Leonard C Maclean William T Ziemba Popular Books

Leonard C Maclean William T Ziemba Biography & Facts

Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade". Its concern is thus the interrelation of financial variables, such as share prices, interest rates and exchange rates, as opposed to those concerning the real economy. It has two main areas of focus: asset pricing and corporate finance; the first being the perspective of providers of capital, i.e. investors, and the second of users of capital. It thus provides the theoretical underpinning for much of finance. The subject is concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment". It therefore centers on decision making under uncertainty in the context of the financial markets, and the resultant economic and financial models and principles, and is concerned with deriving testable or policy implications from acceptable assumptions. It thus also includes a formal study of the financial markets themselves, especially market microstructure and market regulation. It is built on the foundations of microeconomics and decision theory. Financial econometrics is the branch of financial economics that uses econometric techniques to parameterise the relationships identified. Mathematical finance is related in that it will derive and extend the mathematical or numerical models suggested by financial economics. Whereas financial economics has a primarily microeconomic focus, monetary economics is primarily macroeconomic in nature. Underlying economics Financial economics studies how rational investors would apply decision theory to investment management. The subject is thus built on the foundations of microeconomics and derives several key results for the application of decision making under uncertainty to the financial markets. The underlying economic logic yields the fundamental theorem of asset pricing, which gives the conditions for arbitrage-free asset pricing. The various "fundamental" valuation formulae result directly. Present value, expectation and utility Underlying all of financial economics are the concepts of present value and expectation. Calculating their present value X s j / r {\displaystyle X_{sj}/r} allows the decision maker to aggregate the cashflows (or other returns) to be produced by the asset in the future to a single value at the date in question, and to thus more readily compare two opportunities; this concept is then the starting point for financial decision making. (Note that here, " r {\displaystyle r} " represents a generic (or arbitrary) discount rate applied to the cash flows, whereas in the valuation formulae, the risk-free rate is applied once these have been "adjusted" for their riskiness; see below.) An immediate extension is to combine probabilities with present value, leading to the expected value criterion which sets asset value as a function of the sizes of the expected payouts and the probabilities of their occurrence, X s {\displaystyle X_{s}} and p s {\displaystyle p_{s}} respectively. This decision method, however, fails to consider risk aversion ("as any student of finance knows"). In other words, since individuals receive greater utility from an extra dollar when they are poor and less utility when comparatively rich, the approach is to therefore "adjust" the weight assigned to the various outcomes ("states") correspondingly, Y s {\displaystyle Y_{s}} . See indifference price. (Some investors may in fact be risk seeking as opposed to risk averse, but the same logic would apply). Choice under uncertainty here may then be characterized as the maximization of expected utility. More formally, the resulting expected utility hypothesis states that, if certain axioms are satisfied, the subjective value associated with a gamble by an individual is that individual's statistical expectation of the valuations of the outcomes of that gamble. The impetus for these ideas arise from various inconsistencies observed under the expected value framework, such as the St. Petersburg paradox and the Ellsberg paradox. Arbitrage-free pricing and equilibrium The concepts of arbitrage-free, "rational", pricing and equilibrium are then coupled with the above to derive various of the "classical" (or "neo-classical") financial economics models. Rational pricing is the assumption that asset prices (and hence asset pricing models) will reflect the arbitrage-free price of the asset, as any deviation from this price will be "arbitraged away". This assumption is useful in pricing fixed income securities, particularly bonds, and is fundamental to the pricing of derivative instruments. Economic equilibrium is, in general, a state in which economic forces such as supply and demand are balanced, and, in the absence of external influences these equilibrium values of economic variables will not change. General equilibrium deals with the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall equilibrium. (This is in contrast to partial equilibrium, which only analyzes single markets.) The two concepts are linked as follows: where market prices do not allow for profitable arbitrage, i.e. they comprise an arbitrage-free market, then these prices are also said to constitute an "arbitrage equilibrium". Intuitively, this may be seen by considering that where an arbitrage opportunity does exist, then prices can be expected to change, and are therefore not in equilibrium. An arbitrage equilibrium is thus a precondition for a general economic equilibrium. The immediate, and formal, extension of this idea, the fundamental theorem of asset pricing, shows that where markets are as described – and are additionally (implicitly and correspondingly) complete – one may then make financial decisions by constructing a risk neutral probability measure corresponding to the market. "Complete" here means that there is a price for every asset in every possible state of the world, s {\displaystyle s} , and that the complete set of possible bets on future states-of-the-world can therefore be constructed with existing assets (assuming no friction): essentially solving simultaneously for n (risk-neutral) probabilities, q s .... Discover the Leonard C Maclean William T Ziemba popular books. Find the top 100 most popular Leonard C Maclean William T Ziemba books.

Best Seller Leonard C Maclean William T Ziemba Books of 2024

  • Dark Psychology and Manipulation synopsis, comments

    Dark Psychology and Manipulation

    Margaret Morrison

    THE MENTAL MANIPULATOR WILL NO LONGER KEEP SECRETS FROM YOU! Are you fed up with the wool being pulled over your eyes?Are you prepared to stand up to those who believe they can man...

  • Holy Bible synopsis, comments

    Holy Bible

    The Church of Jesus Christ of Latter-day Saints

    The 2013 edition of the Holy Bible contains all of the study aids contained in the 1979 edition and includes revisions to the study aids, several new photos, updated maps, and adju...

  • Silenced Girls synopsis, comments

    Silenced Girls

    Roger Stelljes

    “ Wow wow wow!  Grips you in a choke hold and  does not let go … Oozes suspense and  bonechilling twists and turns .  Astonishing … One of those...

  • Just Me synopsis, comments

    Just Me

    Lexy Timms

    We all need somewhere where we feel safe… After leaving her abusive husband, Katherine Marshall is out on her own for the first time. She's hopped from city to city to avoid t...

  • Wuthering Heights synopsis, comments

    Wuthering Heights

    Emily Brontë

    An Apple Books Classic edition. If you’ve only ever seen Wuthering Heights on screen, you may have an image of Catherine and Heathcliff as the ultimate starcrossed lovers. But that...

  • A Christmas Carol synopsis, comments

    A Christmas Carol

    Charles Dickens

    An Apple Books Classic edition. It’s Christmas Eve in Victorian England. While some families don’t know where their next meal will come from, Ebenezer Scrooge sits in his large hom...

  • Dracula synopsis, comments

    Dracula

    Bram Stoker

    An Apple Books Classic edition. Few characters have seized readers’ imaginations quite like Count Dracula of Transylvania, the hero of Bram Stoker’s classic. The 1897 novel put vam...

  • Get Lucky synopsis, comments

    Get Lucky

    Lila Monroe

    Fall for the hot and hilarious romcom spin on 'The Hangover', perfect for fans of Tessa Bailey, Ali Hazelwood, and Emily Henry! What happens when you wake up in a hotel s...

  • You Are Kind synopsis, comments

    You Are Kind

    Michael Gordon

    A little kindness goes a long way. How can you help encourage your kids to be kind from a young age? Teach kindness to preschoolers Acts of kindness can be fun, easy, and make a ...

  • Little Women synopsis, comments

    Little Women

    Louisa May Alcott

    An Apple Books Classic edition. Meet the Marches! Louisa May Alcott’s classic introduces us to four unforgettable sisters: beautiful Meg, tomboyish Jo, delicate Beth, and Amy, the ...

  • Hot Off the Press synopsis, comments

    Hot Off the Press

    Lexy Timms

    "This is what really happened… reported by a free press, for a free people…" Wes Shaw leads a secret double life. As the secret owner of a billion dollar newspap...

  • All Fired Up synopsis, comments

    All Fired Up

    Kathryn Shay

    Captain Jarek Zenko, a war veteran and firefighter, meets Lacey Roth at a bar one night. They don’t share their real identities, even when they retreat to a hotel. When they meet t...

  • Coffee Girl synopsis, comments

    Coffee Girl

    Sophie Sinclair

    Mackenzie "Kiki" Forbes finds herself in a pickle. Either become her snarky sister's nanny, or move halfway across the country to work as assistanttothestylist of a ...

  • The Wonderful Wizard of Oz synopsis, comments

    The Wonderful Wizard of Oz

    L. Frank Baum

    An Apple Books Classic edition. You’ve seen the iconic 1939 movie, but do you know about the talking field mice, the Winkies, and the Witch of the North that appear in the original...

  • Noxious synopsis, comments

    Noxious

    Lexy Timms

    Stop setting yourself on fire to keep someone else warm. Brady and Levi have been together since high school, since before he became famous and started thinking only about himself....

  • How to Choose a Guy in 10 Days synopsis, comments

    How to Choose a Guy in 10 Days

    Lila Monroe

    The only thing more hilarious than the movies is… real life?! Fall in love with the sizzling grumpysunshine romantic comedy perfect for fans of Sophie Kinsella and Ali Hazlewood! ...

  • Awaken Me synopsis, comments

    Awaken Me

    Jenna Jacob

    He was more than a ghost haunting my dreams…he was real. By day, I’m Julianna Garrett …a prim, proper accountant. By night, I’m tormented by dreams of an alpha, ambereyed Adonis wh...

  • Dream Psychology synopsis, comments

    Dream Psychology

    Sigmund Freud

    An Apple Books Classic edition. Written by the founding father of psychoanalysis, Sigmund Freud’s 1899 book is the definitive text on learning to interpret dreams. Freud’s groundbr...

  • Saltwater Cove synopsis, comments

    Saltwater Cove

    Amelia Addler

    Second chances...and the secrets that sabotage them. At 48 years old, Margie Clifton never expected to be starting her life all over again. But when her brother gifts her a propert...

  • Peace on Earth synopsis, comments

    Peace on Earth

    Maia Ross

    Crime never takes a holiday. Why should Irma? Irma Abercrombie is an energetic retiree with a shadowy past, a mean right hook, and a profound love of Christmas. Surrounded by seaso...

  • The Holy Bible - King James Version synopsis, comments

    The Holy Bible - King James Version

    King James

    Holy Bible King James Version Few Sample Paragraphs from The Holy Bible eBook, Genesis (OT) 1 Gen. 1 IN the beginning God created the heaven and the earth. 2 And the earth was with...

  • The Target synopsis, comments

    The Target

    Lexy Timms

    When you seek revenge be sure to dig two graves… Revenge was the only thing I had going for me. It kept me awake at night and drove me into desperate situations in dive bars across...

  • The Next Girl synopsis, comments

    The Next Girl

    Carla Kovach

    IF YOU ONLY READ ONE BOOK THIS YEAR, MAKE IT THE NEXT GIRL... You thought he’d come to save you. You were wrong. ‘ Absolutely the best thriller I’ve read this year! ’ Goodreads Rev...

  • Nothing to Hide synopsis, comments

    Nothing to Hide

    Scarlett Finn

    Prize of a lifetime: travel the world with a celebrity billionaire. Come to LA with us, Roxie… It will be so much fun! We have tickets for a latenight talk show! What could possibl...

  • Masters of Restraint synopsis, comments

    Masters of Restraint

    Ines Johnson

    My new boss is good at giving orders. But his latest demand is NSFW. Especially when his two business partners want in on our deal. My new boss My boss’s boss Their investor &#...

  • Good Guy synopsis, comments

    Good Guy

    Kate Meader

    He's a Special Forces veteran making his pro hockey debut. She's a dogged sports reporter determined to get a scoop. She's also his best friend's widow . . . Fa...

  • Alpha synopsis, comments

    Alpha

    Sybil Bartel

    Billionaire. Mercenary. Navy SEAL. The Teams trained me to be a killer. War taught me to be ruthless. Then an illfated mission proved I was human. Combat wounded, cut loose by the ...

  • Caught Up with the Captain synopsis, comments

    Caught Up with the Captain

    Kait Nolan

    Can a retired naval commander and the love he left behind overcome a 34yearold secret to find their way to a second chance? Captain Mitchell Greyson is a man who believes in duty. ...

  • Pretty Little Lies synopsis, comments

    Pretty Little Lies

    Ivy Thorn

    Four years ago, Nicolo Marchetti took my innocence. But he left me with something else Nicolo almost took everything from me. My virginity, my reputation, and very nearly my future...

  • Eternal synopsis, comments

    Eternal

    W.J. May

    She will fight for what is hers. When the king is murdered, Katerina, his only daughter, must flee for her life. She finds herself on a strange and dangerous path. Alone for the fi...

  • The Adventures of Sherlock Holmes synopsis, comments

    The Adventures of Sherlock Holmes

    Arthur Conan Doyle

    An Apple Books Classic You get not one, not two, but 25 gripping mysteries in Arthur Conan Doyle’s first of five collections of Sherlock Holmes short stories. Follow the brilliant ...

  • Death at Hazel House synopsis, comments

    Death at Hazel House

    Betty Rowlands

    ‘Riveting, can't put it down! I love this story… a wonderfully twisted tale of a crime that has more twists than I thought possible... fantastic.’ Goodreads Reviewer, 5 stars ...

  • Think and Grow Rich synopsis, comments

    Think and Grow Rich

    Greg Habstritt & Napoleon Hill

    Think and Grow Rich is one of the most popular success book of alltime, having sold more than 60 million copies since it was first published more than 70...

  • The Three Little Pigs synopsis, comments

    The Three Little Pigs

    Mark Lesky

    Classic fairy tales, legends and folk stories in short version without violence retold with lovely illustrations in simple language. Perfect for reading aloud to small chi...

  • Meditations synopsis, comments

    Meditations

    Emperor of Rome Marcus Aurelius

    Meditations is a series of personal writings by Marcus Aurelius, Roman Emperor 161–180 CE, setting forth his ideas on Stoic philosophy.

  • The Odyssey synopsis, comments

    The Odyssey

    Homer

    An Apple Books Classic edition. Homer’s eighthcentury epic poem is a companion to The Iliad . It tells the story of Odysseus, who journeys by ship for 10 years after the Trojan War...

  • Escape, A New Life synopsis, comments

    Escape, A New Life

    David J Antocci

    To save herself, she had to lose everything. Trapped in a tropical paradise with no memory of how she got there, Abby is thrust into a fight for her life. Hunted by a madman, and c...

  • His Own Heaven synopsis, comments

    His Own Heaven

    Jennie Kew

    Winner of the 2021 Passionate Plume Award for BDSM Romance Finalist in the 2021 Stiletto Contest for Contemporary Romance He taught her to trust, she taught him to love. ​ Lucy Bar...

  • The Scarlet Letter synopsis, comments

    The Scarlet Letter

    Nathaniel Hawthorne

    An Apple Books Classic edition. Hester Prynne lives in infamy. After committing adultery and bearing a child with a man whose name she refuses to divulge, the heroine of Nathaniel ...

  • The Cupcake Cottage synopsis, comments

    The Cupcake Cottage

    Jean Oram

    NHL player Maverick Blades could fall in love with anyone... But he had to fall for a woman who falls under the Bro Code as untouchablehis best friend’s beautiful ex, DaisyMae Ray....

  • Bewitching a Highlander synopsis, comments

    Bewitching a Highlander

    Roma Cordon

    Defying all for the love of a bewitching lass. Breena MacRae, a healer from Skye with a touch of witchery in her blood, embarks on a dangerous search for her missing father. She ar...

  • Law of Attraction synopsis, comments

    Law of Attraction

    Jordan Hollis

    How to Finally Overcome the Hurdles of Manifesting Proven, effective and enjoyable ways to help you manifest faster… Right now, think of something that makes you successful. If you...

  • Becoming Lady Dalton synopsis, comments

    Becoming Lady Dalton

    Carrie Lomax

    A dance of desire and deceit... In the glittering world of London's ton, Mrs. Viola Cartwright revels in her newfound freedom as a lady of leisureuntil a series of jewel theft...

  • Hard Love synopsis, comments

    Hard Love

    Peyton Banks

    He was football royalty. Legendary quarterback. A champion.  Reiner Strickland had led his team to three national championships and playing a knight in shining armor was a...

  • The Icing on the Cake synopsis, comments

    The Icing on the Cake

    Linda Seed

    She’s a baker without a kitchen. He’s got a double oven to spare. It’s a recipe for success, until his mother starts stirring up trouble … Cassie Jordan has a sweet dream to open a...

  • Enemies With Benefits synopsis, comments

    Enemies With Benefits

    Roxie Noir

    I don’t love him. I don’t even like him. I just want him. Eli Loveless was my nemesis from the first day of kindergarten until we graduated high school. Everything I did, he had to...

  • School of Potential synopsis, comments

    School of Potential

    W.J. May

    USA Today Bestselling author, W.J. May brings you a continuation of the international bestselling series, The Chronicles of Kerrigan! Come back and enjoy the famous characters, or ...

  • Man In The Water synopsis, comments

    Man In The Water

    Jon Hill

    An attempted murder. A missing spouse. And an international conspiracy that could change the world. Jack Green has always been skeptical of socalled facts. Though he's forced ...

  • Salvation synopsis, comments

    Salvation

    Meghan O'Flynn

    If you like mouthy detectives, serial killers, and suspenseful mysteries that don't quit, this chilling and actionpacked hardboiled detective series has you covered! Try this ...

  • His Girl Next Door synopsis, comments

    His Girl Next Door

    Khardine Gray

    From USA Today Bestselling author Khardine Gray comes a sizzling hot single dad romance you won't want to miss. No strings attached fun with the ubergorgeous single d...