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Fundamental Methods of Mathematical Economics [Hardcover]

Kevin Wainwright , Alpha Chiang
3.8 out of 5 stars  See all reviews (10 customer reviews)

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Book Description

October 2004 0070109109 978-0070109100 4
It has been 20 years since the last edition of this classic text. Kevin Wainwright, a long time user of the text (British Columbia University and Simon Fraser University), has executed the perfect revision—-he has updated examples, applications and theory without changing the elegant, precise presentation style of Alpha Chiang. Readers will find the wait was worthwhile.

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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

Product Details

  • Hardcover: 708 pages
  • Publisher: McGraw-Hill/Irwin; 4 edition (October 2004)
  • Language: English
  • ISBN-10: 0070109109
  • ISBN-13: 978-0070109100
  • Product Dimensions: 1.2 x 7 x 9.4 inches
  • Shipping Weight: 2.3 pounds (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (10 customer reviews)
  • Amazon Best Sellers Rank: #158,298 in Books (See Top 100 in Books)

Customer Reviews

3.8 out of 5 stars
(10)
3.8 out of 5 stars
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Most Helpful Customer Reviews
7 of 7 people found the following review helpful
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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4 of 4 people found the following review helpful
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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3.0 out of 5 stars It is what it is January 22, 2014
Format:Hardcover|Verified Purchase
This book is exactly what its title says fundamental methods of mathematical Economics. most of the book is easy to understand.
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5.0 out of 5 stars Good November 30, 2013
By Stephen
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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3.0 out of 5 stars Mediocre March 3, 2011
By Belle
Format:Hardcover
This is an excellent book if you're already good at math. However, it provides very little examples of problems and then the questions at the end of the sections make no sense to you whatsoever. It's as if he gave you water and a pan, and said "boil the water". The theoretical explanations are very good but this isn't a traditional math book by any means.
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