Read examines probability, risk, and uncertainty through the contributions of John von Neumann, Leonard Jimmie Savage, Kenneth Arrow and Harry Markowitz. These Portfolio Theorists provided us with a dramatic leap forward in our understanding of and insights into financial rewards under risk and uncertainty.
This collection gathers together nearly 330 tangrams, the best creations of both Chinese and Occidental puzzle devisers. Puzzles range from the relatively easy to the difficult.
In easy to understand terms and journalistic style, Read describes the reasons for global financial unrest arising from the sub-prime mortgage crisis and economic meltdowns. He walks the reader through a number of topics in economics and connects these topics to real world financial problems concluding with recommendations for the future.
Read addresses the contributions of significant individuals to our understanding of financial decisions and markets. Great financial theorists created the basis for what we now know as personal finance and this volume describes four great minds in finance that forever established the role of the rate of return and life cycle decision-making.
We have seen many empires come and go. From the Roman Empire to the British Empire, we are now witnessing the decline of the US as a superpower. How do economic innovations foster global economic dominance, and how does the natural evolution of an economic empire eventually bring about its demise and replacement by other economic superpowers?
A fascinating discussion of the role played by fear in financial market panics. Professor Read demonstrates, in easy-to-understand terms, that rising market fear portends to major financial declines. He explains the science and the economics of fear and shows that the financial market has learned how to capitalize on investor or economic fear
Evaluating Children's Interactive Products directly addresses the need to ensure that interactive products designed for children — whether toys, games, educational products, or websites — are safe, effective, and entertaining. It presents an essential background in child development and child psychology, particularly as they relate to technology; captures best practices for observing and surveying children, training evaluators, and capturing the child user experience using audio and visual technology; and examines ethical and legal issues involved in working with children and offers guidelines for effective risk management. Based on the authors' workshops, conference courses, and own design experience and research, this highly practical book reads like a handbook, while being thoroughly grounded in the latest research. Throughout, the authors illustrate techniques and principles with numerous mini case studies and highlight practical information in tips and exercises and conclude with three in-depth case studies. This book is recommended for usability experts, product developers, and researchers in the field. - Presents an essential background in child development and child psychology, particularly as they relate to technology - Captures best practices for observing and surveying children, training evaluators, and capturing the child user experience using audio and visual technology - Examines ethical and legal issues involved in working with children and offers guidelines for effective risk management
The third book in the Great Minds in Finance series examines the pricing of securities and the risk/reward trade off through the legends, contribution, and legacies of Jacob Marschak, William Sharpe, Fischer Black and Myron Scholes, and Robert Merton, influencing both theory and practice, answering the question 'how do we measure risk?
An exquisite portfolio and guide to America's most popular national park. Yellowstone National Park welcomes three million visitors every year. Most are drawn to its eye-popping hydrothermal features, including the world-famous Old Faithful. The region famously sits over a continental "hot spot," a chamber of molten magma several miles below the surface that heats the groundwater and powers the park's geysers, hot springs, mud pots and steam vents. A network of paved roads and boardwalks offers visitors easy access to the kaleidoscopic colors and dramatic eruptions of some of the park's impressive waterworks. However, few tourists experience the stunning all-season splendor of Yellowstone's backcountry, which is home to wonders that, on their own, would have easily justified the park's creation. This book captures the perennial delights of Yellowstone's most popular features, but it also introduces readers to the park's vast swaths of grasslands, wetlands, rivers, waterfalls, valleys and mountain peaks, its richly diverse plant life and its free-ranging wildlife, including the newly reintroduced wolves.
The Corporate Financiers is the fifth book in a series of discussions about the great minds in the history and theory of finance. While the series addresses the contributions of scholars in our understanding of modern finance, this volume presents the ways in which a corporation creates value. More than two centuries ago, Adam Smith explained the concept of division of labor and the efficiencies of specialization as the mechanism in which a firm creates value. However, corporations now find themselves outsourcing some processes to other firms as an alternative way to create value. There must be other economic forces at work than simply the internal efficiencies of a firm. We begin by describing the work of a rather obscure scholar named John Burr Williams who demonstrated in 1938 how the earnings of a firm are capitalized into corporate value through its stock price. We then delve into the inner workings of the modern corporation by describing the contributions of Nobel Memorial Prize winners Ronald Coase and Oliver Williamson. More than any others, these scholars created a renewed appreciation for our understanding of the institutional detail of the modern corporation in reducing costs and increasing efficiency. While Coase and Williamson provided meaningful descriptions of the advantage of a corporation, they did not offer prescriptions for the avenues the corporation can create more value in an era when new technologies make outsourcing and telecommuting increasingly possible. Michael Jensen and William Meckling describe in greater detail the nature of the implicit contracts a corporation employs, and recommend remedies to various problems that arise when the goals of the corporation are not aligned with the incentives of its agents. We also describe the further nuances to these relationships as offered by Armen Alchian and Harold Demsetz. We treat the lives of these extraordinary individuals who looked at a very familiar problem in a sufficiently novel light to change the way all look at corporations ever since. That is the test of genius.
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