5 comments about Theory of Interest.

1. In order to save the reader some time I have condensed the information contained in the twenty previous reviews to the bare essentials. For those of you who are taking the SOA/CAS Exam F/2, there are some things you should be aware of before you dedicate yourself to studying from this book.
   
   1. The book is poorly written. Almost everyone, including me, agrees. The author does not have a way with words, he does not know how to motivate the material and he often chooses the most confusing and roundabout way of explaining the concepts (if he explains them at all). Furthermore, the notation can be quite confusing. He is not consistent with his variables.
   
   2. The book focuses on theory. Expect to spend your time following proofs and derivations of formulas. The problem sets in the book focus on proofs and derivations. Have a firm grasp on Calc 1, Calc 2 and all the algebra that is entialed because Kellison will not spend the time to spell out his proofs and derivations step by step.
   
   3. You need a supplement for working example problems. There are not enough computational problems in this book. Get a good manual that will prepare you specifically for the exams you are taking. Manuals will give you pointers about managing your time and can help you avoid common traps and pitfalls that arise during computations. I recommend getting an Atex or ASM manual. For instance, Harold Cherry's ASM Manual covers all of the topics found in Kellison, at greater depth, in the same order, and in plain english.
   
   4. Many people have passed the exams using only manuals. Other's have passed using manuals and other texts such as "Schaum's Outline of Mathematics for Finance" or "Mathematics of Finance" by Cissell. Very few people pass without doing lots of practice problems
   
   5. Others have passed the exam by using only this book. So it seems that this book is sufficient, but not necessary for preparing for the exam. Ultimately, you must be the judge. WHile it is certainly true that if you master this book you will be rewarded by a rich understanding of the theory of interest my personal recommendation for those studying for the exams is to devote most of your time and energy to practice problems. I would recommend using this book to flesh out your understanding as you go.



2. A number of aspiring actuaries who attempt to pass the second exam (Exam FM: Financial Math) attempt to side step the reading of this over priced textbook and substitute it with study aides and other cram books. I would recommend that they refrain from doing so as this text is lucid, the exercises are quite comprehensive, and above all, the occasional examples are rather identical to the problems one can anticipate on the test. I took Exam FM recently and this is the only text i refered to, and i felt that my preparation was rather complete thanks to a reading of the syllabus material. The book flows like water, though chapter 4 (section 4.4) and chapter 5 might be a bit tedious to read because of the complication in the material presented, thankfully that second rarely contributes substantially to the test. in fact, after chapter 3, chapter 4 (sections 4.1-4.3), it is best to jump to chapter 5, 6, 7, and then 9. Once this study is complete, the material presented in section 4.4 and chapter 5 and sections 8.7, 8.8, 8.10 must be examined to maintain fluidity of the material.
   
   the only reason i give the book 4 stars instead of 5 is due to its price which is rather high.



3. Kellison gets a lot of things right in this book. It's well-designed to reach a wide audience: people who are coming into finance as they are acquiring mathematical ability, as well as people with mathematical maturity who would like a clean, elegant treatment without a lot of pedantic material.
   
   There are some faults (but keep in mind I have the second edition and haven't seen the third edition which may or may not be a big improvement). In several places it is as though the editor has fallen asleep, the writing is so turgid and unclear, though in general the writing is smooth and penetrating. In places Kellison spends a lot of energy deriving five equations when you only need one, the other four are simple corollaries that would make good exercises. There are bothersome assumptions made, for example, Kellison nowhere explicitly notes that "X dollars at r% annually" will always mean what it does always mean. Sure, we can infer that, but it's not fitting for the kind of comprehensive ground-up treatment Kellison is attempting. I have a nagging sense that the entire book could be much better, but I still come away with gratitude for what Kellison does provide.
   
   Great choice for FM/1. I do not recommend Daniel/Vaaler.



4. This new edition has more exercises and, in general, better layout. BUT, it is poorly written. Kellison could have reviewed his methods to explain certain points which are a bit superficial or backed only with mathematics. Even though it has many references to real situations, they are far from being clear or helpful.
   In conclusion, it is a book for quick reference abount basic financial mathematics and to prepare an exam (SOA Exam FM in particular). Not more. My four starts are supported by that: if you buy this book, you should buy it ONLY to study for exam FM.



5. I received the books very quickly. They were in great condition. I want to thank them for everything.

No comments about Small Is Still Beautiful.

1 comments about Faith and Liberty: The Economic Thought of the Late Scholastics (Studies in Ethics and Economics).

1. This book uncovers an earlier view of economics than Adam Smith, which is not only Austrian, but finds free-market policies compatible with a moral and religous tradition. It's remarkable how modern the thought is of these mid 17th century thinkers...

5 comments about Economics: Private & Public Choice, 11th Edition.

1. I concur with the other reviewers...this is one textbook that is worth every dollar. The authors use color and layout so well in their instruction...a wonderful feature since economics, even with all its fancy graphs, can be very boring. The text is even engaging. It's a bookshelf staple for anyone who is interested in economics, student or not.



2. Product was well packaged and delivered in time. Will do business again.



3. If you have time and want to learn macro and micro economics fundamentals and how it can applied in a practical setting, then is the book for you. I used this book for my MBA program.
   
   The author has used examples, charts, graphs , figures etc to drive home the concepts.
   
   If you want to learn economics in 24 hrs, this is not the book for you.



4. I needed this book for a summer course I'm taking. I saved $94 off the bookstore price.



5. I got the book quick and it was in great condition, and for about 1/8 the price of a new one.

2 comments about Art, Argument, and Advocacy: Mastering Parliamentary Debate.

1. This book teaches the latest in parli debate while still being down to earth and really easy to understand. You'll laugh - you'll cry - you'll learn a lot. It comes with easy drills and things as well to get you started as well as a host of topics to try. All in all - I couldn't do without it!



2. The book is in great condition, and it gets here on time. I like it very much. the book helps me prepare for my debate every weekend. Great book and great online store.

No comments about Arts & Economics: Analysis & Cultural Policy.

5 comments about Introductory Econometrics: A Modern Approach.

1. As the author says, the book is "aimed at undergraduates but it is adaptable to master's students". It will provide you with excellent and extensive real life explanations. What is better about this book is that you can redo every example in the book by using the online data that it provides with. This was it is easier what happens by experimenting. In that sense this book is superior to many others where you cannot see how the results of estimations came about.
   
   There is only one thing to take into account. Although there are three parts to this book, the shortest one is time series. Its coverage will is therefore not very comprehensive if you want basic explanations like the VAR, GARCH models etc...
   In that case, I would recommend the book New Directions in Econometric Practice by Wojciech W. Charemza.



2. This books is excellent read. It builds good intuition, and is well suited for self-studying. It is also not too mathematical, no matrix notation, good for undergraduate students or as a review for graduate students. I can truly recommmend it.



3. Wooldridge's explanations are clear and useful. After a semester hacking my way through the dense brush of matrices in Greene's book, I realized I needed some help. Now I go to Wooldridge's treatment first, to make sure I understand the main concepts. Then I go to Greene for the detail, if I need to.



4. Great introduction to the subject, but the notation is poor. By presenting the material without matrix algebra, the multiple regression analysis becomes a convoluted mess of summation notation. Additionally, matrix notation is adopted in more advanced texts, making in beneficial to learn from the start.



5. simply sophisticated and sophisticately simple, did the trick but if you are completely new to metrics, read it after christopher

1 comments about Valuing Children: Rethinking the Economics of the Family (The Family and Public Policy).

1. Professor Folbre maintains that economists and policy strategists should view child rearing as an investment in human capital instead of consumption goods. Unlike pets and livestock, child rearing will strongly affect economic development in various aspects.
   
   To her, child rearing is a transfer of intergenerational income flows that "represents a cost to parents" (P.48). The whole investment process is also constrained and coordinated by contractual arrangements that channel the circular flows of resources between parents and children, parents and non-parents, family and non-family. The flow of resources involves market income and non-market work but the current national income accounting fails to measure the amount of time devoted to child rearing that can be very costly to parents (P.97) because they have to allocate time to care for their children that can reduce the their time they devote to market income (P.185).
   
   This book is an excellent analysis of child rearing economics. Mainstream economists view child rearing as a process of consumption in which parents can derive happiness. Professor Folbre develops a new thinking about child rearing economics. Rather than viewing child rearing as outputs of resources, she maintains that child rearing represents indispensable inputs into the national economy. Policy strategists in the government are encouraged to undertake an intensive review of family policy packages that can align private and public resources in promoting efficient commitments to the next generation.
   
   This book is highly recommended to readers who are interested in microeconomics and social policy.

5 comments about The Theory of Moral Sentiments (Great Books in Philosophy).

1. I guess it says so somewhere in the fine print, perhaps even in the medium sized print. But I just wanted a copy of TMS and this one seemed reasonably cheap. So I bought it. It's a pamphlet consisting of the first 'book' or chapter. In other words, sold as TMS it's a hoax - probably about a third to a fifth of the actual book.
   
   And I'm in Australia so I doubt there's any mileage in returning it.
   
   TMS is a great book. This is not.



2. There is no doubt Adam Smith is one of the greatest minds in history and this book embodies his insights on human nature. He did a theoretical review of ancient perspectives on moral theories, followed by his comments on each of the different schools of thoughts. It is always enjoyable to see how he explains and refutes on the fallacies of those thinkings, and in the process offers refined versions to the original.
   
   Though several examples of his brilliance have been mentioned by other comments, two uncited instances/traits of this book are probably worth mentioning:
   
   1.) His insights on the system of sympathy. His analysis on sympathy is about as clear and concise as one could get, and is definitely enlightening to those not well learnt in moral philosophy. Symphathy, accordingly, is the basis for much of human emotions, and he argued forcefully on how the system of sympathy works in shaping our bahaviors and emotions, and how sympathy works differently when perceived situations changed. However, his usage of the word `sympathy' seems to cover the domain of both `compassion' and `sympathy' in normal man's vocabulary, indirectly suggesting that both are actually the same sentiment but differed because of different standpoints. Though so, one of his greatest contributions to moral philosophy is in the construction of this descriptive system of sympathy.
   
   2.) His ability to strip twisted logics into manageable pieces and reconstruct them into good logic. For example, he explained that the doctrine of Bernard Mandeville, who "by means of this sophistry that he establishes his favorite conclusion, that private vice is public benefits." It is obvious from Adam Smith's point of view that private vice is not equal to public benefit, but because of the sophistication of the logical deduction involved, the less skillful or diligent minded people will fall prey to it. A quote from Part VI Section VII "These, described and exaggerated by the lively and humorous, though coarse and rustic eloquence of Dr Mandeville, have thrown upon his doctrines an air of truth and probability which is very apt to impose upon the unskillful."
   
   Anyway, there's lots of wisdom in this book, so read it slowly and only when you could focus your attention on it. There are some who find this book too long, but frankly it is not. Every sentence makes a point.
   
   Lastly, a favorite quote for your enjoyment:
   
   "Though none but the weakest and most worthless of mankind are much delighted with false glory, yet, by a strange inconsistency, false ignominy is often capable of mortifying those who appear the most resolute and determined."



3. The Theory of Moral Sentiments gets far too little attention. Smith's other book, The Wealth of Nations, is perhaps the most famous book on economics ever. Yet one can hardly understand the WON without also reading The Theory of Moral Sentiments. Many modern economists interpret the idea of the invisible hand of markets in terms of competitive general equilibrium. Other people simplistically assert that Smith believed that `greed is good'.
   
   The Theory of Moral Sentiments is Smith's explanation of the moral prerequisites of capitalism. In keeping with the enlightenment, there is an optimistic tone to this book. We are naturally sympathetic and can be empathetic. Yet Smith is not naïve about less admirable human characteristics. The positive side of human nature must be nurtured.
   
   The Theory of Moral Sentiments should receive more attention as a matter of history. After all, this is a major part of Smith's explanation of commercial society. We cannot understand Smith with the Wealth of Nations alone. More importantly, the lessons of this book are no less valid today than they were centuries ago. We must follow Smith by delving deeply into moral issues if we are to really understand the potential benefits of commercial society.



4. This is not so much a review of the book, but the formatting. Unfortunately, Amazon lumps all reviews for the same "book" together, so I'll specify this one by its publisher: FQ Classics. If you're looking at another edition, feel free to ignore these comments. Anyway, the FQ Classics version has no table of contents and no cover, making the book nearly impossible to navigate quickly. Since Theory of Moral Sentiments is so useful as a reference, this severely hinders the usefulness of this edition. Additionally, the in-text table of contents (no links) refers to page numbers that don't exist on the Kindle. Do yourself a favor and buy the Oak Grove edition. It has an excellent table of contents which functions like it should!



5. Oh no, no. The Wealth of Nations didn't come out of the blue.
   Adam Smith would probably be famous today for his 'other' book even if he had not written his second.
   People do not understand the concept of self-interest well. They would if they read this book.
   
   Ok, so the style needs work! Buy, hey, they wrote like that in the eighteen century.

3 comments about The Theory of Learning in Games (Economic Learning and Social Evolution).

1. During the work on my master thesis ("Learning in strategic games") i bought several books about the topic. This is the one of them. Chapters 1 and 2 (Introduction, Fictitious Play) are really good introduction into the subject. The following chapters evolve the theory further giving some good ideas for practical implementation (I was writing a C program which had to be able to play the game and to learn). I would recommend this book to anyone interested in relatively new field - Learning in games.



2. An excellent treatise on some important work in the theory of learning in games. Fudenberg and Levine provide a good coverage of standard myopic play dynamics with a special emphasis on ficticious play and replicator dynamics. I particularly liked the sections going through the Kandori, Mailath and Rob (1993) model as well as Young (1993) on the evolution of convention.

   The treatments of dynamic systems analysis, elementary game theory, stochastic approximation theory, etc., are necessarily short. The appendices do not suffice for a reader without a reasonable background.

   Nonetheless an essential read for anybody doing serious work in learning, or wanting to know what all the fuss is about.




3. This book does not provide valuable information about learning systems. It demonstrates, that nonlinear dynamics can be used to describe a subclass of learning. I personally doubt, that this subclass is of great interest, because it neglects completely heuristic strategies in game playing. Besides this, nonlinear dynamics is only useful if the number of parameter of the system is small. I doubt, that these toy examples are sufficient to describe reality, e.g., economics.
   
   Moreover, the organization of the book and the style it is written in, is in my view not favorable.
   
   I guess, this book is for a very small readership that does not have to worry about the correspondence of a model with nature. But also from this perspective it can not be recommended, because it is not written well. Both thumbs down!