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- "The road not taken"
- Let us compute?
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Computable Economics (Arne Ryde Memorial Lectures)
Kumaraswamy Velupillai
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Hardcover
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ASIN: 0198295278 |
Book Description
In the field of economic analysis, computability in the formation of economic hypotheses is seen as the way forward. In this book, Professor Velupillai implements a theoretical research program along these lines. Choice theory, learning rational expectations equlibria, the persistence of adaptive behaviour, arithmetical games, aspects of production theory, and economic dynamics are given recursion theoretic (i.e. computable) interpretations. These interpretations lead to new kinds of questions being posed by the economic theorist. In particular, recurison theoretic decision problems replace standard optimisation paradigms in economic analysis. Economic theoretic questions, posed recursion-theoretically, lead to answers that are ambiguous: undecidable choices, uncomputable learning processes, and algorithmically unplayable games become standard answers. Professor Velupillai argues that a recursion theoretic formalisation of economic analysisComputable Economicsmakes the subject intrinsically inductive and computational.
Customer Reviews:
"The road not taken".......2005-01-30
It has long been known that textbook economics, based both explicitly and implicitly on the neo-classical model, is completely wrong. Recent work in econophysics has driven the last nails into the coffin of neo-classical thought, but the inhabitants of 'the citadel' have not yet realized that their mathematized ideology is dead and about to be buried. As Alan Kirman quoted in one of his papers, "No amount of attention to the walls will prevent the citadal from being empty."
One can say that two main schools of thought have evolved as alternatives to neo-classical thinking: econophysics, based on empirical modelling, and computable economics, based on the requirement of computable models. The second school of thought is strongest in Italy. E.g., there are schools of alternative economic thought in Pisa,Trento, Firenze, Sienna, Ancona, and Salerno. Professor Velupillai, now in Galway, taught earlier in Trento and is a well-known advocate for the idea of comnputable economic modelling.
Velupillai's monograph begins with a sketch of the contributions of Alain Lewis (who did computable analysis, following Radner's key 1969 paper on equilibrium under uncertainty) and points out that there is no reason to prefer set theoretic models over computable ones. Leaving the question of stability aside, the next question is whether equilibrum is recursively defined, is algorithmically calculable. The latter is the main point emphasized and discussed by Velupillai. Leading neo-classical theorists like Arrow have mightily resisted the imposition of computability restrictions on their modelling. In other words, complexity was ruled out of consideration out of hand. Even if equilibrium would 'exist' mathematically in a given model and would be stable, neo-classical thinking takes for granted that the brain could perform the calculations that would be required in order for agents cooperatively to locate equilibrium. In general, such an assumption places impossible information acquisition and processing demands on agents, and indeed there exists no empirical evidence whatsoever for 'market clearing' in any known market!
Velupillai, who is apparently very well-read in the history and philosophy of economic thinking, attributes the first considerations of complexity in economic thought to Simon, Scarf, Menger (the author of the famous traveling salesman problem), and others. Hayek, who worried about 'socialist calculation' but did no quantatitive work, is also brought into the picture. Simon's program is outlined for the readership in detail.
Chapter 3, "Computable Rationality", begins with Witgenstein's quote: 'Turing's "Machines". These machines are humans who calculate.' Indeed, Turing's original idea (outlined for the reader in the Appendix) is based on the idea of typing symbols onto an arbitrarily long strand of paper. Turing began implicitly mechanically with what the brain can do, in contrast with neo-classical modelling.
In Chapter 4 we are introduced to the latest thinking about dynamics and computability through a model suggested by Cris Moore. As Velupillai points out in the text, Moore (in the early ninties) gave examples of simple one and two dimensional iterated maps that are equivalent to Turing machines. This was an enormous breakthrough in dynamical systems theory that goes far beyond Feigenbaum's discovery of the universal period doubling sequence to chaos, but is hardly known in physics and mathematics, let alone in economics. In my opinion, it is a great credit to Velupillai that he makes the reader aware of Moore's pioneering work on the origins of complexity in deterministic dynamics, especially the stark difference between chaos and complexity.
My favorite chapter is the ninth, where I learned for the first time about an integral equation with computable kernel and initial condition where the solution is not computable. The trick (shown in Aberth and Pour-El & Richards) is that the Lipshitz condition must be violated: nonuniqueness and branching of solutions are required for the noncomputability of the solution.
While in complete agreement with the criticism of standard economic theory given in the book, my main point of departure is that economic models should be firmly empirically based. I would expect that empirically based models will be computable, or at least decimally approximable. Because of this difference in emphasis, I disagree with some a few specific proposals made in the text. Multiple equilibria are discussed as alternative to single equilibria, but evidence for equilibria of any sort has not yet been found empirically (and there is enormous confusion over 'equilibrium' in economics and finance texts and papers). Velupillai argues that models should be nonlinear, but he assumes deterministic dynamics. Financial markets are instead stochastic, and are described very well empirically via linear stochastic models (leaving out complexity). It remains to be seen whether business cycle data are strong enough to permit the deduction of a reliable model, analogous to the success of modelling financial markets. In fact, success analogous to empirically-based finance market modelling should be the main aim of economic theory.
In closing, I strongly recommend this short, entertaining monograph to the mathematically prepared reader as strong antidote to the terribly misleading standard econ texts by 'leading authors' like Varian, Samuelson, Mankiw and Barro.
Let us compute?.......2000-04-29
What is Computable Economics? I have found the first exhaustive answer in this compact and well-written volume. The appendix presents the basic results in computability theory in the form of a "child's guide" making the book readable even by absolute beginners. The corpus offers a series of applications of this approach to economic theory which ranges from microeconomics, to game theory, to macroeconomics and development economics. A fascinating endevour.
Book Description
This digital document is a journal article from Journal of Economic Behavior and Organization, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
Book Description
Completely updated and one of the most direct and practical approaches to presenting the factors that cause real estate value to change, McKenzie and Betts have updated the fifth edition while adding graphics and coverage of contemporary topics. This text works well for individuals with little or no background in formal economics, providing current information needed for a successful course in real estate economics for real estate agents, appraisers, and investors.
Customer Reviews:
Good overview of how real estate markets work that's easy to read.......2007-01-11
I saw the one other review and thought I should comment. I took a Real Estate Economics course at my local community college a couple years ago and this was the textbook. My instructor did not suck and had his own tests and assignments, so I cannot comment on the tests or teachers edition. I do not dispute the apparent inaccuracies. They are discouraging, and if I chose not to ignore them, I might give the book 3 stars. But I will ignore these weaknesses and review this as a book for any reader or investor who might want to read it independently.
Now, I'm an investor first and a real estate investor second. And I was actually an economics major in college. So I agree that this book was far from challenging material. The author takes the entire first chapter to explain what to expect and not to expect from the book. It's not an economics book. The book is actually a hodge-podge of introductions to several topics that all add up to a decent picture of how and why the real estate markets work the way they do: real estate fundamentals, taxation, development, government policies, and investments in general.
In fact, I've used the beginning of chapter 16 "Basic Investment Principles" p379-383 when trying to teach people about investing in general. It's amazing how few "everyday people" understand the basic ideas of taxability, control, liquidity, risk, and return. And understanding the different kinds of risks: inflation risk, interest rate risk, market risk, policy change risk, etc.
Anyway, some might interpret it as "off topic", but as long as you know that it's a hodge-podge book going in, I think it's a recommended read for any real estate investor. And the other review said it was written at a junior high level. That may be about right. But I didn't mind it. It was very easy to read.
Now, it is a textbook and it's just over 450 pages. Mass-market real estate books pepper you with anecdotes and opinions and examples. There isn't much of that. It's pretty dry. But if you are interested in the topic, it's accessible and worth the time.
Get the book used or better yet, drop the class........2003-02-26
I posted my initial review of this book before finishing it
and my first review was rather negative. I think it is worth
following up, so I have changed my review after finishing the
class. My review has gotten a little worse...
Conclusions :
This book is nearly devoid of subject matter provided you
understand basic supply and demand. When houses are scarse
they cost more, when there are vacancies, they cost less.
The book has a companion study guide, and teachers edition
with test, so your teacher doesn't have to do any work. That
is not so unusual, but read on...
The study guide only matches the book for the first 6 chapters
and then runs amok. Nearly half of the study guide questions
are subjective and misleading. The content of the textbook
is often contradicted by the tests and the study guide.
The teachers editon has a significant number of the test
questions wrong. If your teacher chose this sorry text, you
can almost bet they will mark you wrong on the tests and you
will have little or no opportunity for rebuttal because your
teacher is fundamentally lazy or they would have picked the
better text by Hubert et al. My teacher did not return our
tests at all, and when we reviewed the answers he refused to
consider valid arguments that there might have been a mistake
except in one case where the whole class was shouting at him.
This text was written in the early 1990s. Some parts have been
updated, some have not. The text is rarely wrong or misleading,
but it is geared at junior high level. The study guide and the
teachers materials seem to have been prepared by someone other than
the text author, they are often dead wrong, contradictory, or subjective so you should prepare to be frustrated by the
experience of taking a class based on this textbook.
I should add that I am getting a good grade in the class, I
am mostly angry that I have spent so much time and have learned
absolutely nothing and my teacher and the author of this text
are profiting at my and my classmates expense. If I could do
this over again I would drive to a farther away school in order
to find somebody who wanted to teach.
Book Description
Using an effective blend of theory and practice, Essentials of Real Estate Investment helps students navigate potential investment opportunities in the current real estate market. This user-friendly and interactive text explores the latest investment trends, tax laws, regulations, and market conditions. Highlights: -The text is divided into principles and practices sections, alowing instructors to adjust the curriculum to meet their needs -Concise workbook format facilitates student learning and simplifies complex tax regulations -Examples show students how to analyze investments using calculators such as the HP 12C -Free Instructor Resource Guide includes a course outline, chapter quizzes, and answer keys
Customer Reviews:
Well written.......1999-11-27
Excellent reference book for beginning and moderately experienced investors. I am a commercial real estate broker in Connecticut and New York, and own some commercial real estate. I found the book useful in giving me parameters on subjects I did not know, such as investing in land; it gave me some additional ideas on office properties and multi-family. I intend to keep the book as a good reference and consult it frequently. Overall, it gives a pretty good idea on how investment real estate is dealt with in the US.
Product Description
Newly Revised for 2005! Essential Real Estate Contracts, Agreements, and Forms for Lease-Option Transactions! This one-of-a-kind Manual includes essential baseline documents (blank forms and filled-in samples) for the Lease-Option Investor. These powerful, specially-written documents are the ones actually used and implemented in the field by the Author! These Lease-Option documents would cost a small fortune in attorney fees if you asked them to create and write them for you from scratch. There are documents within this collection not found anywhere by any other author. These easy-to-use and customizable documents are designed to give the Landlord maximum protection against even the most difficult Tenants. This Manual includes: * Residential Lease Agreement * Appliances Policy * Vehicle Policy * Pet Policy * Move-out & Abandonment Policy * Renters Insurance Notice * Property Inspection Affidavit * Purchase Option Agreement * Lease with Purchase Option Receipt * Security Deposit Agreement * Administrative Fee Agreement * Owner-Finance Disclosure Statement * Lease-Option Disclosure Statement * Release from Lease Request A CD-ROM with Microsoft Word-compatible files and MP3 Audio Commentary is included with this extremely valuable package. Additionally, one-year of free updates is provided through the publisher.
Customer Reviews:
Wonderful.......2006-06-10
I will be honest with everyone. When i first got started in real estate i was using plain jane documents and leases. I mainly deal with lease options and selling them on owner fiance. So when i checked his site out and saw a collection of the same documents matthew uses. I knew i had to pick this up. This is a great collection because he takes it a step further. Matthew actually shows you how to fill them out. So many investors just leave you with blank documents. Matthew also includes a audio cd wich explains each document step by step. Within this collection is also the most powerful document one can have. A relase from the lease document that is a must need. Once again another great book by matthew chan. THese documents are actually being used by me in my daily real estate activities. While i have edited them and changed them to fit my business. These are great baseline documents that will help any new investor. So if yo deal in lease options, then you have to check this collection of contracts out.
- Full & Complete - Lease Option Doc Collection! Nothing Else Needed!.......2005-11-26
The Author had done a superb job collating all the documents you may ever need if you ever do (or are doing) Lease Options. Everything from the `Lease and the actual Option paperwork to `Move Out & Abandonment policy' to the `Property Inspection Document'.
Along with the Documents the Author has included a demo document that has been filled out. This gives you a term of reference and doesn't leave you hanging (so you don't have to guess what goes where).
This package also contains a CD with not only the documents (so you can print them off (you won't have to photocopy them) AND Edit them (add your logo and/or customise the docs to your area), but also an audio focusing on each document. The audio is done by the author and his manager and so they talk about each document from their own viewpoint and their wealth of experience.
Lastly due to the number of houses the Author has bought he has had to go to court to remove non-payers. He uses these documents adn so you know these documents have stood up in a court of law, so rather than doing them yourself (and have the risk of it being deemed not acceptable), if you buy these, in my mind your sleep easy factor will be much better!
This really is a great package. Very impressed with it!
Book Description
The SuccessDNA Guide to Real Estate Investment & Management offers practical information on the essential elements of real estate acquisition and ownership, written in a clear and understandable style by two real estate investors and best-selling authors. This guide is the one you will keep and refer to many times over to your benefit and advantage.
Customer Reviews:
A. Kwiatkowski.......2005-12-31
This was a very informative and well written book about real estate and investing. I have found it very useful as a newcomer to the subject and would recommend this book to anyone. There are a few typos, however, they can easily be overlooked as the content of the book is excellent! A must-have book to add to any real estate investor's collection!
I just bought my first commercial property.......2004-05-29
I wasn't sure whether to read this book after reading one earlier review (which complained about a few typos in the book...boo hoo).
I'm interested in making money in real estate, not getting a grammar lesson, so I read the book and am glad I did. Using some of the lessons in the book, I was able to purchase my first piece of commercial real estate - a Victorian House built in 1904 that I've converted to office space. We are already cash flow positive, and hope to buy another property later this year.
I recommend the book - it helped me get started. This is the first book I've ever reviewed on amazon...thank you Garrett Sutton & Dolf de Roos!
The only thing good about this book is the cover........2004-03-11
This is a hideously written book. If you've read Real Estate Riches and/or any of De Roos' books, you'll be reading the same material in this book. This book has no substance. It is all fluff! With all the money De Roos and Sutton make, (in seminars, software, and audio) hopefully they will invest in a more seasoned or professional editor for their books.
DON'T BUY THIS BOOK - Not Worth Your Time.......2004-03-10
Doesn't even Deserve 1 star!!!!
Dolf de Roos and Garrett Sutton are Money Hungry Seminar/ Infomercial Con Artists that charge an EXTREME Amount of money for Seminars and other products. They Don't make money from real estate! They Make Money selling their products and $2000 Seminars (That's per person). I've been to these seminars and purchased these books, and I know personally that Dolf de Roos and Garrett Sutton are all about one thing...YOUR MONEY. Not teaching you to make money. Also, this book is very poorly written and proofread. Any one who has read a couple books on real estate could have thrown this together in a few days. It's not Worth Your Time.
This Book Doesn't Deserve Even 1 Star.......2003-10-24
This is perhaps the WORST real estate book that I have ever read. Who edited this book? A first grader? Anyhow, it seems that this was a quickly written book with the sole intent of generating sales. I wanted to learn about real estate, and all I got was a lot of what I already knew. Dolf de Roos is a FRAUD. His personal seminars and Rich Dad Seminars are so expensive, it wonders me as to how people do not realize how MONEY HUNGRY he is as an author. These authors do not want to teach you, they only want to take everything they can get from their readers.
Book Description
The market leader, ESSENTIALS OF INVESTMENTS, 4/E is an undergraduate textbook on investment analysis. The authors have eliminated unnecessary mathematical detail and concentrated on the intuition and insights that will be useful to practitioners throughout their careers as new ideas and challenges emerge from the financial marketplace. ESSENTIALS maintains the theme of asset allocation (authors discuss asset pricing and trading then apply these theories to portfolio planning in real-world securities markets that are governed by risk/return relationships). ESSENTIALS also continues to develop modern topics. The major objective in this revision is to maintain the current level in content and coverage, but work on improving the text's accessibility by enhancing presentation, pedagogy, and design.
Customer Reviews:
not what I wanted.......2007-04-03
Careful with this item¡¡ This is not a text book. In my opinion, Amazon doesn't provide enough information about this book, so it might make you make a mistake.
don't buy this book.......2007-01-24
This isn't a textbook and a study guide! only some key word explain in the left hand side and the right hand side is blank! Don't buy this 'outline' if you only want buy a textbook.
Very hard to read.......2003-02-11
This book is widely used in finance courses in my university, a puzzling fact because books should rarely sell if they're hard to read. The bookfs authors introduce a broad array of investment theories and discoveries. Thatfs a plus. But their wordy sentences, which grow wordier and harder to follow as they delve into each chapterfs key concepts, offset the plus. The authorsf inconsistent use of terminology is another drawback. As I move on to later chapters, I feel as if the authors were growing more verbose. That benefits no readers, given the later chapters discussing higher-level concepts.
When they revise this book for the next edition, they should hire proofreaders, journalists if possible. They care about readers and can help rewrite the entire book into a readable piece that helps students instead of confusing them.
Excellent intro to Investment theory.......2000-12-17
I studied the entire book for my Investment Management course at Stellenbosch University in South Africa and found it very complete from the point of view of the "novice" investor and/or student. The book is not written for the intermediate or expert investor, but for an introductory course in Investment management it did the trick.
Essentials of Investments.......1999-12-29
This is a clearly written book with excellent visual aids. I especially liked the concept checks and the current events boxes. The sample questions from CFA exams were particularly helpful. On whole the book does an exceptional job of explaining difficult subject matter. I'd even recommend this book to the 'lay' reader.
Average customer rating:
|
The Essential Home Buyer's Checklists
Denise Evans
Manufacturer: Sphinx Publishing
ProductGroup: Book
Binding: Paperback
General
| Business & Investing
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Buying & Selling Homes
| Real Estate
| Business & Investing
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General
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| Business & Investing
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Investments
| Real Estate
| Business & Investing
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Similar Items:
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Home Buying For Dummies, 3rd edition
ASIN: 1572485590
Release Date: 2006-09-01 |
Book Description
Buying a home is stressful and full of details and tasks that must be completed-on time. Missing a deadline or forgetting an important piece of information can delay, prevent or destroy an entire deal. The missed detail can also cost hundreds of dollars and endless heartache. The Essential Home Buyer's Checklists provides someone looking for their new home a handy reference to make sure all their bases are covered.
Each checklist is followed by subsequent pages that supply explanations, pros and cons and additional considerations. Just a few of the checklist topics include:
Deciding how much house you can afford
Deciding what features you want in a home
Working with a real estate agent
Working with a contractor/construction company
Shopping FSBO (For Sale by Owner) properties
Comparing houses
Preparing an offer
The final walk-through tour with the prior owner
Packing, discarding, storing
Moving
Book Description
ESSENTIALS OF INVESTMENTS, 3/E Wall Street Journal Edition gives students a 10-week subscription to the Wall Street Journal for a nominal fee.
Customer Reviews:
Essentials Of Real Estate Finance by Steven Vornea.......2006-10-20
Thought this book was more of a starter for individuals interested in real estate finance. If you're an experienced player in real estate, you may find this book to be quite boring. Beginners should take a liking to the read.
Best,
Steven Vornea
"Essentials", but not much more.......2003-12-31
I expected something a bit more in-depth rather than a primer. There really isn't much here that wasn't covered in each of the, sort of generalized, real estate practice books I purchased for about the same price.
I was severely disappointed with the short shrift given to most of the topics and pity those poor souls who paid list price for this book.
Essentials of Real Estate Finance.......2000-10-11
This is a great book for anyone who is interested in learning real estate finance from the beginning without a finance background. The book provides readers with a wide coverage of fundamental finance principles. Readers will get a good sence of the current finance industry trends from this book. There are many easy to understand examples given under the "In Practice" narrative feature.
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