing. Read it with an open mind.
Book Description
The leading authority on system dynamics explains this approach to organizational problem solving, emphasizing simulation models to understand issues such as fluctuating sales, market growth and stagnation, the reliability of forecasts and the rationality of business decision-making. The CD includes modeling software from Vensim, ithink, and PowerSim.
Customer Reviews:
One of the best SD books with connection to practical work.......2007-10-06
"Business Dynamics" is a great book leading the newcomer -as myself- into the field of SD and the experienced system dynamicist can use it as a knowledge pool.
Even though the book is rather expensinve -and heavy alike- it covers great wisdom of John Sterman (he is by the way a scholar of the founder of the field, Jay W. Forrester) and is more than worthwhile buying if you are strongly interested in the field.
I was lucky to meet John and Jay this summer during a specific SD workshop at MIT and the yearly System Dynamics Society Conference and could chat with both of them (they are both very practicably using SD with a strong academic background). Learning and getting more experienced in System Dynamics and the use for daily problem solving is a dynamic and evolving process of wisdom with lots of feedback ("Business Dynamics" can help a lot in getting deeper insights.
Best regards
Ralf
Excellent.......2007-08-29
Excellent guide to systems thinking, clear examples, clear thinking and very interesting conclusions reached. highly recommended
buen libro.......2007-02-22
como parte de la materia lo llevo, me salio mas barato que en mexico y me es util para mi carrera
Amazing.......2007-01-12
The definitive book on Business dynamics !
It may look dificult to follow, but it isn`t really easy to read and follow !
The cd brings good examples.
Edward Garrity, Professor of Information Systems.......2007-01-04
Sterman's book is far and away the best and most comprehensive book on system dynamics for business. Although the title is "Business Dynamics" it really is a text on applying system dynamics to both business and larger social issues/systems.
If you are a strong student of business and systems then this is the book for you. It is highly recommended if you are interested in learning the most you possibly can regarding system dynamics and how to model systems. However, if you are searching for an introduction to this area - watch out. The book is actually quite advanced - it is used at MIT and other graduate business programs at top universities.
What is amazing about this book is that it blends absolute precision, correctness and detail with practical modeling advice and insight and it is written in a relaxed style with numerous examples. It is one of the best examples of clear writing about a complex topic. Dr. Sterman's years of system work has allowed him a level of clarity that is unsurpassed in the business and systems area.
As mentioned earlier, the book can be overwhelming and I would recommend a newcomer to this area to pick up several books first, to provide a more gentle introduction. This is not a contradiction of what I wrote earlier, it is simply that the book packs so much information in its pages, and it is still very long.
Highly recommended.
Book Description
This market-leading book offers a readable introduction to the statistical analysis of multivariate observations. Its overarching goal is to provide readers with the knowledge necessary to make proper interpretations and select appropriate techniques for analyzing multivariate data.
Chapter topics include aspects of multivariate analysis, matrix algebra and random vectors, sample geometry and random sampling, the multivariate normal distribution, inferences about a mean vector, comparisons of several multivariate means, multivariate linear regression models, principal components, factor analysis and inference for structured covariance matrices, canonical correlation analysis, and discrimination and classification.
For experimental scientists in a variety of disciplines.
Customer Reviews:
Not as Applied as I Hoped.......2007-06-22
While this text covers a variety of multivariate techniques, the term "applied" is used loosely, in my opinion.
This is more a math-stat textbook than an applied statistics text.
I wish I had read the reviews (if they existed when I purchased the 4th edition), for I would have purchased a different text.
NOT a good intro to MVA.......2007-02-28
My prof used this book for multivariate statisitical analysis. I absolutely despise this book. For one, the answers to exercises come in a separate book, so the homework questions are worthless to me. The solutions will cost you an extra $100 or so if you buy that book. The index is extremely light, so if you want a quick reference to a topic - forget it. You'll need to skim through hundereds of pages that aren't referenced in the index. Important topics are illustrated in 1 example usually, and the reader is often left to guess how such problems could be adapted to different situations than what is illustrated.
Book Contents.......2006-03-10
The "search inside this book" feature was not available when this review was posted. Hope it helps.
CONTENTS
I. GETTING STARTED.
1. Aspects of Multivariate Analysis.
2. Matrix Algebra and Random Vectors.
3. Sample Geometry and Random Sampling.
4. The Multivariate Normal Distribution.
II. INFERENCES ABOUT MULTIVARIATE MEANS AND LINEAR MODELS.
5. Inferences About a Mean Vector.
6. Comparisons of Several Multivariate Means.
7. Multivariate Linear Regression Models.
III. ANALYSIS OF A COVARIANCE STRUCTURE.
8. Principal Components.
9. Factor Analysis and Inference for Structured Covariance Matrices.
10. Canonical Correlation Analysis
IV. CLASSIFICATION AND GROUPING TECHNIQUES.
11. Discrimination and Classification.
12. Clustering, Distance Methods and Ordination.
Appendix.
Data Index.
Subject Index.
I'm also a dullard, like the other reviewers here..........2006-02-10
I'm also a dullard like the other people reviewing the book on this sight. I'm not Greek, so I've never seen a capital sigma or other squiggles - frankly I didn't know that these squiggles existed!! I was looking for a statistics book that described statistics in a wooly, general, hand waving sort of way, just the way that I b@##%&i! my boss in meetings when statistics arise. Unfortunatley, this was not the book for me to learn this technique from. I don't know - I might have to finish my study of arithmetic (including long division), and then algebra, and then squiggles before I try again with this book. If you're a dullard like me, then keep away from this book - on the other hand it's an excellent book on applied statistical methods.
Yipes!.......2006-02-01
I used this text in one class for a PhD program that is now complete. Oh Boy! This is probably a good text if you have a very solid mathematics background, but it is totally incomprehensible to a mathematics greenhorn. I spent hours and hours trying to decipher the mathematical codes and formulas. Some of the symbols were figures I didn't even know existed.
Applied? Nope - totally theoretical from stem to stern.
Book Description
The emphasis of the text is on data analysis, modeling, and spreadsheet use in statistics and management science. This text contains professional Excel software add-ins. The authors maintain the elements that have made this text a market leader in its first edition: clarity of writing, a teach-by-example approach, and complete Excel integration.
Customer Reviews:
Managerial Statistics Text book.......2006-11-03
It was the text book the professor wanted me to buy.
It was good.
Sanjay Chheda.......2006-10-06
The book is very good with really good explanations and examples on descriptive analysis and inferential analysis.
Better Title: Intro to Statistics using Excel Add-ins.......2001-06-04
On the positive side, this book has many excellent case studies and examples. It is well written and interesting. However, I was disappointed, as I was expecting use of Excel to rigorously solve decision making and data analysis problems. The focus of the book is mostly traditional statistics solved using a group of commercial add-ins for Excel. If this is what you want, then the book would get five stars. However, for data analysis and decision making, I think a more thorough treatment using Excel without relying so much on the add-ins would have been appropriate.
Serious Excel 2000 Problem.......2001-04-12
The text book is great. I have many of Winston's other books and they are all great. The Palisade stuff works just fine. However, the StatPro Addin that accompanies this text does not work with MS Excel 2000. I contacted the IT guy that the authors directed me to--he was stumped. He just gave up and suggested I return my book for a refund because he could not figure out it out. Again, the book is great but the StatPro Addin sucks!
No trouble with Excel.......2001-01-31
I find the text and software a useful set of tools. It assumes familiarity with basic statistics and Excel, and builds on them to develop a powerfull ability to analize data and make decisions from it. I experienced no trouble with the software install or operation.
Average customer rating:
- Great introduction to mathematical economics!
- A must read text book for any economics undergrad student
- A must read for graduate students in economics
- not so good
- The best math textbook for economist
|
Fundamental Methods of Mathematical Economics
Alpha C Chiang
Manufacturer: McGraw-Hill/Irwin
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Schaum's Outline Introduction to Mathematical Economics
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ASIN: 0070108137 |
Book Description
The best-selling, best known text in Mathematical Economics course, Chiang teaches the basic mathematical methods indispensable for understanding current economic literature. the book's patient explanations are written in an informal, non-intimidating style. To underscore the relevance of mathematics to economics, the author allows the economist's analytical needs to motivate the study of related mathematical techniques; he then illustrates these techniques with appropriate economics models. Graphic illustrations often visually reinforce algebraic results. Many exercise problems serve as drills and help bolster student confidence. These major types of economic analysis are covered: statics, comparative statics, optimization problems, dynamics, and mathematical programming. These mathematical methods are introduced: matrix algebra, differential and integral calculus, differential equations, difference equations, and convex sets.
Customer Reviews:
Great introduction to mathematical economics!.......2007-07-18
I enjoy Chiang's writing style. I've been reading up on mathematical methods in preparation for a masters econ program, and feel very comfortable with the material thanks to this textbook. The international edition is a good bargain.
A must read text book for any economics undergrad student.......2006-04-02
I found it extremely easy to read and at the same time rigorous enough to settle the bases. The author knows very deeply the economics students needs of mathematical methods and achieves a precise and complete explanation of all notions I needed to know for my undergrad course. I strongly recommend it during the first or second year.
A must read for graduate students in economics.......2006-02-26
Alpha Chiang's text should serve as the foundation for all quantitive analysis done in economic theory. It is an invaluable teaching tool for graduate students in economics and will help them better understand the mathematical techniques that have become so necessary for economic modeling.
I am not a highly quantitative person myself, but I found Chiang's book comprehensible and a useful reference guide in my gradaute economics classes. Along with Hal Varian's "Microeconomic Theory" and Jan Kmenta's "Econometrics", I would say that Chiang's "Fundamentals of Mathematical Economics" should serve as sacred literature for any prospective graduate student in economics.
not so good.......2005-10-14
the text carries to excess the concept of "keeping the presentation as simple as possible". but in general you cannot understand or solve problems with a fifth grader's ability to abstract them.
especially the relunctance to use matrix notation makes some topics actually harder to understand once they become more complicated.
furthermore I find the structure quite confusing since the text amounts to a monotous blabla - clear definitions might be helpful and some rigor would keep the reader conscious instead of drifting off. after all the text is not so bad but I think we deserve something better. blume might be better.
The best math textbook for economist.......2005-09-30
That is why it used everywhere, in nearly all economic departments. I strongly recommend you buy this book. It really helped me in my undergrad, and it is helping in my graduate courses. If you want to buy another book to accompany this, get Simon and Blume book. One person (probably little masochistic) was saying that Chiang has so many examples, blah, blah, blah. Look, not everyone is a math genius, undergraduate student's need Chiang, it's even useful for graduates. Math is used quite too excessively in economics...showing off?
Average customer rating:
- It might be a good finance book,
- superb coverage of subject matter
- good but not excellent
- Good book to understand quantitative finance
- Investment Science must have
|
Investment Science
David G. Luenberger
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Hardcover
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ASIN: 0195108094 |
Book Description
Fueled in part by some extraordinary theoretical developments in finance, an explosive growth of information and computing technology, and the global expansion of investment activity, investment theory currently commands a high level of intellectual attention. Recent developments in the field are being infused into university classrooms, financial service organizations, business ventures, and into the awareness of many individual investors. Modern investment theory using the language of mathematics is now an essential aspect of academic and practitioner training. Representing a breakthrough in the organization of finance topics, Investment Science will be an indispensable tool in teaching modern investment theory. It presents sound fundamentals and shows how real problems can be solved with modern, yet simple, methods. David Luenberger gives thorough yet highly accessible mathematical coverage of standard and recent topics of introductory investments: fixed-income securities, modern portfolio theory and capital asset pricing theory, derivatives (futures, options, and swaps), and innovations in optimal portfolio growth and valuation of multiperiod risky investments. Throughout the book, he uses mathematics to present essential ideas of investments and their applications in business practice. The creative use of binomial lattices to formulate and solve a wide variety of important finance problems is a special feature of the book. In moving from fixed-income securities to derivatives, Luenberger increases naturally the level of mathematical sophistication, but never goes beyond algebra, elementary statistics/probability, and calculus. He includes appendices on probability and calculus at the end of the book for student reference. Creative examples and end-of-chapter exercises are also included to provide additional applications of principles given in the text. Ideal for investment or investment management courses in finance, engineering economics, operations research, and management science departments, Investment Science has been successfully class-tested at Boston University, Stanford University, and the University of Strathclyde, Scotland, and used in several firms where knowledge of investment principles is essential. Executives, managers, financial analysts, and project engineers responsible for evaluation and structuring of investments will also find the book beneficial. The methods described are useful in almost every field, including high-technology, utilities, financial service organizations, and manufacturing companies.
Customer Reviews:
It might be a good finance book,.......2007-08-14
but it's a terrible math book.
Too often, explanations, examples, and problems do not clearly explain the meanings of variables and applicable assumptions. This poor presentation of material makes the book barely usable to someone trying to learn the material for the first time.
superb coverage of subject matter.......2007-07-30
Prof. Luenberger currently teaches at Stanford and this book is used as the textbook for a 2-quarter series in investment science there. The coverage is concise and the math is manageable and yet extremely practical. I agree that this an excellent self-study book in the subject of investment science.
good but not excellent.......2007-03-15
This book serves very good introduction to mathematical finance. Particularly,
I enjoyed the discussion of bonds immunization, mean-variance theory, CAPM, APT.
It's most suitable for senior undergraduates or any junior graduate students.
But it doesn't deserve 5 star for the following reasons:
1) Most of the theories discussed so far in the book are TOO idealized and
over simplified. Financial data is dynamic and massive. In model quantitative/computational finance, the most important thing is to understand what the data says rather than what one thinks the data structure might be. With the book, one probably can only do some macroeconomic/very coarse analysis. Author should incorporate more data analysis evidence together with proposed theories.
2) The proof of ito's lemma is wrong(i.e. "Deltaz^2 --> deterministic as Deltat --> 0"). It's surprising since most books make the same mistake. It is the law of the large number contributes to the equality!(i.e. integration sense). The misunderstanding of the proof might lead to the misunderstanding of the hedging process.
3) In the commodity option pricing session, author demonstrated the use of futher market to price the option. This should be discussed further (i.e. black's model).
4) The volatility pumping session should be further researched. The explanation is
not satisfactory.
Good book to understand quantitative finance.......2005-06-10
Luenberger was a professor of optimization and his books on that subject are also very good. Clear and Precise. But sometimes he is extremely concise, so that you need to work a bit to completely understand a point.
In this book, we have again the same style (after all, it is the author style): Clear and precise book, GOOD choice of notation (I cant say the same thing about HULL's books) but sometimes extremely concise.
Overall, a good book to start learning and on a solid foundation.
Investment Science must have.......2005-03-24
Great book, covers lots of material and goes beyond by using the log utility to portfolio growth. Great buy!!!!
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