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This book offers a comprehensive overview of the structure, strategy and methods of assessment of orthodox theoretical economics.
At Times I've Felt Like Job: A Story of 'Choices' is entitled as such, because just like Job in the Bible, I was blessed numerous times as a young person. At the same time, I also experienced a great deal of suffering, still my faith has never wavered! I only really wish I could say the same about the rest of society, since it seems too many have left the church, and abandoned many of the lessons they were taught as a little child - wishing to live only for the moment. Well, this book - and the others that follow, are attempts to get people to right their wrongs, and return to the desired pathway that will lead them Homeward.
Behavioral finance is the study of how psychology affects financial decision making and financial markets. It is increasingly becoming the common way of understanding investor behavior and stock market activity. Incorporating the latest research and theory, Shefrin offers both a strong theory and efficient empirical tools that address derivatives, fixed income securities, mean-variance efficient portfolios, and the market portfolio. The book provides a series of examples to illustrate the theory. The second edition continues the tradition of the first edition by being the one and only book to focus completely on how behavioral finance principles affect asset pricing, now with its theory deepened and enriched by a plethora of research since the first edition
In Ideology and Congress, authors Poole and Rosenthal have analyzed over 13 million individual roll call votes spanning the two centuries since Congress began recording votes in 1789. By tracing the voting patterns of Congress throughout the country's history, the authors find that, despite a wide array of issues facing legislators, over 81 percent of their voting decisions can be attributed to a consistent ideological position ranging from ultraconservatism to ultraliberalism. In their classic 1997 volume, Congress: A Political Economic History of Roll Call Voting, roll call voting became the framework for a novel interpretation of important episodes in American political and economic history. Congress demonstrated that roll call voting has a very simple structure and that, for most of American history, roll call voting patterns have maintained a core stability based on two great issues: the extent of government regulation of, and intervention in, the economy; and race. In this new, paperback volume, the authors include nineteen years of additional data, bringing in the period from 1986 through 2004.
Over the last fifty years advanced mathematical tools have become an integral part in the development of modern economic theory. Economists continue to invoke sophisticated mathematical techniques and ideas in order to understand complex economic and social problems. In the last ten years the theory of Riesz spaces (vector lattices) has been successfully applied to economic theory. By now it is understood relatively well that the lattice structure of Riesz spaces can be employed to capture and interpret several economic notions. On April 16-20, 1990, a small conference on Riesz Spaces, Positive Opera tors, and their Applications to Economics took place at the California Institute of Technolo...
A rigorous, yet accessible, introduction to essential topics in mathematical finance Presented as a course on the topic, Quantitative Finance traces the evolution of financial theory and provides an overview of core topics associated with financial investments. With its thorough explanations and use of real-world examples, this book carefully outlines instructions and techniques for working with essential topics found within quantitative finance including portfolio theory, pricing of derivatives, decision theory, and the empirical behavior of prices. The author begins with introductory chapters on mathematical analysis and probability theory, which provide the needed tools for modeling portf...
This book provides a solution to the ecological inference problem, which has plagued users of statistical methods for over seventy-five years: How can researchers reliably infer individual-level behavior from aggregate (ecological) data? In political science, this question arises when individual-level surveys are unavailable (for instance, local or comparative electoral politics), unreliable (racial politics), insufficient (political geography), or infeasible (political history). This ecological inference problem also confronts researchers in numerous areas of major significance in public policy, and other academic disciplines, ranging from epidemiology and marketing to sociology and quantit...
Economical questions indisputably occupy a central place in everyday life. In order to clarify these questions, people generally turn to those who are familiar with economics. In answering such legitimate questions, economists propose explanations which rest on a few principles among which the rationality principle is by far the most fundamental. This principle assumes that people are rational, but what is meant by this has to be specified. Rationality and Explanation in Economics claims that only a minimal kind of rationality is required to ‘animate’ economic explanations. However, such a conception of rationality faces serious objections: it is closely associated with harshly criticise...
Publisher Description
In Pursuit of Leviathan traces the American whaling industry from its rise in the 1840s to its precipitous fall at the end of the nineteenth century. Using detailed and comprehensive data that describe more than four thousand whaling voyages from New Bedford, Massachusetts, the leading nineteenth-century whaling port, the authors explore the market for whale products, crew quality and labor contracts, and whale biology and distribution, and assess the productivity of the American fleet. They then examine new whaling techniques developed at the end of the nineteenth century, such as modified clippers and harpoons, and the introduction of darting guns. Despite the common belief that the whaling industry declined due to a fall in whale stocks, the authors argue that the industry's collapse was related to changes in technology and market conditions. Providing a wealth of historical information, In Pursuit of Leviathan is a classic industry study that will provide intriguing reading for anyone interested in the history of whaling.