Economics Books
Palgrave Macmillan The Bird and the Cage
Book SynopsisChapter 1: Introduction.- Chapter 2: State and Market Tensions Throughout China’s Economic Reforms.- Chapter 3: Xi Jinping’s New Era for the Economy.- Chapter 4: China’s Economic Contradictions.- Chapter 5: Conclusion.
£999.99
AUSTIN MACAULEY PUBLISHERS UAE YOUR IDEA THEIR MONEY
Book SynopsisThe single largest problem that entrepreneurs face is fundraising. Aspiring business owners and grand product ideas are far from lacking, but the sad reality is that most start-ups fail to get off of the ground. Your Idea, Their Money is aimed at those who struggle to find and close investors for their start-ups. While most entrepreneurs have the drive, few actually possess the skills, terminology, and knowledge required to effectively raise funds. In his book, Saad AlSogair covers not only the basics of entrepreneurship, but provides business owners with a blueprint for impressing investors. Entrepreneurs who pick up this guide will learn
£8.54
Cengage Learning, Inc Investment Analysis and Portfolio Management
Book SynopsisLearn to manage your money to maximize your earning potential with Reilly/Brown/Leeds' INVESTMENT ANALYSIS AND PORTFOLIO MANAGEMENT, CENGAGE INTERNATIONAL EDITION, 12th Edition. The extremely reader-friendly, succinct 18 chapters equips you with a solid understanding of investment instruments, capital markets, behavioral finance, hedge funds, international investing and much more. Real-world examples and hands-on applications bring chapter concepts to life as you learn to use the same tools as investment professionals. The 12th edition's unparalleled international coverage provides specific information on non-U.S. markets, instruments, conventions and techniques. New detailed discussions explain the impact of changes in both technology, regulations and ESG mandates on global security markets. In addition, three chapters are devoted to derivatives securities, which are now standard investment instruments.
£77.89
Information Age Publishing Socio-Economic Approach to Management Treatise: Theory and Practices
a huge range and FREE tracked UK delivery on ALL orders.
£100.50
Urban Land Institute,U.S. Finance for Real Estate Development
Book SynopsisExplaining how finances drive each decision in the real estate development process, this helpful industry guide recognises the complexities and significant risks of each project and illustrates how to reconcile conflicting elements to ultimately achieve success.
£74.96
Project Management Institute A Guide to the Project Management Body of
Book SynopsisA Guide to the Project Management Body of Knowledge (PMBOK®) Guide is the go-to resource for project management practitioners. Over the past few years, the project management profession has significantly evolved due to emerging technology, new approaches and rapid market changes. Reflecting this evolution, The Standard for Project Management enumerates 12 principles of project management and the PMBOK® Guide – Seventh Edition is structured around eight project performance domains. Both the standard and the guide reflect the wide range of development approaches that lead to value delivery. This edition is designed to address practitioners’ current and future needs and to help them be more proactive, innovative and nimble in enabling desired project outcomes. This edition of the PMBOK® Guide: Reflects the full range of development approaches (predictive, adaptive, hybrid, etc.) Provides an entire section devoted to tailoring the development approach and processes Includes an expanded list of models, methods, and artifacts Focuses on not just delivering project outputs but also enabling outcomes; and Integrates with PMIstandards+ for information and standards application content based on project type, development approach, and industry sector.
£67.46
Cappelen Damm Akademisk Graduate Mathematics for Business, Economics and
Book Synopsis
£33.26
Harvard University Press Visions of Inequality
Book Synopsis
£17.95
McGraw-Hill Education - Europe Schaums Outline of Statistics and Econometrics
Book SynopsisThe ideal review for your statistics and econometrics courseMore than 40 million students have trusted Schaumâs Outlines for their expert knowledge and helpful solved problems. Written by renowned experts in their respective fields, Schaumâs Outlines cover everything from math to science, nursing to language. The main feature for all these books is the solved problems. Step-by-step, authors walk readers through coming up with solutions to exercises in their topic of choice. Clear, concise explanations of all statistics and econometrics concepts Appropriate for the following courses: Statistics and Econometrics, Statistical Methods in Economics, Quantitative Methods in Economics, Mathematical Economics, Micro-Economics, Macro-Economics, Math for Economists, Math for Social Sciences Table of Contents1. Introduction2. Descriptive Statistics3. Probability and Probability Distributions4. Statistical Inference: Estimation5. Statistical Inference: Testing Hypotheses6. Simple Regression Analysis7. Multiple Regression Analysis8. Further Techniques and Applications in Regression Analysis9. Problems in Regression Analysis10. Simultaneous-Equations Methods11. Time-Series Methods12. Computer Applications in Econometrics
£22.39
OXFORD HIGHER EDUCATION INTRODUCTION TO BUSINESS LAW 6E PAPERBAC
Book SynopsisThe leading textbook on this subject, Introduction to Business Law is an ideal companion for business, management, and finance and accounting students undertaking law modules. Its visual and practical approach will enable students to engage with the legal essentials required to succeed in study and a business career.
£49.84
MIT Press Working with AI Real Stories of HumanMachine
Book SynopsisTwo management and technology experts show that AI is not a job destroyer, exploring worker-AI collaboration in real-world work settings.This book breaks through both the hype and the doom-and-gloom surrounding automation and the deployment of artificial intelligence-enabled—“smart”—systems at work. Management and technology experts Thomas Davenport and Steven Miller show that, contrary to widespread predictions, prescriptions, and denunciations, AI is not primarily a job destroyer. Rather, AI changes the way we work—by taking over some tasks but not entire jobs, freeing people to do other, more important and more challenging work. By offering detailed, real-world case studies of AI-augmented jobs in settings that range from finance to the factory floor, Davenport and Miller also show that AI in the workplace is not the stuff of futuristic speculation. It is happening now to many companies and workers. These cases i
£27.20
MIT Press Leadership as Masterpiece Creation
Book Synopsis
£22.95
MIT Press Ltd The Power of Experiments Decision Making in a
Book SynopsisHow tech companies like Google, Airbnb, StubHub, and Facebook learn from experiments in our data-driven world—an excellent primer on experimental and behavioral economics Have you logged into Facebook recently? Searched for something on Google? Chosen a movie on Netflix? If so, you've probably been an unwitting participant in a variety of experiments—also known as randomized controlled trials—designed to test the impact of different online experiences. Once an esoteric tool for academic research, the randomized controlled trial has gone mainstream. No tech company worth its salt (or its share price) would dare make major changes to its platform without first running experiments to understand how they would influence user behavior. In this book, Michael Luca and Max Bazerman explain the importance of experiments for decision making in a data-driven world. Luca and Bazerman describe the central role experiments play in the tech sector, draw
£15.29
Pearson Education Macroeconomics Global Edition
Book SynopsisAbout our authors Olivier Blanchard. Senior fellow and former C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, is the Robert M. Solow Professor of Economics emeritus at the Massachusetts Institute of Technology (MIT). A citizen of France, Blanchard has spent most of his professional life in the United States. After obtaining his PhD in economics from MIT in 1977, he taught at Harvard University and returned to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to serve as economic counsellor and director of the research department at the International Monetary Fund where he stayed until 2015. He then joined the Peterson Institute. Blanchard has worked on a wide set of macroeconomic issues, including the role of monetary and fiscal policy, speculative bubbles, the labor market and determinants of unemployment, economic transition in former communist countries, and the nature of the Global Financial Crisis. In the process, he has worked with numerous countries and international organizations. Blanchard is the author of many books and articles, including 2 textbooks on macroeconomics, 1 at the graduate level with Stanley Fischer and the other at the undergraduate level. He is a past editor of the Quarterly Journal of Economics and the NBER Macroeconomics Annual and founding editor of American Economic Journal: Macroeconomics. He is a fellow and former Council member of the Econometric Society, a past president of the American Economic Association, and a member of the American Academy of Arts and Sciences. Alessia Amighini. Alessia Amighini is associate professor of economics at Università del Piemonte Orientale in Novara and adjoint professor of international economics at the Catholic university in Milan and co-Head of the Asia Centre and Senior Research Fellow at ISPI. After graduating from Bocconi University, she received a PhD in development economics from the University of Florence and then worked as an economist at UNCTAD in Geneva. Francesco Giavazzi. Francesco Giavazzi senior is professor of economics at Bocconi University in Milan and for 10 years has been a visiting professor at the Massachusetts Institute of Technology where he has often taught the basic macroeconomics course for undergraduates. After studying electrical engineering in Milan, he received a PhD in economics at MIT in 1978. He then taught at the University of Essex (UK) and since 1983 in Italy, first at the University of Venice, then at the University of Bologna and later at Bocconi. His research has focused on fiscal policy, exchange rates and the creation of the European Economic and Monetary Union (EMU). His books include Limiting Exchange Rate Flexibility: The European Monetary System with Alberto Giovannini and The Future of Europe: Reform or Decline with Alberto Alesina, both published by MIT Press. In 2019, jointly with the late Alberto Alesina and his Bocconi colleague Carlo Favero, he published Austerity: When It Works and When It Doesn't for Princeton University Press. He has been editor of the European Economic Review for a decade and the director general at the Italian Treasury during the 1992 exchange rate crisis and the preparations for Italy's entry into EMU. He divides his life between Milan and Cambridge (Mass.) although his best days are spent skiing and hiking in the Dolomites and rowing along the canals in Venice.
£63.64
Red Sea Press,U.S. Econometric Methods for Postgraduatelevel
Book Synopsis
£31.99
University of California Press Thriving as an International Scientist
£15.29
University of California Press Extracting the Future
£22.50
Harvard University Press An Evolutionary Theory of Economic Change
Book SynopsisNelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms.Trade ReviewThe book ranges from subtle theoretical analyses of the nature of choice to highly explicit mathematical modeling, from the theory of the firm to the theory of bureaucratic agencies. It is very engagingly written, and conveys extremely well the dilemma that must haunt any social scientist worth his salt: the necessity of choosing between realism and simplicity as guides to theory construction. -- Jon Elster * London Review of Books *[An] extremely interesting book… This volume increases one’s confidence that, after all these years, Schumpeter’s intuition can be stated in a formally respectable way, and therefore that the field of industrial organization can begin solving its most important problems. * Journal of Comparative Economics *An important and interesting book. * Journal of Political Economy *The book spans an enormous literature—dealing with economics as a process, evolutionary modeling, Schumpeterian competition, organization form, and the like—and performs important interpretive and integrative functions. Mainly, however, the book represents a significant original research contribution in both methodological and substantive respects. It will influence teaching, research, and public policy relating to complex economic systems for years to come. While the book is written by and primarily for economists, it is broadly conceived and should impact social science research quite generally. -- Oliver Williamson, University of PennsylvaniaTable of ContentsI. OVERVIEW AND MOTIVATION 1. Introduction 2. The Need for an Evolutionary Theory II. ORGANIZATION-THEORETIC FOUNDATIONS OF ECONOMIC EVOLUTIONARY THEORY 3. The Foundations of Contemporary Orthodoxy 4. Skills 5. Organizational Capabilities and Behavior III. TEXTBOOK ECONOMICS REVISITED 6. Static Selection Equilibrium 7. Firm and Industry Response to Changed Market Conditions IV. GROWTH THEORY 8. Neoclassical Growth Theory: A Critique 9. An Evolutionary Model of Economic Growth 10. Economic Growth as a Pure Selection Process 11. Further Analysis of Search and Selection V. SCHUMPETERIAN COMPETITION 12. Dynamic Competition and Technical Progress 13. Forces Generating and Limiting Concentration under Schumpeterian Competition 14. The Schumpeterian Tradeoff Revisited VI. ECONOMIC WELFARE AND POLICY 15. Normative Economics from an Evolutionary Perspective 16. The Evolution of Public Policies and the Role of Analysis VII. CONCLUSION 17. Retrospect and Prospect References Index
£34.81
Princeton University Press Interest and Prices
Book SynopsisOffers theoretical foundations for a rule-based approach to monetary policy for a world of communications and efficient financial markets. This book examines the foundations of monetary economics, showing how interest-rate policy can be used to achieve an inflation target in the absence of either commodity control of a monetary aggregate.Trade ReviewWinner of the 2003 Award for Best Professional/Scholarly Book in Economics, Association of American PublishersTable of ContentsPREFACE xiii Chapter 1. The Return of Monetary Rules 1 1. The Importance of Price Stability 4 1.1 Toward a New "Neoclassical Synthesis" 6 1.2 Microeconomic Foundations and Policy Analysis 10 2. The Importance of Policy Commitment 14 2.1 Central Banking as Management of Expectations 15 2.2 Pitfalls of Conventional Optimal Control 18 3. Monetary Policy without Control of a Monetary Aggregate 24 3.1 Implementing Interest-Rate Policy 25 3.2 Monetary Policy in a Cashless Economy 31 4. Interest-Rate Rules 37 4.1 Contemporary Proposals 39 4.2 General Criticisms of Interest-Rate Rules 44 4.3 Neo-Wicksellian Monetary Theory 49 5. Plan of the Book 55 PART I Analytical Framework Chapter 2. Price-Level Determination under Interest-Rate Rules 61 1. Price-Level Determination in a Cashless Economy 62 1.1 An Asset-Pricing Model with Nominal Assets 64 1.2 A Wicksellian Policy Regime 74 2. Alternative Interest-Rate Rules 85 2.1 Exogenous Interest-Rate Targets 86 2.2 The Taylor Principle and Determinacy 90 2.3 Inertial Responses to Inflation Variation 94 3. Price-Level Determination with Monetary Frictions 101 3.1 A Model with Transactions Frictions 102 3.2 Interest-Rate Rules Reconsidered 105 3.3 A Comparison with Money-Growth Targeting 106 3.4 Consequences of Nonseparable Utility 111 4. Self-Fulfilling Inflations and Deflations 123 4.1 Global Multiplicity Despite Local Determinacy 123 4.2 Policies to Prevent a Deflationary Trap 131 4.3 Policies to Prevent an Inflationary Panic 135 Chapter 3. Optimizing Models with Nominal Rigidities 139 1. A Basic Sticky-Price Model143 1.1 Pricesetting and Endogenous Output 143 1.2 Consequences of Prices Fixed in Advance 155 1.3 A New Classical Phillips Curve 158 1.4 Sources of Strategic Complementarity 163 2. Inflation Dynamics with Staggered Pricesetting 173 2.1 The Calvo Model of Pricesetting 177 2.2 A New Keynesian Phillips Curve 187 2.3 Persistent Real Effects of Nominal Disturbances 188 2.4 Consequences of Persistence in the Growth of Nominal Spending 197 2.5 Consequences of Sectoral Asymmetries 200 3. Delayed Effects of Nominal Disturbances on Inflation 204 3.1 Staggered Pricing with Delayed Price Changes 207 3.2 Consequences of Indexation to Past Inflation 213 4. Consequences of Nominal Wage Stickiness 218 4.1 A Model of Staggered Wagesetting 221 4.2 Sticky Wages and the Real Effects of Nominal Disturbances 226 Chapter 4. A Neo-Wicksellian Framework for the Analysis of Monetary Policy 237 1. A Basic Modelof the Effects of Monetary Policy 238 1.1 Nonlinear Equilibrium Conditions 239 1.2 A Log-Linear Approximate Model 243 2. Interest-Rate Rules and Price Stability 247 2.1 The Natural Rate of Interest 247 2.2 Conditions for Determinacy of Equilibrium 252 2.3 Stability under Learning Dynamics 261 2.4 Determinants of Inflation 276 2.5 Inflation Stabilization through Commitment to a Taylor Rule 286 2.6 Inflation Targeting Rules 290 3. Money and Aggregate Demand 295 3.1 An Optimizing IS-LM Model 295 3.2 Real-Balance Effects 299 4. FiscalRequirements for Price Stability 311 Chapter 5. Dynamics of the Response to Monetary Policy 320 1. Delayed Effects of Monetary Policy 321 1.1 Consequences of Predetermined Expenditure 322 1.2 Habit Persistence in Private Expenditure 332 2. Some Small Quantitative Models 336 2.1 The Rotemberg-Woodford Model 336 2.2 More Complex Variants 345 3. Monetary Policy and Investment Dynamics 352 3.1 Investment Demand with Sticky Prices 353 3.2 Optimal Pricesetting with Endogenous Capital 357 3.3 Comparison with the Basic Neo-Wicksellian Model 361 3.4 Capital and the Natural Rate of Interest 372 PART II Optimal Policy Chapter 6. Inflation Stabilization and Welfare 381 1. Approximation of Loss Functions and OptimalPolicies 383 2. A Utility-Based Welfare Criterion 392 2.1 Output-Gap Stability and Welfare 393 2.2 Inflation and Relative-Price Distortions 396 3. The Case for Price Stability 405 3.1 The Case of an Efficient Natural Rate of Output 407 3.2 Consequences of a Mildly InEfficient Natural Rate of Output 411 3.3 Caveats 416 4. Extensions of the Basic Analysis 419 4.1 Transactions Frictions 420 4.2 The Zero Interest-Rate Lower Bound 427 4.3 Asymmetric Disturbances 435 4.4 Sticky Wages and Prices 443 4.5 Time-Varying Tax Wedges or Markups 448 5. The Case of Larger Distortions 455 Chapter 7. Gains from Commitment to a Policy Rule 464 1. The Optimal Long-Run Inflation Target 468 1.1 The Inflationary Bias of Discretionary Policy 469 1.2 Extensions of the Basic Analysis 476 2. OptimalResponses to Disturbances 484 2.1 Cost-Push Shocks 486 2.2 Fluctuations in the Natural Rate of Interest 501 3. Optimal Simple Policy Rules 507 3.1 The Optimal Noninertial Plan 510 3.2 The Optimal Taylor Rule 513 4. The Optimal State-Contingent Instrument Path as a Policy Rule 517 5. Commitment to an Optimal Targeting Rule 521 5.1 Robustly Optimal Target Criteria 522 5.2 Implementation of a Target Rule 527 Chapter 8. Optimal Monetary Policy Rules 534 1. A General Linear-Quadratic Framework 535 1.1 Optimal State-Contingent Paths 536 1.2 Alternative Forms of Policy Rules 543 1.3 Robustness to Alternative Types of Disturbances 547 1.4 Existence of Robustly Optimal Policy Rules 550 1.5 Optimal Instrument Rules 555 2. OptimalInflation Targeting Rules 559 2.1 A Model with Inflation Inertia 560 2.2 A Model with Wages and Prices Both Sticky 565 2.3 A Model with Habit Persistence 568 2.4 Predetermined Spending and Pricing Decisions 569 2.5 Optimal Policy for a Small Quantitative Model 573 3. Optimal Interest-Rate Rules 582 3.1 An Optimal Rule for the Basic Neo-Wicksellian Model 583 3.2 Consequences of Inflation Inertia 592 3.3 Predetermined Spending and Pricing Decisions 604 3.4 Optimal Policy under Imperfect Information 606 4. Reflections on Currently Popular Policy Proposals 610 4.1 The Taylor Rule 610 4.2 Inflation-Forecast Targeting 619 APPENDIXES A: Addendum to Chapter 2 627 B: Addendum to Chapter 3 656 C: Addendum to Chapter 4 656 D: Addendum to Chapter 5 687 E: Addendum to Chapter 6 692 F: Addendum to Chapter 7 709 G: Addendum to Chapter 8 716 REFERENCES 747 INDEX 765
£87.20
Princeton University Press The Theory of Corporate Finance
Book SynopsisConveys the organizing principles that structure the analysis of key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages.Trade ReviewJean Tirole, Winner of the 2014 Nobel Prize in Economics Honorable Mention for the 2006 Award for Best Professional/Scholarly Book in Finance & Economics, Association of American Publishers "A magnificent new book... This is far more than the mere textbook it purports to be; it has a plausible claim to be the first truly comprehensive overview of corporate finance by an economist."--The Economist "Impeccably systematized... Tirole's book will have a prominent place in my library, and I am sure that I shall have plenty of occasions to refer to its authority in the future. It fully deserves a 'buy' rating."--Rudi Bogni, Times Higher Education Supplement "Jean Tirole has provided the profession with its first comprehensive, advanced treatment of corporate finance theory... [T]he overall result is far from idiosyncratic and it will have a major impact upon teaching and research in corporate finance."--David Webb, Economic Journal
£80.75
Princeton University Press Theory of Games and Economic Behavior
Book SynopsisPublished in 1944, "Theory of Games and Economic Behavior" featured a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy. This title includes the original text, an introduction by Harold Kuhn, and reviews and articles on the book that appeared at the time of its original publication.Trade ReviewPraise for Princeton's previous edition: "A rich and multifaceted work... [S]ixty years later, the Theory of Games may indeed be viewed as one of the landmarks of twentieth-century social science."--Robert J. Leonard, History of Political Economics Praise for Princeton's previous edition: "Opinions still vary on the success of the project to put economics on a sound mathematical footing, but game theory was eventually hugely influential, especially on mathematics and the study of automata. Every self-respecting library must have one."--Mike Holderness, New Scientist "While the jury is still out on the success or failure of game theory as an attempted palace coup within the economics community, few would deny that interest in the subject--as measured in numbers of journal page--is at or near an all-time high. For that reason alone, this handsome new edition of von Neumann and Morgenstern's still controversial classic should be welcomed by the entire research community."--James Case, SIAM News "The main achievement of the book lies, more than in its concrete results, in its having introduced into economics the tools of modern logic and in using them with an astounding power of generalization."--The Journal of Political Economy "One cannot but admire the audacity of vision, the perseverance in details, and the depth of thought displayed in almost every page of the book... The appearance of a book of [this] calibre ... is indeed a rare event."--The American Economic Review "Posterity may regard this book as one of the major scientific achievements of the first half of the twentieth century. This will undoubtedly be the case if the authors have succeeded in establishing a new exact science--the science of economics. The foundation which they have laid is extremely promising."--The Bulletin of the American Mathematical SocietyTable of ContentsPREFACE v TECHNICAL NOTE v ACKNOWLEDGMENT x CHAPTER I: FORMULATION OF THE ECONOMIC PROBLEM 1.THE MATHEMATICAL METHOD IN ECONOMICS 1 1.1. Introductory remarks 1 1.2. Difficulties of the application of the mathematical method 2 1.3. Necessary limitations of the objectives 6 1.4. Concluding remarks 7 2.QUALITATIVE DISCUSSION OF THE PROBLEM OF RATIONAL BEHAVIOR 8 2.1. The problem of rational behavior 8 2.2. "Robinson Crusoe" economy and social exchange economy 9 2.3. The number of variables and the number of participants 12 2.4. The case of many participants: Free competition 13 2.5. The "Lausanne" theory 15 3.THE NOTION OF UTILITY 15 3.1. Preferences and utilities 15 3.2. Principles of measurement: Preliminaries 16 3.3. Probability and numerical utilities 17 3.4. Principles of measurement: Detailed discussion 20 3.5. Conceptual structure of the axiomatic treatment of numerical utilities 24 3.6. The axioms and their interpretation 26 3.7. General remarks concerning the axioms 28 3.8. The role of the concept of marginal utility 29 4.STRUCTURE OF THE THEORY: SOLUTIONS AND STANDARDS OF BEHAVIOR 31 4.1. The simplest concept of a solution for one participant 31 4.2. Extension to all participants 33 4.3. The solution as a set of imputations 34 4.4. The intransitive notion of "superiority" or "domination" 37 4.5. The precise definition of a solution 39 4.6. Interpretation of our definition in terms of "standards of behavior" 40 4.7. Games and social organizations 43 4.8. Concluding remarks 43 CHAPTER II: GENERAL FORMAL DESCRIPTION OF GAMES OF STRATEGY 5.Introduction 46 5.1. Shift of emphasis from economics to games 46 5.2. General principles of classification and of procedure 46 6.THE SIMPLIFIED CONCEPT OF A GAME 48 6.1. Explanation of the termini technici 48 6.2. The elements of the game 49 6.3. Information and preliminary 51 6.4. Preliminarity, transitivity, and signaling 51 7.THE COMPLETE CONCEPT OF A GAME 55 7.1. Variability of the characteristics of each move 55 7.2. The general description 57 8.SETS AND PARTITIONS 60 8.1. Desirability of a set-theoretical description of a game 60 8.2. Sets, their properties, and their graphical representation 61 8.3. Partitions, their properties, and their graphical representation 63 8.4. Logistic interpretation of sets and partitions 66 *9. THE SET-THEORETICAL DESCRIPTION OF A CAME 67 *9.1. The partitions which describe a game 67 *9.2. Discussion of these partitions and their properties 71 *10. AXIOMATIC FORMULATION 73 *10.1. The axioms and their interpretations 73 *10.2. Logistic discussion of the axioms 76 *10.3. General remarks concerning the axioms 76 *10.4. Graphical representation 77 11.STRATEGIES AND THE FINAL SIMPLIFICATION OF THE DESCRIPTION OF THE GAME 79 11.1. The concept of a strategy and its formalization 79 11.2. The final simplification of the description of a game 81 11.3. The role of strategies in the simplified form of a game 84 11.4. The meaning of the zero-sum restriction 84 CHAPTER III: ZERO-SUM TWO-PERSON GAMES: THEORY 12.PRELIMINARY SURVEY 85 12.1. General viewpoints 85 12.2. The one-person game 85 12.3. Chance afid probability 87 12.4. The next objective 87 13.FUNCTIONAL CALCULUS 88 13.1. Basic definitions 88 13.2. The operations Max and Min 89 13.3. Commutativity questions 91 13.4. The mixed case. Saddle points 93 13.5. Proofs of the main facts 95 14.STRICTLY DETERMINED GAMES 98 141. Formulation of the problem 98 14.2. The minorant and the majorant games 100 14.3. Discussion of the auxiliary games 101 14.4. Conclusions 105 14.5. Analysis of strict determinateness 106 14.6. The interchange of players. Symmetry 109 14.7. Non strictly determined games 110 14.8. Program of a detailed analysis of strict determinateness 111 *15. GAMES WITH PERFECT INFORMATION *15.1. Statement of purpose. Induction 112 *15.2. The exact condition (First step) 114 *15.3. The exact condition (Entire induction) 116 *15.4. Exact discussion of the inductive step 117 *15.5. Exact discussion of the inductive step (Continuation) 120 *15.6. The result in the case of perfect information 123 *15.7. Application to Chess 124 *15.8. The alternative, verbal discussion 126 16.LINEARITY AND CONVEXITY 128 16.1. Geometrical background 128 16.2. Vector operations 129 16.3. The theorem of the supporting hyperplanes 134 16.4. The theorem of the alternative for matrices 138 17.MIXED STRATEGIES. THE SOLUTION FOR ALL GAMES 143 17.1. Discussion of two elementary examples 143 17.2. Generalization of this viewpoint 145 17.3. Justification of the procedure as applied to an individual play 146 17.4. The minorant and the majorant games. (For mixed strategies) 149 17.5. General strict determinateness 150 17.6. Proof of the main theorem 153 17.7. Comparison of the treatment by pure and by mixed strategies 155 17.8. Analysis of general strict determinateness 158 17.9. Further characteristics of good strategies 160 17.10. Mistakes and their consequences. Permanent optimality 162 17.11. The interchange of players. Symmetry 165 CHAPTER IV: ZERO-SUM TWO-PERSON GAMES: EXAMPLES 18.SOME ELEMENTARY GAMES 169 18.1. The simplest games 169 18.2. Detailed quantitative discussion of these games 170 18.3. Qualitative characterizations 173 18.4. Discussion of some specific games. (Generalized forms of Matching Pennies) 175 18.5. Discussion of some slightly more complicated games 178 18.6. Chance and imperfect information 182 18.7. Interpretation of this result 185 *19. POKER AND BLUFFING 186 *19.1. Description of Poker 186 *19.2. Bluffing 188 *19.3. Description of Poker (Continued) 189 *19.4. Exact formulation of the rules 190 *19.5. Description of the strategy 191 *19.6. Statement of the problem 195 *19.7. Passage from the discrete to the continuous problem 196 *19.8. Mathematical determination of the solution 199 *19.9. Detailed analysis of the solution 202 *19.10. Interpretation of the solution 204 *19.11. More general forms of Poker 207 *19.12. Discrete hands 208 *19.13. m possible bids 209 *19.14. Alternate bidding 211 *19.15. Mathematical description of all solutions 216 *19.16. Interpretation of the solutions. Conclusions 218 CHAPTER V: ZERO-SUM THREE-PERSON GAMES 20.PRELIMINARY SURVEY 220 20.1. General viewpoints 220 20.2. Coalitions 221 21.THE SIMPLE MAJORITY GAME OF THREE PERSONS 222 21.1. Definition of the game 222 21.2. Analysis of the game: Necessity of "understandings" 223 21.3. Analysis of the game: Coalitions. The role of symmetry 224 22.FURTHER EXAMPLES 225 22.1. Unsymmetric distributions. Necessity of compensations 225 22.2. Coalitions of different strength. Discussion 227 22.3. An inequality. Formulae 229 23.THE GENERAL CASE 231 23.1. Detailed discussion. Inessential and essential games 231 23.2. Complete formulae 232 24.DISCUSSION OF AN OBJECTION 233 24.1. The case of perfect information and its significance 233 24.2. Detailed discussion. Necessity of compensations between three or more players 235 CHAPTER VI: FORMULATION OF THE GENERAL THEORY: ZERO-SUM n-PERSON GAMES 25.THE CHARACTERISTIC FUNCTION 238 25.1. Motivation and definition 238 25.2. Discussion of the concept 240 25.3. Fundamental properties 241 25.4. Immediate mathematical consequences 242 26.CONSTRUCTION OF A GAME WITH A GIVEN CHARACTERISTIC FUNCTION 243 26.1. The construction 243 26.2. Summary 245 27.STRATEGIC EQUIVALENCE. INESSENTIAL AND ESSENTIAL GAMES 245 27.1. Strategic equivalence. The reduced form 245 27.2. Inequalities. The quantity [gamma] 248 27.3. Inessentiality and essentiality 249 27.4. Various criteria. Non additive utilities 250 27.5. The inequalities in the essential case 252 27.6. Vector operations on characteristic functions 253 28.GROUPS, SYMMETRY AND FAIRNESS 255 28.1. Permutations, their groups and their effect on a game 255 28.2. Symmetry and fairness 258 29.RECONSIDERATION OF THE ZERO-SUM THREE-PERSON GAME 260 29.1. Qualitative discussion 260 29.2. Quantitative discussion 262 30.THE EXACT FORM OF THE GENERAL DEFINITIONS 263 30.1. The definitions 263 30.2. Discussion and recapitulation 265 *30.3. The concept of saturation 266 30.4. Three immediate objectives 271 31.FIRST CONSEQUENCES 272 31.1. Convexity, flatness, and some criteria for domination 272 31.2. The system of all imputations. One element solutions 277 31.3. The isomorphism which corresponds to strategic equivalence 281 32.DETERMINATION OF ALL SOLUTIONS OF THE ESSENTIAL ZERO-SUM THREE-PERSON GAME 282 32.1. Formulation of the mathematical problem. The graphical method 282 32.2. Determination of all solutions 285 33.CONCLUSIONS 288 33.1. The multiplicity of solutions. Discrimination and its meaning 288 33.2. Statics and dynamics 290 CHAPTER VII: ZERO-SUM FOUR-PERSON GAMES 34.PRELIMINARY SURVEY 291 34.1. General viewpoints 291 34.2. Formalism of the essential zero sum four person games 291 34.3. Permutations of the players 294 35.DISCUSSION OF SOME SPECIAL POINTS IN THE CUBE Q 295 35.1. The corner I. (and V., VI., VII.) 295 35.2. The corner VIII. (and II., III., IV.,). The three person game and a "Dummy" 299 35.3. Some remarks concerning the interior of Q 302 36.DISCUSSION OF THE MAIN DIAGONALS 304 36.1. The part adjacent to the corner VIII.: Heuristic discussion 304 36.2. The part adjacent to the corner VIII.: Exact discussion 307 *36.3. Other parts of the main diagonals 312 37.THE CENTER AND ITS ENVIRONS 313 37.1. First orientation about the conditions around the center 313 37.2. The two alternatives and the role of symmetry 315 37.3. The first alternative at the center 316 37.4. The second alternative at the center 317 37.5. Comparison of the two central solutions 318 37.6. Unsymmetrical central solutions 319 *38. A FAMILY OF SOLUTIONS FOR A NEIGHBORHOOD OF THE CENTER 321 *38.1. Transformation of the solution belonging to the first alternative at the center 321 *38.2. Exact discussion 322 *38.3. Interpretation of the solutions 327 CHAPTER VIII: SOME REMARKS CONCERNING n [equal to or greater than] 5 PARTICIPANTS 39.THE NUMBER OF PARAMETERS IN VARIOUS CLASSES OF GAMES 330 39.1. The situation for n = 3, 4 330 39.2. The situation for all n [equal to or greater than] 3 330 40.THE SYMMETRIC FIVE PERSON GAME 332 40.1. Formalism of the symmetric five person game 332 40.2. The two extreme cases 332 40.3. Connection between the symmetric five person game and the 1, 2, 3 symmetric four person game 334 CHAPTER IX: COMPOSITION AND DECOMPOSITION OF GAMES 41.COMPOSITION AND DECOMPOSITION 339 41.1. Search for n-person games for which all solutions can be determined 339 41.2. The first type. Composition and decomposition 340 41.3. Exact definitions 341 41.4. Analysis of decomposability 343 41.5. Desirability of a modification 345 42.MODIFICATION OF THE THEORY 345 42.1. No complete abandonment of the zero sum restriction 345 42.2. Strategic equivalence. Constant sum games 346 42.3. The characteristic function in the new theory 348 42.4. Imputations, domination, solutions in the new theory 350 42.5. Essentiality, inessentiality and decomposability in the new theory 351 43.THE DECOMPOSITION PARTITION 353 43.1. Splitting sets. Constituents 353 43.2. Properties of the system of all splitting sets 353 43.3. Characterization of the system of all splitting sets. The decomposition partition 354 43.4. Properties of the decomposition partition 357 44.DECOMPOSABLE GAMES. FURTHER EXTENSION OF THE THEORY 358 44.1. Solutions of a (decomposable) game and solutions of its constituents 358 44.2. Composition and decomposition of imputations and of sets of imputations 359 44.3. Composition and decomposition of solutions. The main possibilities and surmises 361 44.4. Extension of the theory. Outside sources 363 44.5. The excess 364 44.6. Limitations of the excess. The non-isolated character of a game in the new setup 366 44.7. Discussion of the new setup. E(e0), F(e0) 367 45.LIMITATIONS OF THE EXCESS. STRUCTURE OF THE EXTENDED THEORY 378 45.1. The lower limit of the excess 368 45.2. The upper limit of the excess. Detached and fully detached imputations 369 45.3. Discussion of the two limits, |[Gamma]|1, |[Gamma]|2. Their ratio 372 45.4. Detached imputations and various solutions. The theorem connecting E(e0), F(e0) 375 45.5. Proof of the theorem 376 45.6. Summary and conclusions 380 46.DETERMINATION OF ALL SOLUTIONS OF A DECOMPOSABLE GAME 381 46.1. Elementary properties of decompositions 381 46.2. Decomposition and its relation to the solutions: First results concerning F(e0) 384 46.3. Continuation 386 46.4. Continuation 388 46.5. The complete result in F(e0) 390 46.6. The complete result in E(e0) 393 46.7. Graphical representation of a part of the result 394 46.8. Interpretation: The normal zone. Heredity of various properties 396 46.9. Dummies 397 46.10. Imbedding of a game 398 46.11. Significance of the normal zone 401 46.12. First occurrence of the phenomenon of transfer: n = 6 402 47.THE ESSENTIAL THREE-PERSON GAME IN THE NEW THEORY 403 47.1. Need for this discussion 403 47.2. Preparatory considerations 403 47.3. The six cases of the discussion. Cases (I)-(III) 406 47.4. Case (IV): First part 407 47.5. Case (IV): Second part 409 47.6. Case (V) 413 47.7. Case (VI) 415 47.8. Interpretation of the result: The curves (one dimensional parts) in the solution 416 47.9. Continuation: The areas (two dimensional parts) in the solution 418 CHAPTER X: SIMPLE GAMES 48.WINNING AND LOSING COALITIONS AND GAMES WHERE THEY OCCUR 420 48.1. The second type of 41.1. Decision by coalitions 420 48.2. Winning and Losing Coalitions 421 49.CHARACTERIZATION OF THE SIMPLE GAMES 423 49.1. General concepts of winning and losing coalitions 423 49.2. The special role of one element sets 425 49.3. Characterization of the systems W, L of actual games 426 49.4. Exact definition of simplicity 428 49.5. Some elementary properties of simplicity 428 49.6. Simple games and their W, L. The Minimal winning coalitions: Wm 429 49.7. The solutions of simple games 430 50.THE MAJORITY GAMES AND THE MAIN SOLUTION 431 50.1. Examples of simple games: The majority games 481 50.2. Homogeneity 433 50.3. A more direct use of the concept of imputation in forming solutions 435 50.4. Discussion of this direct approach 436 50.5. Connections with the general theory. Exact formulation 438 50.6. Reformulation of the result 440 50.7. Interpretation of the result 442 50.8. Connection with the Homogeneous Majority game 443 51.METHODS FOR THE ENUMERATION OF ALL SIMPLE GAMES 445 51.1. Preliminary Remarks 445 51.2. The saturation method: Enumeration by means of W 446 51.3. Reasons for passing from W to Wm. Difficulties of using Wm 448 51.4. Changed Approach: Enumeration by means of Wm 450 51.5. Simplicity and decomposition 452 51.6. Inessentiality, Simplicity and Composition. Treatment of the excess 454 51.7. A criterium of decomposability in terms of Wm 455 52.THE SIMPLE GAMES FOR SMALL n 457 52.1. Program. n = 1, 2 play no role. Disposal of n = 3 457 52.2. Procedure for n [equal to or greater than] 4: The two element sets and their role in classify ing the Wm 458 52.3. Decomposability of cases C*, Cn-2, Cn-1 459 52.4. The simple games other than [1, ... , 1, n - 2]h, (with dummies): The Cases Ck, k = 0, 1, ... , n - 3 461 52.5. Disposal of n = 4, 5 462 53.THE NEW POSSIBILITIES OF SIMPLE GAMES FOR n [equal to or greater than] 6 463 53.1. The Regularities observed for n [equal to or greater than] 6 463 53.2. The six main counter examples (for n = 6, 7) 464 54.DETERMINATION OF ALL SOLUTIONS IN SUITABLE GAMES 470 54.1. Reasons to consider other solutions than the main solution in simple games 470 54.2. Enumeration of those games for which all solutions are known 471 54.3. Reasons to consider the simple game [1, ... , 1, n - 2]h, 472 *55. THE SIMPLE GAME [1, ... , 1, n - 2]h 473 *55.1. Preliminary Remarks 473 *55.2. Domination. The chief player. Cases (I) and (11) 473 *55.3. Disposal of Case (I) 475 *55.4. Case (II): Determination of V [above horizontal bar] 478 *55.5. Case (II): Determination of V [below horizontal bar] 481 *55.6. Case (II): [alpha] and S* 484 *55.7. Case (II') and (II"). Disposal of Case (II') 485 *55.8. Case (II"): [alpha] and V'. Domination 488 *55.9. Case (II"): Determination of V' *55.10. Disposal of Case (II") 488 *55.11. Reformulation of the complete result 497 *55.12. Interpretation of the result 499 CHAPTER XI: GENERAL NON-ZERO-SUM GAMES 56.EXTENSION OF THE THEORY 504 56.1. Formulation of the problem 504 56.2. The fictitious player. The zero sum extension [Gamma] 505 56.3. Questions concerning the character of [Gamma below horizontal bar] 506 56.4. Limitations of the use of [Gamma above horizontal bar] 508 56.5. The two possible procedures 510 56.6. The discriminatory solutions 511 56.7. Alternative possibilities 512 56.8. The new setup 514 56.9. Reconsideration of the case when [Gamma] is a zero sum game 516 56.10. Analysis of the concept of domination 520 56.11. Rigorous discussion 523 56.12. The new definition of a solution 526 57.THE CHARACTERISTIC FUNCTION AND RELATED TOPICS 527 57.1. The characteristic function: The extended and the restricted form 527 57.2. Fundamental properties 528 57.3. Determination of all characteristic functions 530 57.4. Removable sets of players 533 57.5. Strategic equivalence. Zero-sum and constant-sum games 535 58.INTERPRETATION OF THE CHARACTERISTIC FUNCTION 538 58.1. Analysis of the definition 538 58.2. The desire to make a gain vs. that to inflict a loss 539 58.3. Discussion 541 59.GENERAL CONSIDERATIONS 542 59.1. Discussion of the program 542 59.2. The reduced forms. The inequalities 543 59.3. Various topics 546 60.THE SOLUTIONS OF ALL GENERAL GAMES WITH n [equal to or less than] 3 548 60.1. The case n = 1 548 60.2. The case n = 2 549 60.3. The case n = 3 550 60.4. Comparison with the zero sum games 554 61.ECONOMIC INTERPRETATION OF THE RESULTS FOR n = 1, 2 555 61.1. The case n = 1 555 61.2. The case n = 2. The two person market 555 61.3. Discussion of the two person market and its characteristic function 557 61.4. Justification of the standpoint of 58 559 61.5. Divisible goods. The "marginal pairs" 560 61.6. The price. Discussion 562 62.ECONOMIC INTERPRETATION OF THE RESULTS FOR n = 3: SPECIAL CASE 564 62.1. The case n = 3, special case. The three person market 564 62.2. Preliminary discussion 566 62.3. The solutions: First subcase 566 62.4. The solutions: General form 569 62.5. Algebraical form of the result 570 62.6. Discussion 571 63.ECONOMIC INTERPRETATION OF THE RESULTS FOR n = 3: GENERAL CASE 573 63.1. Divisible goods 573 63.2. Analysis of the inequalities 575 63.3. Preliminary discussion 577 63.4. The solutions 577 63.5. Algebraical form of the result 580 63.6. Discussion 581 64.THE GENERAL MARKET 583 64.1. Formulation of the problem 583 64.2. Some special properties. Monopoly and monopsony 584 CHAPTER XII: EXTENSION OF THE CONCEPTS OF DOMINATION AND SOLUTION 65.THE EXTENSION. SPECIAL CASES 587 65.1. Formulation of the problem 587 65.2. General remarks 588 65.3. Orderings, transitivity, acyclicity 589 65.4. The solutions: For a symmetric relation. For a complete ordering 591 65.5. The solutions: For a partial ordering 592 65.6. Acyclicity and strict acyclicity 594 65.7. The solutions: For an acyclic relation 597 65.8. Uniqueness of solutions, acyclicity and strict acyclicity 600 65.9. Application to games: Discreteness and continuity 602 66.GENERALIZATION OF THE CONCEPT OF UTILITY 603 66.1. The generalization. The two phases of the theoretical treatment 603 66.2. Discussion of the first phase 604 66.3. Discussion of the second phase 606 66.4. Desirability of unifying the two phases 607 67.DISCUSSION OF AN EXAMPLE 608 67.1. Description of the example 608 67.2. The solution and its interpretation 611 67.3. Generalization: Different discrete utility scales 614 67.4. Conclusions concerning bargaining 616 APPENDIX: THE AXIOMATIC TREATMENT OF UTILITY 617 INDEX OF FIGURES 633 INDEX OF NAMES 634 INDEX OF SUBJECTS 635
£54.00
Princeton University Press The New Lombard Street
Book SynopsisPresents the innovative principles needed to address the instability of the markets and to rebuild our financial system. This book traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913. It explains how the Fed took classic central banking wisdom from Britain and Europe.Trade Review"A well-written, scholarly dissection that should be required reading for all graduate courses (and perhaps some advanced undergraduate) in macroeconomics or monetary economics."--Choice "With lucid precision, Mehrling traces the history of how Fed policy makers became biased toward 'excessive elasticity'... Mehrling saves the best for the end, where he describes the Fed's battle to save the system with an alphabet soup of lending programs."--James Pressley, Bloomberg News "I continue to ponder Mehrling's main claims, but in any case this is an important book about the new Fed."--Tyler Cowen, Marginal Revolution "In The New Lombard Street, Perry Mehrling ... provides a lucid account of how the system worked when it was working--and of the growing role assumed by the Fed in an era of global economic volatility and 'credit-fueled bubbles.'"--Glenn C. Altschuler, Tulsa World "[A] fantastic book."--Rortybomb, Mike Konczal blog "[I]mportant... Mehrling's new book tries to do just what Bagehot did: to give an account both of how and why the Fed acted when it reinvented the rules in the middle of a financial crisis, and of what the implications for future monetary policy will be."--Harold James, Central Banking Journal "This is an excellent and accessible analysis for anyone wishing to understand the origins of the financial crisis and how the Fed came to respond as it did."--Larry Hatheway, Business Economist "[T]he book can be read as an important contribution in the ongoing debate on the future of central banks. In terms of monetary policy thinking, this book is another contribution to the increasing awareness that central banks, perhaps lured by seeming success of inflation targeting, in the years before 2008 did not manage to strike the right balance between monetary and financial stability."--Lars Fredrik Oksendal, Enterprise & SocietyTable of ContentsAcknowledgments xi Introduction 1 A Money View Perspective 2 Lessons from the Crisis 6 Chapter One: Lombard Street, Old and New 11 The Inherent Instability of Credit 12 The Old Lombard Street 18 The New Lombard Street 23 Chapter Two: Origins of the Present System 30 From National Banking to the Fed 30 From War Finance to Catastrophe 37 Noncommercial Credit in Depression and War 43 Chapter Three: The Age of Management 48 Monetary Policy and the Employment Act 52 Listening to the Academics 57 Monetary Walrasianism 60 A Dissenting View 65 Chapter Four: The Art of the Swap 71 Currency Swaps and the UIP Norm 72 Brave New World 79 From Modern Finance to Modern Macroeconomics 85 Chapter Five: What Do Dealers Do? 92 Inside the Money Market 93 Funding Liquidity and Market Liquidity 98 Anatomy of a Crisis 103 Monetary Policy 107 Chapter Six: Learning from the Crisis 113 The Long Shadow of Jimmy Stewart 116 A Stress Test of Moulton-Martin 123 Dealer of Last Resort 132 Conclusion 136 Notes 141 References 149 Index 159
£37.80
Princeton University Press Animal Spirits
Book SynopsisThe global financial crisis has made it clear that powerful psychological forces are imperiling the wealth of nations. This title challenges the economic wisdom that got us into this mess, and puts forward a vision that transforms economics and restores prosperity. It asserts the necessity of an active government role in economic policymaking.Trade Review* Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics* George A. Akerlof, Co-Winner of the 2001 Nobel Prize in Economics * Winner of the 2009 International Book Award, getAbstract * Co-Winner of the 2010 Silver Medal Book Award in Entrepreneurship, Axiom Business * Co-Winner of the 2010 Robert Lane Award for the Best Book in Political Psychology, American Political Science Association * Winner of the 2009 Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, TIAA-CREF * Winner of the 2009 Finance Book of the Year, CBN (China Business News) Financial Value Ranking * Shortlisted for the 2009 Business Book of the Year Award, Financial Times and Goldman Sachs * Featured on the Books of the Year list, Financial Times (FT.com)* Listed on Bloomberg.com in a review by James Pressley as two of "our favorite financial-crisis books this year" "Akerlof and Shiller are the first to try to rework economic theory for our times. The effort itself makes their book a milestone."--Louis Uchitelle, New York Times Book Review "There is barely a page of Animal Spirits without a fascinating fact or insight."--John Lanchester, New Yorker "Akerlof and Shiller succeed, too, in demonstrating that conventional macroeconomic analyses often fail because they omit not just readily observable facts like unemployment and institutions such as credit markets but also harder-to-document behavioral patterns that fall within the authors' notion of 'animal spirits.' Confidence plainly matters, and so does the absence of it. When the public mood swings from exuberance to anxiety, or even fear, the effect on asset prices as well as on economic activity outside the financial sector can be large."--Benjamin M. Friedman, New York Review of Books "Two of the most creative and respected economic thinkers currently at work, George Akerlof and Robert Shiller, ... [have written] a fine book at exactly the right time."--Clive Crook, Financial Times "A truly innovative and bold work... At a time when plummeting confidence is dragging down the market and the economy, the authors' focus on the psychological aspect of economics is incredibly important."--Michael Mandel, BusinessWeek "Animal Spirits [is] ... the new must-read in Obamaworld."--Michael Grunwald, Time "[Animal Spirits] really applies to all the big areas where we need change."--Peter Orszag, Obama budget director (quoted from Time magazine article) "White House Budget Director Peter Orszag is a numbers guy, a propeller head as President Obama would say. But as David Von Drehle and I write in this week's print version of Time, Orszag has been spending his time recently reading not about spreadsheets, but about psychology. In particular, he has been reading a new book by the economists George Akerlof and Robert Shiller called Animal Spirits: How Human Psychology Drives The Economy, and Why It Matters For Global Capitalism... We are, it turns out, slaves to the Animal Spirits. They have brought us to our knees. And now they are the only things that can save us."--Michael Scherer, Time.com's Swampland "In their new book, two of the most creative and respected economic thinkers currently at work, George Akerlof and Robert Shiller, argue that the key is to recover Keynes's insight about 'animal spirits'--the attitudes and ideas that guide economic action. The orthodoxy needs to be rebuilt, and bringing these psychological factors into the core of economics is the way to do it... The connections between their thinking on the limits to conventional economics and the issues thrown up by the breakdown are plain, even if they were unable to make every link explicit. Even more than Akerlof and Shiller could have hoped, therefore, it is a fine book at exactly the right time... Animal Spirits carries its ambition lightly--but is ambitious nonetheless. Economists will see it as a kind of manifesto."--Clive Crook, Financial Times "An influential Democrat who was also one of the world's top-ten, highest-paid hedge fund managers last year thinks he knows which book is at the top of the White House reading list this spring: Animal Spirits, the powerful new blast of behavioural economics from Nobel prize-winner George Akerlof and Yale economist Robert Shiller."--Financial Times "Akerlof and Shiller remind us that emotional and intangible factors--such as confidence in institutions, illusions about the nature of money or a sense of being treated unfairly--can affect how people make decisions about borrowing, spending, saving and investing. Animal Spirits is an affectionate tribute to the man [John Maynard Keynes] whose ideas, unfashionable for the past 30 years, have resurged."--Nature "Animal Spirits is a welcome addition to our Hannitized national economic debate, in which anyone who advocates government spending risks being labeled a socialist... Animal Spirits is most compelling when the authors summon all the key behavioral patterns to explain vast, complex phenomena such as the Great Depression... Animal Spirits ... [is] aimed squarely at the general reader, and rightly so: Macroeconomics is now everybody's business--the banks are playing with our money."--Andrew Rosenblum, New York Observer "[A] lively new financial crisis book."--James Pressley, Bloomberg News "The two superstars have produced a truly innovative and bold work that attempts to show how psychological factors explain the origins of the current mess and offer clues for possible solutions. At a time when plummeting confidence is dragging down the market and the economy, the authors' focus on the psychological aspect of economics is incredibly important."--Michael Mandel, BusinessWeek "What Sigmund Freud did for the study of the mind, George Akerlof and Robert Shiller are doing for economics. Freud, healer or fake--take your pick--built a career and a field of medicine on the idea that people are driven by irrational forces. Akerlof, professor of economics at the University of California, Berkeley and winner of the 2001 Nobel Prize in economics, and Shiller, the Yale economist who is the eminence grise of the housing meltdown, argue that massive government market intervention programs are the only way to turn fear into enthusiasm for spending and investing--the 'animal spirits' that are an essential part of recovery... Akerlof and Shiller pick up on the idea of the emotional impetus to investment. With elegant reasoning and lovely prose, they demonstrate that we'll all be wallowing in misery unless governments around world, especially the in the G7 nations, help to return markets to optimism... Animal Spirits is a fine discussion of the last few decades of development of economic theory, especially monetary economics."--Andrew Allentuck, The Globe & Mail "[T]his book is rather more than the usual lament about the failings of economics. Its authors are two of the discipline's leading lights... Most of the time, the unrealistic assumption of rationality serves economists fairly well. They should, however, be more prepared to depart from it, especially in times like these--even if that makes behaviour more difficult to describe in elegant equations. Messrs Akerlof and Shiller have therefore done their profession a service."--The Economist "With Animal Spirits we hone in on how incentives and narratives can be created to channel the human psychological factor into collectively healthy directions, and how to be aware of the fictions we tell ourselves about how we wish the world and greed and financial security worked. [Animal Spirits] sheds light on complex issues and leaves readers with a better grasp of undercurrents and--most importantly--a rediscovered belief in principles of common sense and caution."--Daily Kos "The new book from George Akerlof and Robert Shiller, Animal Spirits, has been getting a lot of press of late, and quite rightly: it's really good. It's not only very readable; it also offers a compelling vision of a very different type of macroeconomics--one where behavioral considerations are front and center, rather than simply providing what Clive Crook calls 'ad hoc modifications' to the standard, ridiculously oversimplified and unrealistic, model... [I]f you read only one book on this subject, make it Animal Spirits."--Felix Salmon, Portfolio.com "As George Akerlof and Robert Shiller show in a new book Animal Spirits, this is no freak storm. It may mark the long-awaited encounter between psychology and economics... Akerlof and Shiller's book is probably the first macroeconomic exploration of the subject that is accessible to those interested in the subject but who don't have the academic training to understand the detailed argument."--Mint "My book of the week is an easy one this time around: it's Animal Spirits, by Robert Shiller and George Akerlof... Admittedly, I'm biased as a fan of both Shiller's and Akerlof's. Believe me, however, when I say the blessedly brief Animal Spirits is a thoughtful and well-written look at how economics discarded psychology and lost its way on the trip from Adam Smith, through Keynesianism, to laissez-faire. The book puts the current crisis in a useful economic context, with consistent and practical selections from behavioral finance illuminating everything along the way... Highly recommended."--Paul Kedrosky, SeekingAlpha "Another contribution to the human-nature-ensures-economics-is-irrational school of thought. But, unlike many of the rants against people trying to make an honest profit, this is a measured examination of how the present crisis is explained in economic terms. And so it should be. George Akerlof is a Nobel prizewinner, Robert Shiller teaches at Yale and is the author of Irrational Exuberance, which should give you an idea of this one's approach. This fascinating work uses economics to explain real-life issues, such as real estate price cycles, to key policy problems, such as the relationship between inflation and employment."--Stephen Matchett, The Australian "George Akerlof and Rober Shiller's Animal Spirits is a plea to start believing our lying eyes rather than the model. Rather than try to explain away the apparent irrationality in human behaviour, Akerlof and Shiller say we need to try to understand it and shape policies that take it into account... The core message of Animal Spirits is that we should stop trying to cage the spirits and instead admit their central importance. Specifically, this means that world governments will need to intervene forcefully in the current economic crisis with both fiscal stimulus and direct measures to stimulate lending--to restore some of the confidence that the crash has sapped."--Matthew Yglesias, The National "In saluting Keynes' quip, Akerlof and Shiller argue that much of the story is in the unreliability and incompleteness of supposedly rational behavior--the micro-foundation of the free-market model. They contend that modern economics, even self-described Keynesian economics, has given short shrift to this core behavioral insight... Their best chapter is on the limited capacity of central banks to prevent or cure calamities."--Robert Kuttner, The American Prospect "Akerlof and Shiller take psychological research seriously, and it's refreshing to see that they're not trying to reinvent the wheel... The book is an interesting read and would probably be very useful for an undergrad class that needs an introduction to behavioral economics. A & S do a nice job of moving between the theoretical and the practical, the empirical and the implied. The writing is accessible and the topic is more than relevant to our current economic situation."--Orgtheory.net "Animal Spirits is succinct, clear and lively."--Brad Willis, Edmonton Journal "In an intriguing new book, Animal Spirits, US economists George Akerlof and Robert Shiller argue that psychology plays a far bigger role in determining economic outcomes than economists realize--and that, broadly speaking, people get what they expect. If we think good times are ahead, we act confidently in a way that creates them. And if we expect a downturn ahead, we act defensively and unwittingly ensure that's what we get."--Tim Colebatch, The Age "The authors are right in pointing out the inadequacy of conventional economics in understanding, not to say addressing, today's economic woes, because they fail to take into account these animal spirits."--Wan Lixin, Shanghai Daily "[Animal Spirits] is a short, thoughtful and sometimes simplistic book that calls for a different vision of economics... Animal Spirits may well be a GPS system for a changing economic future."--Gene Rebeck, Delta Sky "Animal Spirits presents a rigorous case for the importance of 'confidence multipliers' and 'stories' in explaining recent market behaviour and of 'fairness' and 'money illusion' in preventing wages from falling in recessions to the market-clearing rate. Written in an accessible style, the book provides a very useful practical primer for policy-makers, practitioners and academics on many aspects of the current crisis. The authors also make a compelling theoretical case for macroeconomists taking more account of the role of non-economic motives and irrational responses."--Richard Bronk, The Business Economist "[T]he authors do a superb job of conveying the importance of bevaioural economics to a non-specialist audience. They increase our understanding of recent economic events and they show that animal spirits affect how governments should manage the economy."--Natalie Gold, Times Higher Education "Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today."--Money Science "[T]his very book seems to be one of the 'must-reads' in the Obama administration."--Andreas Ernst, JASSS "Ideologists are likely to dismiss this volume. However, for other readers--whether their perspectives are quantitative or qualitative--Animal Spirits may fill a troubling gap in existing investigations of the causes of booms and busts."--Thomas H. Wilkins, Investment Professional "Akerlof and Shiller's book is an interesting and thought-provoking attempt to understand how underlying human psychology drives the economy. The questions they pose and the examples they provide should be read by any economist seeking to better understand the differences between what economics predict will occur, and how people actually behave as individuals and within larger groups."--Dmitri Leybman, Midway Review "Animal Spirits, which attempts to leverage the insights of behavioral economics to reanimate the vision of John Maynard Keynes, is perfectly timed for the present moment."--Nick Schulz, Wilson Quarterly "Animal Spirits is exceptional in showing how economics can be accessible and relevant in dealing with this awesome challenge."--Irish Times "George Akerlof and Robert Shiller have offered an attractive road map for a macroeconomics that might be inspired by the recent financial crisis."--Romar Correa, Economic & Political Weekly "I believe this book to be best suited for those individuals who come from different fields but have a keen interest in economics and finance."--Kristina Vasileva, Journal of General Management "It is perhaps the ultimate compliment to suggest that Russia's greatest writer would very much have agreed with Barany's depiction of the Russian military--and that his approach is a superior one for understanding Russian military politics."--John P. Moran, Perspectives on Politics "More important than the timeliness of the book was the legacy that it leaves behind. This book helps us to understand as never before how macroeconomics really works."--Stan C. Weeber, Journal of Global Analysis "Akerlof and Shiller deserve at least two cheers--one for providing a more solid psychological foundation for our understanding of confidence and another for re-introducing such an important concept into mainstream macroeconomics."--Martin Rapetti, Eastern Economic JournalTable of ContentsPreface to the Paperback Edition vii Preface xxi Acknowledgments xxvii Introduction 1 Part One: Animal Spirits ONE Confidence and Its Multipliers 11 TWO Fairness 19 THREE Corruption and Bad Faith 26 FOUR Money Illusion 41 FIVE Stories 51 Part Two: Eight Questions and Their Answers SIX Why Do Economies Fall into Depression? 59 SEVEN Why Do Central Bankers Have Power over the Economy (Insofar as They Do)? 74 POSTSCRIPT TO CHAPTER SEVEN The Current Financial Crisis: What Is to Be Done? 86 EIGHT Why Are There People Who Cannot Find a Job? 97 NINE Why Is There a Trade-off between Inflation and Unemployment in the Long Run? 107 TEN Why Is Saving for the Future So Arbitrary? 116 ELEVEN Why Are Financial Prices and Corporate Investments So Volatile? 131 TWELVE Why Do Real Estate Markets Go through Cycles? 149 THIRTEEN Why Is There Special Poverty among Minorities? 157 FOURTEEN Conclusion 167 Notes 177 References 199 Index 219
£15.19
Princeton University Press The Founders Dilemmas
Book SynopsisOften downplayed in the excitement of starting up a new business venture is one of the most important decisions entrepreneurs will face: should they go it alone, or bring in cofounders, hires, and investors to help build the business? More than just financial rewards are at stake. Friendships and relationships can suffer. Bad decisions at the incepTrade ReviewWinner of the 2014 Entrepreneurship Practice Award, Entrepreneurship Division of the Academy of Management Winner of the 2013 Silver Medal Book Award in Entrepreneurship, Axiom Business Finalist for the 2013 George R. Terry Book Award, Academy of Management "[A] seminal work... Sure to be required reading in business school curricula, this illuminating and captivating read will also appeal to aspiring entrepreneurs or founders who want to make better decisions in existing ventures."--Publishers Weekly "[A] first-aid manual to help resuscitate ailing start-ups."--Jessica Bruder, journalist, author, and adjunct professor at Columbia University's Graduate School of Journalism, You're the Boss blog, New York Times "Wasserman illustrates his findings with real world examples that translate into immediately applicable advice. But rather than creating a prescriptive list of commandments that would be impossible to follow, he adopts a more holistic approach. Encouraging entrepreneurs to study how others have handled similar challenges in the past, his insights highlight the common ground found in seemingly unique situations."--ForeWord "Harvard Business School professor Noam Wasserman is one of the writers and teachers who best captures the high stakes decisions that entrepreneurs face every day."--Scott Kirsner, Boston Globe "There are plenty of books, lots with stories, anecdotes, and suggestions, but none that are particularly systematic about going through all of the issues. Noam's book is the first I've read--and he totally nails it."--Brad Feld, Feld Thoughts "[T]he definitive book on the topic... If you are a founder or thinking about becoming one, you should read this book."--Dharmesh Shah, OnStartups.com "This is a serious book for a serious endeavor: creating a company from scratch that can be a world-beater and life-changer... Wasserman's book is a towering guide to making these decisions thoughtfully and purposefully. Every founder should read it--and take the time to digest its rich data and lessons."--Jeff Bussgang, Seeing Both Sides blog "Wasserman's book is on track to take as lofty a position in the entrepreneurial literature as HBS's Clayton Christensen's The Innovator's Dilemma did in the field of technological change."--Peter Cohan, Forbes "Highly recommended for those who plan to embark or are already living the entrepreneurial lifestyle, it can serve as a guide to very tough situations for founders to evaluate the best possible way out."--Bernard Leong, SGEntrepreneurs "Ten years of extensive research combined with winning case studies make this a trustworthy source not only for the potential startup owner but also for the classroom."--Library Journal "[A] must-read for anyone thinking of creating a startup, who is currently involved with one or who is an investor/advisor in the startup ecosystem."--Dilip James, Business Standard (India) "This book, upon release, becomes the single-most indispensible guide for founders of startups. Comingling research, straight talk, and a human voice--so often lacking in books with an academic bent--Dilemmas totally rocks as a business school required read and a founder's gripping, absolute must-read. Turning the last page, anyone with an entrepreneurial femur in their body will be fully armed with a battery of knowledge that can make or break a passionate first or even fifteenth venture. Do not start a startup without this book."--Ted Sturtz, New York Journal of Books "[S]obering... Professor Wasserman provides a great deal of data and stories about high-potential technology and life-sciences startups. His book offers much more information than most entrepreneurs can handle at once, but it is probably essential for them to know."--Harvey Schachter, Globe & Mail "Wasserman presents a series of entrepreneurship vignettes and case studies, drawn from a massive 10,000-founder survey he created. Due to the size of this business start-up survey, several of the stories, including accounts from founders of Blogger, Sittercity, and SmarTix, should prove fresh to readers. Much of the advice in the book governs key decisions founders have to make and factors that can cause decisions to turn out well or badly... [T]his work includes valuable, unique content."--Choice "[A] uniquely valuable resource for any entrepreneur."--Terrence Murray, Financialist "The Founder's Dilemmas can't prevent entrepreneurs from repeating the mistakes of their predecessors; we all know how well human beings learn from history. But it's a worthwhile, prudent read for anyone considering or engaging in entrepreneurship. In pointing out the patterns, the common quandaries and routes, The Founder's Dilemmas can eliminate one headache along the path of business-building."--Tamara Micner, LSE Politics and Policy blog "The guru on this subject is Noam Wasserman, who wrote an insightful book called The Founder's Dilemmas."--Luke Johnson, BusinessDayTable of ContentsList of Illustrations vii Part I: Introduction and Pre-founding 1 Chapter One: Introduction 3 Chapter Two: Career Dilemmas 27 Part II: Founding Team Dilemmas 69 Chapter Three: The Solo-versus-Team Dilemma 73 Chapter Four: Relationship Dilemmas: Flocking Together and Playing with Fire 89 Chapter Five: Role Dilemmas: Positions and Decision Making 117 Chapter Six: Reward Dilemmas: Equity Splits and Cash Compensation 145 Chapter Seven: The Three RsSystem: Alignment and Equilibrium 186 Part III: Beyond the Founding Team: Hires and Investors 205 Chapter Eight: Hiring Dilemmas: The Right Hires at the Right Time 209 Chapter Nine: Investor Dilemmas: Adding Value, Adding Risks 249 Chapter Ten: Failure, Success, and Founder-CEO Succession 297 Part IV: Conclusion 329 Chapter Eleven: Wealth-versus-Control Dilemmas 331 Acknowledgments 387 Appendix A: Quantitative Data 391 Appendix B: Summary of Startups and People 403 Notes 425 Bibliography 451 Index 467
£15.29
Princeton University Press Love Money and Parenting
Book SynopsisTrade Review"A Fatherly Top Ten Best Parenting Book of the Decade""A Choice Outstanding Academic Title of the Year""Psychologists, sociologists and journalists have spent more than a decade diagnosing and critiquing the habits of ‘helicopter parents’ and their school obsessions. . . . But new research shows that in our unequal era, this kind of parenting is essential. That’s the message of the book Love, Money and Parenting: How Economics Explains the Way We Raise Our Kids, by the economists Matthias Doepke of Northwestern University and Fabrizio Zilibotti of Yale. It’s true that high-octane, hardworking child-rearing has some pointless excesses, and it doesn’t spark joy for parents. But done right, it works for kids, not just in the United States but in rich countries around the world."---Pamela Druckerman, New York Times"An incisive look at parenting and economic inequality."---Carolyn Dever, Public Books"Why do so many seemingly sane people get over-involved with their kids? The answer is not that parents have collectively come unhinged, according to the new book Love, Money and Parenting: How Economics Explains the Way We Raise Our Kids. Rather, parents today are rational economic actors responding to an increasingly unhinged environment."---Jenny Anderson, Quartz"An earnest tilt at a genuinely hard question: To what degree are parental choices informed by economic realities? Reducing his answer to a single line is reductive, but let’s do it anyway. When it comes to raising Americans kids, it’s the economy, stupid."---Patrick A. Coleman, Fatherly.com"As economists Matthias Doepke and Fabrizio Zilibotti reveal in their recent book Love, Money, and Parenting: How Economics Explains the Way We Raise Our Kids, today’s American parents are not so crazy after all. For better and worse, their parenting style is perfectly rational."---Kay Hymowitz, Institute for Family Studies"All in all, a highly informative read."---David Lorimer, Paradigm Explorer"The book introduces stimulating ideas in an accessible manner."---John Ermisch, Journal of Economic Inequality
£22.50
Princeton University Press Phishing for Phools
Book SynopsisTrade ReviewGeorge A. Akerlof, Co-Winner of the 2001 Nobel Prize in Economics Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Winner of the 2016 Gold Medal in Economics, Axiom Business Book Awards One of Foreign Affairs' Best Economic, Social, and Environmental (Economics) Books of 2016 Selected for Bloomberg View's "The Writing that Shaped Economic Thinking in 2016" One of The Times Literary Supplement's Books of the Year 2016, chosen by Paul Collier Honorable Mention for the 2016 PROSE Award in Economics, Association of American Publishers One of The Independent's Best Economics Books 2015 One of LinkedIn's Best Business Books of 2015 One of BusinessInsider.com's Best Business Books of 2015 One of Legal Theory Bookworm's Books of the Year 2015 Longlisted for the Financial Times and McKinsey Business Book of the Year 2015 "[Akerlof and Shiller] want to go far beyond behavioral economics, at least in its current form. They offer a much more general, and quite damning, account of why free markets and competition cause serious problems... They are intellectual renegades... Akerlof and Shiller make a convincing argument that phishing occurs because of the operation of the invisible hand, not in spite of it... [This] extraordinary book tells us something true, and profoundly important, about the operation of the invisible hand."--Cass Sunstein, New York Review of Books "No question, Phishing for Phools is a radical book. It may also be a radically important one."--Fortune "Entertaining, readable and provocative."--John Lanchester, London Review of Books "I highly recommend this, even for those who might disagree with the authors' outlook. Their case studies are illuminating, and their insights on the way markets work are fascinating. When you consider the sorry state of the personal finances of the median working age family in the United States today, it's hard to disagree with their central thesis that our current system isn't working properly."--John Reeves, The Motley Fool, USA Today "A needed call for skeptical economics and financial mindfulness."--Nature "Using compelling examples of flawed decision making from advertising, health care and personal finances, the authors identify our rational weak spots and arm readers with the ability to resist manipulation."--Scientific American Mind "As you would expect, it's a very clearly written book with tons of examples. And it makes a simple and powerful point about the fragility of the normative, welfare economics conclusions economists tend to draw."--Diane Coyle, The Enlightened Economist "Akerlof and Shiller present convincing evidence of how tobacco, pharmaceutical, and liquor companies and politicians weasel a chapter of their own into our life stories, abusing the mutual storytelling--with all its signs and wonders--that is elemental to our humanity."--Peter Lewis, Barnes & Noble Review "With accessible language and everyday examples, Shiller and Akerlof are taking on the powerful belief that aside from a few blemishes (like widening income inequality) only fools advocate interfering with the free market."--Chris Farrell, Minneapolis Star Tribune "The book's central message is certainly thought-provoking."--The Economist "Phishing for Phools forswears technical language, making this book accessible not only to economists but to consumers and policymakers. It should make everyone rethink the unfettered free-market model."--Brenda Jubin, Investing.com "It's a very clearly written book with tons of examples. And it makes a simple and powerful point about the fragility of the normative, welfare economics conclusions economists tend to draw."--Enlightened Economist "Its critique of conventional economics is more powerful and comprehensive--and more paternalistic--than that of Animal Spirits."--Carlos Lozada, Washington Post "[Akerlof's and Shiller's] insight is a powerful one."--Economist.com's Buttonwood blog "Akerlof and Shiller show that unregulated free markets systematically make people worse off by providing the unscrupulous with opportunities to take advantage of the unwary."--Adam Bouyamourn, The National "[Phishing for Phools] serves the important purpose of holding up a mirror to economics, a subject that prides itself on (supposedly) being the most sophisticated of all the social sciences. Economics may look sophisticated on paper, but it is often completely out of touch when it comes to reality."--Victoria Bateman, Times Higher Education "The book offers powerful support for a skeptical view of free markets, but it's also a helpful guide for consumers to avoid getting ripped off in the course of making important purchases."--Chris Matthews, Fortune "An interesting and entertaining new book by George Akerlof and Robert Shiller looks at the role of trickery in market economies. Phishing for Phools explains that sellers are often out to deceive you, and shows that this isn't an occasional glitch in the market system so much as an intrinsic and pervasive trait... Phishing for Phools aims to help readers understand their psychological weaknesses, so that the phishermen can be phended off more ephectively."--Clive Crook, Bloomberg View "Where Akerlof and Shiller break new ground is the sweeping application of the idea of the 'phishing equilibrium' to finance... The style of Phishing for Phools will be familiar to fans of Shiller's work: light on jargon and pacy enough not to outstay its welcome. The authors tell some engaging tales."--Robin Harding, Financial Times "[A] surprisingly readable yet highly original book ... the evidence and explanations marshaled by Akerlof and Shiller are compelling and they have profound political implications ... an enlightening read by two expert economists. It should be required reading for policy makes and for consumers (which is to say, all of us... [An] important, sobering book."--Oliver Kamm, The Times "Narratives in this impressive book tell how to avoid being tricked by means of better enforcement and being told of pending scams... [O]ne of the few titles dealing with fraud in the marketplace."--Library Journal "The authors provide is a ... unifying theory for all kinds of trickery, an economic explanation for why deception is so rampant. It takes many of our scattered findings about humanity's blind spots--both psychological weakness and a lack of perfect information--and weaves them into a comprehensive framework that has the potential to be devastating for free market fundamentalists."--Victoria Finkle, Washington Monthly "Its central idea is an important one and merits more attention."--Emran Mian, Prospect "Phishing for Phools is packed with examples--including subprime mortgages, pharmaceuticals, political campaigns, gym memberships, credit cards, cars and cranberry juice labels--of the pervasiveness of deception and manipulation in our economy and the price it exacts on individuals and the society at large."--Glenn C. Altschuler, Tulsa World "This interesting book is written by economists mainly for economists, but it includes many entertaining stories about business behavior (and some disturbing ones), told in lively and accessible prose."--Foreign Affairs "The book is easy to read and relate; and more importantly will make you start thinking of the number of times you have been phished. The list would be endless!"--Madan Sabnavis, BusinessWorld "This unusual book offers a simple but challenging corrective to the assumptions made by most mainstream economists... Probably not every reader will agree with every interpretation or argument--but every reader will find something that enlightens and stimulates."--James Ledbetter, Yale Alumni Magazine "This book was enjoyable to read, and the expertise and knowledge of the authors are abundantly evident."--William Holcomb, PsycCRITIQUES "Bob and George urge us to slap Adam Smith's invisible hand when it steals from everybody's cookie jar. They ask us to ponder those situations, economic or political, that provide particularly tempting opportunities to phish for phools... Penetrating insights rendered in accessible prose."--Marlene Lang May, CommonwealTable of ContentsPREFACE vii INTRODUCTION Expect to Be Manipulated: Phishing Equilibrium 1 PART ONE Unpaid Bills and Financial Crash CHAPTER ONE Temptation Strews Our Path 15 CHAPTER TWO Reputation Mining and Financial Crisis 23 PART TWO Phishing in Many Contexts CHAPTER THREE Advertisers Discover How to Zoom In on Our Weak Spots 45 CHAPTER FOUR Rip-offs Regarding Cars, Houses, and Credit Cards 60 CHAPTER FIVE Phishing in Politics 72 CHAPTER SIX Phood, Pharma, and Phishing 84 CHAPTER SEVEN Innovation: The Good, the Bad, and the Ugly 96 CHAPTER EIGHT Tobacco and Alcohol 103 CHAPTER NINE Bankruptcy for Profit 117 CHAPTER TEN Michael Milken Phishes with Junk Bonds as Bait 124 CHAPTER ELEVEN The Resistance and Its Heroes 136 PART THREE Conclusion and Afterword CONCLUSION: EXAMPLES AND GENERAL LESSONS New Story in America and Its Consequences 149 AFTERWORD The Significance of Phishing Equilibrium 163 ACKNOWLEDGMENTS 175 NOTES 181 BIBLIOGRAPHY 233 INDEX 257
£15.19
Princeton University Press Between Debt and the Devil
Book SynopsisTrade ReviewOne of The Independent's Best Economics Books of the Year Bloomberg Businessweek's Best Books of the Year Financial Times Best Economics Books of of the Year One of Financial Times (FT.com) Best Economics Books of 2015, chosen by Martin Wolf One of the Strategy+Business Best Business Books 2016 in Economy One of The Independent's Best Economics Books 2015 One of Bloomberg Businessweek's Best Books of 2015, chosen by Vitor Constancio "[Between Debt and the Devil] represents an important challenge to economic orthodoxy, which, as [Turner] rightly notes, has already failed us once."--John Cassidy, New Yorker "Extensively researched and well-written."--Edward Chancellor, Wall Street Journal "[A] remarkable new book."--Will Hutton, Observer "Lucid and forcefully-argued."--Peter Thal Larsen, Reuters Breakingviews "Turner offers a convincing account of the debt-fuelled global economic cycle of the last 15 years or so. I found myself skimming over large sections and nodding in agreement."--Erik Britton, Management Today "Turner is more than just another thinker merrily seeking to provoke his audience; he is an experienced British policymaker accustomed to weighing up the angles... [Between Debt and the Devil] is as good as it can be, an overdue challenge to a taboo against monetary finance held sacred for too long."--Giles Wilkes, Financial Times "Adair Turner, the former chairman of Britain's Financial Services Authority and described by The Economist as a man for all policy crises, upends financial orthodoxy in Between Debt and the Devil. He argues that nothing regulators have done thus far has addressed the fundamental underlying cause of financial instability... Turner's book is tightly argued and is packed with insights about the financial markets as well as the real economy."--Brenda Jubin, Investing.com "If developed economies fall back into recession, people may hear quite a bit more about Lord Turner's ideas."--Economist "This is an important book because Turner thinks clearly where much analysis has been fuzzy ... [a] stimulating book."--Ben Chu, The Independent "Adair Turner's Between Debt and the Devil: Money, Credit and Fixing Global Finance--out this month--joins a select group of books that provide as clear an explanation of the financial crisis as one could hope for."--Diane Coyle, The Enlightened Economist "Some astonishingly original ideas."--Alex Brummer, Daily Mail "[A] brilliant new book... [The] prose crisply conveys analysis of real force."--Tom Clark, Guardian "[A] scintillating individual [contribution] to the debate not just on the future of finance but how we should run our economy."--Felix Martin, New Statesman "Adair Turner's new book Between Debt and the Devil is definitely worth your time."--Clive Crook, Bloomberg View "A challenging but relentlessly logical book about the flaws of the system that led us to the Great Recession: excess finance, excessive indebtedness. He adds to the literature that explains why more and more finance is not always good. The proposed cure requires going beyond the present financial regulatory reform. A bold and thought provoking book."--Vitor Constancio, Vice president, European Central Bank, one of Bloomberg's Best Books of 2015 "This book lays down a challenge which subsequent accounts of monetary policy will have to address."--David Willetts, Prospect "[An] excellent book."--Nick Butler, Financial Times "[H]is extensive work both at financial institutions and in academia, have given Turner an insider's view of the world of finance and economics. But his conclusions--that the banking system needs to be fundamentally restructured, and that periodically, instead of a government running up debt, the central bank should just print money for the government to spend--are far from conventional."--Matt Phillips, Quartz "This is a good book, well worth reading... It is well and clearly written and supported by good, non-technical analysis and empirical evidence."--Charles Goodhart, Financial World "These provocative and insightful arguments are particularly valuable at a time when austerity retains its intellectual luster despite its manifest failures."--Andrew Moravcsik, Foreign Affairs "Turner's book should make policymakers and commentators sit up and take notice."--TT Ram Mohan, Economic & Political Weekly "This seminal book details an important reality of today's economy: generating enough demand to absorb potential supply depends on explosive increases in indebtedness-private or public, or both."--Martin Wolf, Financial TimesTable of ContentsAcknowledgments ix Preface: The Crisis I Didn't See Coming xi Introduction: Too Important to Be Left to the Bankers 1 Part I Swollen Finance 17 1 The Utopia of Finance for All 19 2 Inefficient Financial Markets 34 Part II Dangerous Debt 49 3 Debt, Banks, and the Money They Create 51 4 Too Much of the Wrong Sort of Debt 61 5 Caught in the Debt Overhang Trap 74 6 Liberalization, Innovation, and the Credit Cycle on Steroids 88 7 Speculation, Inequality, and Unnecessary Credit 108 Part III Debt, Development, and Capital Flows 131 8 Debt and Development: The Merits and Dangers of Financial Repression 133 9 Too Much of the Wrong Sort of Capital Flow: Global and Eurozone Delusions 149 Part IV Fixing the System 161 10 Irrelevant Bankers in an Unstable System 163 11 Fixing Fundamentals 175 12 Abolishing Banks, Taxing Debt Pollution, and Encouraging Equity 186 13 Managing the Quantity and Mix of Debt 195 Part V Escaping the Debt Overhang 211 14 Monetary Finance-Breaking the Taboo 213 15 Between Debt and the Devil-A Choice of Dangers 231 Epilogue: The Queen's Question and the Fatal Conceit 241 Notes 253 Bibliography 277 Index 289
£16.14
Princeton University Press The Social Meaning of Money
Book SynopsisTrade ReviewWinner of the 1996 Culture Section Book Award, American Sociological Association "Interesting and informative... Money is a medium of exchange. But that is only the beginning."--John Kenneth Galbraith, New York Times Book Review "Zelizer's book is one of the richest and most thoughtful investigations of [money's] weirdness, examining in detail how money works in the real world, how we try to manage and control it, why we freely give it away in some circumstances--think, for instance, of tipping and how money shapes the relationships we have with one another."--James Surowiecki, GQ Magazine "Zelizer has accomplished a rarity, writing a genuinely original book."--Randall Collins, SocietyTable of ContentsForeword to the 2017 Edition, by Nigel Dodd ix Acknowledgments xiii 1 The Marking of Money 1 2 The Domestic Production of Monies 36 3 Gifted Money 71 4 Poor People's Money 119 5 With Strings Attached: The Earmarking of Charitable Cash 143 6 Contested Monies 170 7 What Does Money Mean? 199 Afterword to the 2017 Edition 217 Notes 229 Index 285
£20.90
Princeton University Press Cents and Sensibility
Book SynopsisTrade Review"This is a bracing, original work." —Roger Lowenstein, Washington Post "An eloquent defense of the humanities against fanatical advocates for STEM." —Deidre McCloskey, Wall Street Journal "An insightful and compelling argument. Morton and Schapiro succeed in finding new ways of thinking about big issues as well as new ways to read classic novels. . . . There’s immense joy to be found throughout this work on thinking with creativity and passion." —Publishers Weekly
£17.09
Princeton University Press Measuring Poverty around the World
Book SynopsisTrade Review"One of Prospect's Best Economics Books of 2019""[Measuring Poverty around the World] advocates more sophisticated ways of monitoring progress—and regression—in reducing poverty. That way, when having political discussions, we know exactly what we’re talking about." * Prospect *"[Atkinson] is clear about the links between poverty and sustainable development, the two creating a vicious circle of damage and deprivation."---Liz Thomson, i Newspaper"[Measuring Poverty around the World] is written for a broad audience, and it deserves such an audience.... In the struggle ahead to assure that progress against poverty is maintained and hopefully accelerated, the type of intellectually honest, scholarly yet socially committed, research exemplified by Tony Atkinson throughout his career will be needed in spades."---Martin Ravallion, Journal of Economic Inequality"This book demonstrates the strength of Atkinson’s legacy for future generations of poverty scholars and underscores how the centrality of poverty to the political debate makes its measurement both a vital and delicate task."---Roberto Iacono, LSE Review of Books"Tony Atkinson’s extraordinary attention to detail for every element in measuring poverty should make it a bible for all those in every country dealing with the measurement of poverty and formulating policies for its reduction."---Madras Sivaraman, International Journal of Environmental Studies"Atkinson's work is hugely instructive."---Udit Misra, Indian Express"In a rapidly changing world, with ever mounting global problems, researchers would do well to follow Atkinson’s socially conscious, ethically informed, and policy relevant approach to research and problem solving."---Brian Colgan, Erasmus Journal for Philosophy and Economics"An excellent introduction to the most important issues in the measurement of poverty." * Economics & Philosophy *
£22.50
Princeton University Press Love Money and Parenting
Book SynopsisTrade Review"A Fatherly Top Ten Best Parenting Book of the Decade""A Choice Outstanding Academic Title of the Year"
£15.29
Princeton University Press Dreams of a Lifetime
Book SynopsisTrade Review"Winner of the Mary Douglas Prize, Culture Section of the American Sociological Association""Dreams of a Lifetime belongs to a particular shelf, one that holds those books that utilize sociology seriously to best capture the pulse of the United States at a particular juncture in time. In this tradition, one can find treatises about loneliness (Riesman, Slater), disconnection (Putnam, Sennett), how people think and feel (Bellah et al.), the life of those on the lower ladders of this society (Sennett and Cobb, Liebow, and more recently Desmond as well as Horschild). A lot has changed since some of these books were published. . . but the impetus remains the same: to explain to ourselves who we are at a particular juncture in time, in a jargon free, yet sociologically informed way."---Claudio E. Benzecry, Sociological Forum
£19.80
Princeton University Press Econometrics
Book Synopsis
£76.50
Princeton University Press The Economics of OvertheCounter Markets
Book Synopsis
£35.70
Princeton University Press Economics in America
Book Synopsis
£14.24
Princeton University Press The Chile Project
Book Synopsis
£16.19
Princeton University Press Negotiation
Book Synopsis
£22.50
Princeton University Press Savarkar and the Making of Hindutva
a huge range and FREE tracked UK delivery on ALL orders.
£22.50
Princeton University Press Legacies of British Rule
£27.00
Princeton University Press A Capitals Capital Two Hundred Years of Wealth and Inequality in Paris
a huge range and FREE tracked UK delivery on ALL orders.
£35.70
Taylor & Francis Ltd Consumer Behaviour and Analytics
Book SynopsisThe second edition of Consumer Behaviour and Analytics provides a consumer behaviour textbook for the new marketing reality. In a world of Big Data, machine learning and artificial intelligence, this key text reviews the issues, research and concepts essential for navigating this new terrain. It demonstrates how we can use data-driven insight and merge this with insight from extant research to inform knowledge-driven decision-making.Adopting a practical and managerial lens, while also exploring the rich lineage of academic consumer research, this textbook approaches its subject from a refreshing and original standpoint. It contains numerous accessible examples, scenarios and exhibits, and condenses the disparate array of relevant work into a workable, coherent, synthesized and readable whole. Providing an effective tour of the concepts and ideas most relevant in the age of analytics-driven marketing (from data visualization to semiotics), the book concludes with an adaTrade Review'Consumer marketing is increasingly analytics driven, with data driven insight the core underpinning of many businesses. Consumer Behaviour and Analytics is a concise, inventive, original and accessible text that develops new approaches, concepts and structure to fit the new reality of analytics driven marketing. Linking new possibilities and approaches with existing academic consumer research, and grounded in examples and exhibits, this book is a ground-breaking and informative volume.'– Leigh Sparks, Professor of Retail Studies and Deputy Principal, University of Stirling, Scotland'The effects of Big Data, machine learning and AI on the terrain of marketing and consumer research have been seismic. Smith’s book provides a timely and concise review of this new landscape by demystifying analytics-driven concepts and methods whilst cross-referencing with more traditional fields of consumer knowledge. The book inventively integrates old and new concepts into a framework that will appeal to marketing practitioners and students alike. An absolutely essential read for anyone interested in a well-balanced understanding of contemporary consumer behaviour and analytics.' - Professor Andreas Chatzidakis, Royal Holloway, University of London, UKTable of ContentsList of figuresList of tablesPrefaceAcknowledgementsChapter 1 An introduction to consumer analyticsChapter 2 Purchase insight and the anatomy of transactionsChapter 3 Web and social activityChapter 4 Extant research, decision-making and exogenous cognitionChapter 5 Elemental features of consumer choice: needs, economics, deliberation and impulse.Chapter 6 Perceptual and communicative features of consumer choiceChapter 7 Individual and social features of consumptionChapter 8 Knowledge-driven marketing and the Modular Adaptive Dynamic SchematicIndex
£39.99
WW Norton & Co Mathematics for Economists
Book SynopsisMathematics for Economists, a new text for advanced undergraduate and beginning graduate students in economics, is a thoroughly modern treatment of the mathematics that underlies economic theory.
£76.49
Cengage Learning EMEA The Psychology of Work and Organizations
Book SynopsisTable of Contents1Introduction Part One - Foundations of Work and Organizational Psychology 2Individual differences at work 3Attitudes and behaviour in organizations 4Motivation at work Part Two - Professional Practice of Work and Organizational Psychology 5Recruitment and selection 6Learning, training and development 7Performance management 8Careers and career management 9Safety, stress and health at work Part Three - Organizations 10Organizations: Strategy and structure 11Leadership in organizations 12Teams and teamwork 13Organizational culture, climate and change 14The psychology of work and organizations
£55.09
Taylor & Francis Ltd Management in Networks
Book SynopsisGetting what you want even if you are the boss isn't always easy. Almost every organization, big or small, works among a network of competing interests. Whether it's governments pushing through policies, companies trying to increase profits, or even families deciding where to move house, rarely can decisions be made in isolation from competing interests both within the organization and outside it.In this accessible and straightforward account, Hans de Bruijn and Ernst ten Heuvelhof cast light on multi-stakeholder decision-making. Using plain language, they reveal the nuts and bolts of decision-making within the numerous dilemmas and tensions at work. Drawing on a diverse range of illustrative examples throughout, their perceptive analysis examines how different interests can either support or block change, and the strategies available for managing a variety of stakeholders.The second edition of Management in Networks incorporates a wider spread oTrade Review"In an increasingly interactive world knowledge of how networks operate and evolve, and how they can be managed effectively, is increasingly important to students and practitioners of public administration, public management and public policy. In the first edition of this excellent book, the authors developed the idea of "process management" - contrasting it with other forms of such as "project-based" management – highlighting the advantages of using a process lens as a guide to producing better public sector outcomes. In this thoroughly revised and expanded new edition, the authors continue this pursuit, adding detail and nuance to their analyses of the best (and not-so-good) strategies that can be used to enhance collaboration between public, civil society and other actors in the pursuit of public value and the public good."Burnaby Mountain Chair, Department of Political Science, Simon Fraser University and Professor, Lee Kuan Yew School of Public Policy, National University of Singapore"Management in Networks (second edition) is a fundamental guide for policy makers and managers who wants to consciously decide and act in today’s uncertain and complex world, where all decisions involve many actors, with different values and targets."- Giovanni Azzone, Professor of Management and Rector Emeritus, Politecnico di Milano, ItalyTable of ContentsChapter 1 our interconnected world and what it means for decision and policy makingChapter 2 strategies for making decisions in networks – the processChapter 3 strategies for making decisions in networks – the content Chapter 4 a process, not a projectChapter 5 smart command and controlChapter 6 strategic behaviourChapter 7 trust and rules of the gameChapter 8 processes and content
£36.99
Princeton University Press Ecological Models and Data in R
Book SynopsisOffers an introduction to the modern statistical methods for ecology. This book shows how to construct statistical models for data, estimate their parameters and confidence limits, and interpret the results. It covers statistical frameworks, the philosophy of statistical modeling, and critical mathematical functions and probability distributions.Trade Review"Bolker's book is a must-buy for anyone wanting to fit data to models and go beyond hypothesis testing, but it is certainly not an 'introductory' text in the sense of 'simple'. This book is a tour de force for anyone who studied ecology for his or her interest of nature's working. But it is the one single book that can propel the statistical novice to the cutting edge of statistical ecology--albeit with blood, sweat and tears."--Carsten F. Dormann, Basic and Applied Ecology "[A] must for natural scientists and for statisticians who are interested in ecological applications... Numerous enlightening footnotes, meaningful graphics and direct speech are evidence of substantial classroom experience of the author... The book addresses students and researchers who have or have had some basic knowledge in ecology, mathematics and statistics. Delivering many examples and profound details on numerical aspects of maximum likelihood estimation, the book may also give a red line for a course in computational statistics."--Martin Schlather, Biometrical Journal "[T]his book succeeds both in explaining how to analyze many types of ecological data, and in clearly describing the theoretical background behind some common analyses and approaches. I expect to refer to it often."--Lynda D. Prior, Austral EcologyTable of ContentsAcknowledgments ix Chapter 1: Introduction and Background 1 1.1 Introduction 1 1.2 What This Book Is Not About 3 1.3 Frameworks for Modeling 5 1.4 Frameworks for Statistical Inference 10 1.5 Frameworks for Computing 17 1.6 Outline of the Modeling Process 20 1.7 R Supplement 22 Chapter 2: Exploratory Data Analysis and Graphics 29 2.1 Introduction 29 2.2 Getting Data into R 30 2.3 Data Types 34 2.4 Exploratory Data Analysis and Graphics 40 2.5 Conclusion 59 2.6 R Supplement 59 Chapter 3: Deterministic Functions for Ecological Modeling 72 3.1 Introduction 72 3.2 Finding Out about Functions Numerically 73 3.3 Finding Out about Functions Analytically 76 3.4 Bestiary of Functions 87 3.5 Conclusion 100 3.6 R Supplement 100 Chapter 4: Probability and Stochastic Distributions for Ecological Modeling 103 4.1 Introduction: Why Does Variability Matter? 103 4.2 Basic Probability Theory 104 4.3 Bayes' Rule 107 4.4 Analyzing Probability Distributions 115 4.5 Bestiary of Distributions 120 4.6 Extending Simple Distributions: Compounding and Generalizing 137 4.7 R Supplement 141 Chapter 5: Stochastic Simulation and Power Analysis 147 5.1 Introduction 147 5.2 Stochastic Simulation 148 5.3 Power Analysis 156 Chapter 6: Likelihood and All That 169 6.1 Introduction 169 6.2 Parameter Estimation: Single Distributions 169 6.3 Estimation for More Complex Functions 182 6.4 Likelihood Surfaces, Profiles, and Confidence Intervals 187 6.5 Confidence Intervals for Complex Models: Quadratic Approximation 196 6.6 Comparing Models 201 6.7 Conclusion 220 Chapter 7: Optimization and All That 222 7.1 Introduction 222 7.2 Fitting Methods 223 7.3 Markov Chain Monte Carlo 233 7.4 Fitting Challenges 241 7.5 Estimating Confidence Limits of Functions of Parameters 250 7.6 R Supplement 258 Chapter 8: Likelihood Examples 263 8.1 Tadpole Predation 263 8.2 Goby Survival 276 8.3 Seed Removal 283 Chapter 9: Standard Statistics Revisited 298 9.1 Introduction 298 9.2 General Linear Models 300 9.3 Nonlinearity: Nonlinear Least Squares 306 9.4 Nonnormal Errors: Generalized Linear Models 308 9.5 R Supplement 312 Chapter 10: Modeling Variance 316 10.1 Introduction 316 10.2 Changing Variance within Blocks 318 10.3 Correlations: Time-Series and Spatial Data 320 10.4 Multilevel Models: Special Cases 324 10.5 General Multilevel Models 327 10.6 Challenges 333 10.7 Conclusion 334 10.8 R Supplement 335 Chapter 11: Dynamic Models 337 11.1 Introduction 337 11.2 Simulating Dynamic Models 338 11.3 Observation and Process Error 342 11.4 Process and Observation Error 344 11.5 SIMEX 346 11.6 State-Space Models 348 11.7 Conclusions 357 11.8 R Supplement 360 Chapter 12: Afterword 362 Appendix Algebra and Calculus Basics 363 A.1 Exponentials and Logarithms 363 A.2 Differential Calculus 364 A.3 Partial Differentiation 364 A.4 Integral Calculus 365 A.5 Factorials and the Gamma Function 365 A.6 Probability 365 A.7 The Delta Method 366 A.8 Linear Algebra Basics 366 Bibliography 369 Index of R Arguments, Functions, and Packages 383 General Index 389
£55.80
Baker Publishing Group Living Forward A Proven Plan to Stop Drifting
Book SynopsisA New York Times bestselling author and a successful life coach provide a proven, step-by-step guide to create a life plan, equipping readers to live with intention, direction, and passion in every area of life.
£13.29
Project Management Institute A Guide to the Project Management Body of
Book SynopsisA Guide to the Project Management Body of Knowledge (PMBOK®) Guide is the go-to resource for project management practitioners. Over the past few years, the project management profession has significantly evolved due to emerging technology, new approaches and rapid market changes. Reflecting this evolution, The Standard for Project Management enumerates 12 principles of project management and the PMBOK® Guide – Seventh Edition is structured around eight project performance domains. Both the standard and the guide reflect the wide range of development approaches that lead to value delivery. This edition is designed to address practitioners’ current and future needs and to help them be more proactive, innovative and nimble in enabling desired project outcomes. This edition of the PMBOK® Guide: Reflects the full range of development approaches (predictive, adaptive, hybrid, etc.) Provides an entire section devoted to tailoring the development approach and processes Includes an expanded list of models, methods, and artifacts Focuses on not just delivering project outputs but also enabling outcomes; and Integrates with PMIstandards+ for information and standards application content based on project type, development approach, and industry sector.
£67.46
Taylor & Francis Marx
Book SynopsisThe writings of Karl Marx (1818â1883) have left an indelible mark not only on the understanding of economics and political thought but on the lives of millions of people who lived in regimes that claimed (wrongly) his influence. Trained as a philosopher and steeped in the thought of Hegel, Marx turned away from Hegelian philosophy after 1845 towards a philosophy that incorporated economics and history. It is this Marx that endures and to which this outstanding introduction is devoted.Jaime Edwards and Brian Leiter begin with an overview of Marx's life and intellectual development, including his early years as a journalist in Germany before his exile in London. They then introduce and assess the fundamental elements of Marxâs thought: Marxâs theory of history and historical change (historical materialism) class conflict, the state, and the Communist revolution Marxâs theory of economics, especially the labour theory of value, and his prediction of
£25.20
