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Fundamental Methods of Mathematical Economics Hardcover – October, 2004

ISBN-13: 978-0070109100 ISBN-10: 0070109109 Edition: 4th

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Product Details

  • Hardcover: 708 pages
  • Publisher: McGraw-Hill/Irwin; 4 edition (October 2004)
  • Language: English
  • ISBN-10: 0070109109
  • ISBN-13: 978-0070109100
  • Product Dimensions: 7.7 x 1.3 x 9.4 inches
  • Shipping Weight: 2.3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Best Sellers Rank: #167,227 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Kevin Wainwright is a professor at the British Columbia Institute of Technology (Burnaby, BC,Canada).

Alpha C. Chiang is a professor at the University of Connecticut

Customer Reviews

Perfect for grad students.
K. Christensen
Chiang's explanations are very clear and it has been extremely helpful this semester.
Stephen
This is one of the best text books I have ever seen.
Mark Cash

Most Helpful Customer Reviews

Format: Hardcover Verified Purchase
I literally read the entire book and did 95-99% of the problems, and it was excellent throughout. Most importantly, Chiang rarely assumes any previous knowledge. He starts with basic set theory and Wainwright ends with optimal control theory. The 4th edition includes some good additions relative to the third edition, such as, Markov Chains and optimal control theory, which I assume were Wainwright's contributions. There is a difference in the exposition and readability between Chiang and Wainright as evidenced by the slightly less clear treatment of optimal control theory; however, it is obviously a more difficult subject matter than most of the rest of material. So, Chiang may not have been able to do much better.

It may not be as rigorous as Blume and Simon's Mathematics for Economists; however, what it lacks in rigor it easily makes up for in understandable exposition. I believe the probability is substantially higher relative to most other treatments I've read of similar topics that a student will walk away from a section in Chiang with the understanding to apply the techniques and grasp the intuition. For graduate work, more rigorous treatments will be necessary such as Recursive Macroeconomics; however, that's also the case after reading Blume and Simon. So, I think the grasp of the intuition and provision of sufficient mathematical skills is more than enough to prepare a student for more complicated mathematical treatments in economics, finance, and operations research.

It's incredibly impressive that this volume--if read / taught in its entirety--does cover most of the topics taught in the standard math classes for economics majors (calculus I-III, differential equations, linear algebra, etc.). Though, it has little to nothing to say about probability and statistics.
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5 of 5 people found the following review helpful By Ricardo A. Hellmers on April 1, 2006
Format: Hardcover
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.
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2 of 2 people found the following review helpful By Stephen on November 30, 2013
Format: Hardcover Verified Purchase
I am using this book to supplement my math economics course for my PhD program. Chiang's explanations are very clear and it has been extremely helpful this semester. It is probably better suited for undergraduate courses, but with simpler explanations, it has been useful for my graduate level course. Definitely recommend if you're in a economics grad school.
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1 of 1 people found the following review helpful By Thomas Beatty on August 21, 2014
Format: Hardcover Verified Purchase
Chiang's fourth edition provides readers with the mathematical concepts and knowledge necessary to succeed in upper-level and graduate economics courses. Each section is filled with examples and practice problems. However, only a select number of the practice problems have answers listed in the back. As such, consider finding the instructor's manual of this textbook online if you want to be able to check all of your work. Finally, as with all textbooks I've encountered, the examples provided are generalized (i.e. full of variables) to the extent that some students may have trouble tracking what's going on. If you are averse to a copious amount of variables, try a different textbook. At the end of the day, this book does its job and one can generally follow it to get through the aforementioned levels of economics classes. Its variety of material and relatively easy-to-follow presentation lends much to the high rating.
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2 of 3 people found the following review helpful By Mark Cash on June 18, 2011
Format: Hardcover Verified Purchase
This book is not just a text on Economics but covers the math required to understand the theory behind the assumptions. It does something most other text books do not, and that is it assumes the reader may not have all the background math needed and takes you step by step through the process teaching you the math also. This is one of the best text books I have ever seen. I wish my calculus text book was as easy to read and follow as this book is!
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2 of 3 people found the following review helpful By Serena on September 5, 2011
Format: Hardcover Verified Purchase
This is such a good book for students with master level of math in Economics or for fellows who need this book for daily research. It's quite basic and could provide you such a elementary view of math which could be applied in Economics.
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1 of 1 people found the following review helpful By Ahmed on September 26, 2014
Format: Hardcover
Perfect as expected
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