Customer Reviews

Fundamental Methods of Mathematical Economics, 3rd Edition

5 star:		(28)
4 star:		(8)
3 star:		(3)
2 star:		(1)
1 star:		(1)

 

 

Chiang has written the best of the three mathematical economics books with which I'm familar. Unlike the book by Simon and Blume, and the book by de la Fuente, Chiang's book actually doesn't assume that you already think fluently in mathematics when trying to teach you math econ. It also contains one of the most pedagogically-sound (or, as we say in economics, efficient) teaching devices we know: exercises. Chiang even provides answers to selected exercises so that the student can test whether he or she has actually done the exercises correctly. Unlike the other two books, Chiang makes learning math econ, if not easy, at least possible. Before writing this review I cracked open Chiang and learned in literally two minutes something that two years with the other two books never taught me. If you're struggling to learn math econ, don't even open the other two books--just focus on Chiang.

Professor Chiang's "Fundamental Methods of Mathematical Economics" has become the classic preparatory text for students beginning a course of quantitative study in economics and finance. It has been in print for nearly a generation, and with good reason. Chiang's achievement is to have created a learning programme that can take a modestly numerate person all the way from basic matrix algebra through limits, continuity and derivatives past simple differential equations all the way to optimisation theory and linear programming. And all in one volume! Little prior training is required for this journey - all you need is basic algebra. The explication is admirably clear, there are plenty of good practice examples and the pace is moderate. "Mastering Chiang," as one of my old professors used to call it, provides an excellent foundation for the economics or finance student and will admirably equip him or her to deal with the more rigorous challenges ahead.

Alpha Chiang's text should serve as the foundation for all quantitive analysis done in economic theory. It is an invaluable teaching tool for graduate students in economics and will help them better understand the mathematical techniques that have become so necessary for economic modeling.(p)

I am not a highly quantitative person myself, but I found Chiang's book comprehensible and a useful reference guide in my gradaute economics classes. Along with Hal Varian's "Microeconomic Theory" and Jan Kmenta's "Econometrics", I would say that Chiang's "Fundamentals of Mathematical Economics" should serve as sacred literature for any prospective graduate student in economics.

I used this book in my Mathematical Economics textbook in an Economics Masters program. This book covers ALOT of basic math material needed in economics. It is an excellent text/reference/review math book for a graduate level student in economics and possibly other areas in the social sciences. I highly recommend this book to any economics student (though it may be difficult for some undergraduates).

It covers the basics of number theory, economics related math (i.e. market equilibriums, etc.), linear (matrix) algebra, comparative static analysis, differentiation, integration, logarithmic & exponential functions, differential equations, and more that we did not cover in the class like programming. Even if you have taken many math classes outside of the field in economics, this book is a great bridge to apply that math to economics.

While most of the math in this book is not specific to economics, I would not strongly recommend it to science majors since only math that is commonly used in economics is discussed (i.e. no trig functions). In addition, this book does not cover econometrics (statistics) or probability at all.

For a hard-cover textbook, this book is small and relatively light so it would make a great reference book to keep in your bookbag.

I used this book as a review of the mathematical concepts before entering my Ph. D. program. It is extremely helpful and well-written. From the very beginning, Chiang does a good job in explaining things. I initially complained about the dragging discussion on convex sets. Later on, I realized the importance of such in optimization, and finally understood why Chiang had the reader go through that much detail. A decent background in calculus and statistics is probably sufficient to get you through this book on your own. Although the last edition of this book was written in 1984, I think that it's still one of the best reference books that you can have.

I read this book with a view to priming myself on the mathematics of economics for my work and for anticipated future studies in economics.

I found the book to be delightfully clear and free of sticking points - this latter point is very important for those who, like myself, are learning independently.

I look forward to reading Chiang's "Elements of Dynamic Optimization" next.

Alpha Chiang's text should serve as the foundation for all quantitive analysis done in economic theory. It is an invaluable teaching tool for graduate students in economics and will help them better understand the mathematical techniques that have become so necessary for economic modeling.

I am not a highly quantitative person myself, but I found Chiang's book comprehensible and a useful reference guide in my gradaute economics classes. Along with Hal Varian's "Microeconomic Theory" and Jan Kmenta's "Econometrics", I would say that Chiang's "Fundamentals of Mathematical Economics" should serve as sacred literature for any prospective graduate student in economics.

I read this book the summer prior to the new (4th) edition coming out. In my opinion, this is one of the best books to review prior to going into grad school. It gives you so much background on the things that you probably have forgotten, like calculus, linear algebra, and optimization. A must read for someone in finance or economics.

This is an excellent book for those who have never read anything about mathematics applied to economics. But be careful, it gives you some sort of confidence that you are not able to have. There are many results that come up from the air without being thoroughly explained, or he gets results in a rather mechanical way. I think that's due to the fact that the author has been very ambitious and of course there is a strong space constraint which does not allow him to develop every point carefully. For the reader asking about "Dynamic Optimization" I would say exactly the same. My advice: Read it and then read or browse another book, as Simon and Blume's.

I found it extremely easy to read and at the same time rigorous enough to settle the bases. The author knows very deeply the economics students needs of mathematical methods and achieves a precise and complete explanation of all notions I needed to know for my undergrad course. I strongly recommend it during the first or second year.