Description

Book Synopsis
An introduction to the use of probability models for analyzing risk and economic decisions, using spreadsheets to represent and simulate uncertainty.

This textbook offers an introduction to the use of probability models for analyzing risks and economic decisions. It takes a learn-by-doing approach, teaching the student to use spreadsheets to represent and simulate uncertainty and to analyze the effect of such uncertainty on an economic decision. Students in applied business and economics can more easily grasp difficult analytical methods with Excel spreadsheets.

The book covers the basic ideas of probability, how to simulate random variables, and how to compute conditional probabilities via Monte Carlo simulation. The first four chapters use a large collection of probability distributions to simulate a range of problems involving worker efficiency, market entry, oil exploration, repeated investment, and subjective belief elicitation. The book then covers correlation and

Probability Models for Economic Decisions The MIT

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Order before 4pm tomorrow for delivery by Mon 22 Dec 2025.

A Hardback by Roger B. Myerson, Eduardo Zambrano

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    View other formats and editions of Probability Models for Economic Decisions The MIT by Roger B. Myerson

    Publisher: MIT Press Ltd
    Publication Date: 17/12/2019
    ISBN13: 9780262043120, 978-0262043120
    ISBN10: 0262043122
    Also in:
    Econometrics and economic statistics

    Description

    Book Synopsis
    An introduction to the use of probability models for analyzing risk and economic decisions, using spreadsheets to represent and simulate uncertainty.

    This textbook offers an introduction to the use of probability models for analyzing risks and economic decisions. It takes a learn-by-doing approach, teaching the student to use spreadsheets to represent and simulate uncertainty and to analyze the effect of such uncertainty on an economic decision. Students in applied business and economics can more easily grasp difficult analytical methods with Excel spreadsheets.

    The book covers the basic ideas of probability, how to simulate random variables, and how to compute conditional probabilities via Monte Carlo simulation. The first four chapters use a large collection of probability distributions to simulate a range of problems involving worker efficiency, market entry, oil exploration, repeated investment, and subjective belief elicitation. The book then covers correlation and

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