This book is an introduction to the use of probability models for analyzing risks and economic decisions. Throughout this book, author Roger Myerson focuses on showing students how to use probability in complex realistic situations. All the analytical work in this book is done in Microsoft Excel spreadsheets. As a result of the emphasis on spreadsheet modeling, students will also develop sophisticated spreadsheet skills. However, the main goals of the book are to make the practical power of probability analysis accessible to students and to demonstrate how to apply these concepts in the real world.
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About the Author
Roger B. Myerson is the W. C. Norby Professor of Economics at the University of Chicago. He previously taught at the Kellogg School of Management at Northwestern University (1976-2001). His teaching interests include decision analysis, probability modeling, game theory, mathematical optimization theory, social choice and formal political theory, and economics of information. Dr. Myerson has received a number of professional awards, including Guggenheim Fellow (1983-1984), Sloan Foundation Fellow (1984-1986), Fellow of the Econometric Society (elected 1983), Fellow of the American Academy of Arts and Sciences (elected 1993), and an honorary doctorate from the University of Basel (2002). His research interests include game theory, economics of information, and analysis of voting systems.
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Most Helpful Customer Reviews
15 of 15 people found the following review helpful:
5.0 out of 5 stars
Apply the theory and get it DONE!,
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This review is from: Probability Models for Economic Decisions (with CD-ROM) (Duxbury Applied) (Hardcover)
Mr. Myerson is one of the most gifted professors I have ever had, and an incredible human being. In 1999 I had the pleasure and honor to attend his classes at Kellogg Graduate School of Management, and in 10 weeks I learned more about probability theory and how to apply it to solve real life problems, than in my whole undergraduate studies of mathematics. At that time this book did not exist and we used his teaching notes, which were fully incorporated and expanded in the book format. If you are a novice to the field you will probably be better off by reading it from the beginning, otherwise go ahead and jump to the chapter that most interests you. Anyway you will soon realize that Prof. Myerson's approach is very straightforward: broad strokes of theory to make you understand the general direction, and a lot of hands-on excel modeling to bring to live the concepts and key insights about the situation under scrutiny. So if you are a pragmatic person, don't have time or patient for mathematical theorems, and need to get things done for your company, your client or yourself, this is the book for you! THUMBS UP
4 of 4 people found the following review helpful:
3.0 out of 5 stars
A bit disappointed,
By K. Greene (Albuquerque, NM) - See all my reviews
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This review is from: Probability Models for Economic Decisions (with CD-ROM) (Duxbury Applied) (Hardcover)
I wanted to love this book. By the title it is exactly what I was looking for for my PhD research. However, I am a computer scientist and am disappointed that models for probability and decision theory were left out of the book. Much of what he is discussing can be represented by Bayesian models such as belief nets and influence diagrams. I think the book will still be valuable, but is oriented more towards statisticians who are using Excel as their only tool.
2 of 2 people found the following review helpful:
5.0 out of 5 stars
Probability made easy,
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This review is from: Probability Models for Economic Decisions (with CD-ROM) (Duxbury Applied) (Hardcover)
I've been using this book for self study. Probability is not an easy subject. Probability models for economic decisions, these are much more difficult topics! However the author did a great job. The book is written in a clear form and the models developed step by step, making things very easy to understand! For sure I recommend this book! Probability Models for Economic Decisions (with CD-ROM) (Duxbury Applied)
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