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Theory of Incomplete Markets, Vol. 1 Reprint Edition

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Michael Magill (Author)
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Michael Magill (Author), Martine Quinzii (Author)
4 out of 5 stars 4 customer reviews
ISBN-13: 978-0262632546
ISBN-10: 0262632543
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Product Details

  • Series: MIT Press
  • Paperback: 558 pages
  • Publisher: The MIT Press; Reprint edition (February 7, 2002)
  • Language: English
  • ISBN-10: 0262632543
  • ISBN-13: 978-0262632546
  • Product Dimensions: 7 x 1.5 x 10 inches
  • Shipping Weight: 2.5 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #478,832 in Books (See Top 100 in Books)

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5.0 out of 5 starsUnfair
By A Customer on December 12, 2002
Format: Paperback
The previous review is not only unfair, but also irrelevant. If you do not like the field of GE under incomplete markets, fine. But then you would certainly not be in a position to comment on any book in the field, would you? Moreover, comparing apples and bananas has never been the brightest of ideas: this is not finance, this is GE under incomplete markets.
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5.0 out of 5 starsThe best text on the theory of incomplete markets
By A Customer on June 4, 2000
Format: Hardcover
Magill and Quinzii provides a one-stop shop for masters/PhD level introduction to the theory of incomplete markets. The book covers the main topics in a highly readable manner and with very good examples. It is also the only book in the market that focuses on incomplete markets in such a detailed way. I believe the book belongs in the library of all students of advanced financial economics.
1 Comment 14 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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5.0 out of 5 starsA Holistic Treatment of General Equilibrium Theory
By BWare00 on September 17, 2014
Format: Hardcover
I saw a negative review on this book -- yeah it was back in 2002 and now we are in 2014 -- but I think I am in a unique position to comment on the book.

Not only did I buy the book back in 1995, I also took the graduate level course from Profession Magill at the University of Southern California. So I can appreciate the material in the dual context of what's directly written therein and what was presented and discussed by Dr. Magill.

It is in fact a very rigorous treatment of the theory of incomplete markets -- and the notation and modeling used in the book is profoundly esoteric. That is without question. If you are looking for a how-to book where you can set up an equation, plug in the numbers and get immediate answers, then this IS NOT the book for you.

At the same time, the book provides for a holistic treatment of a general equilibrium theory that, since the housing and credit market crashes of 2008, stands as foundation for a true understanding of risk and its important role in market economies. This book is particularly useful insofar as one seeks a framework for appreciating the importance of optimal risk allocation and transfer on a macro scale.

I would highly recommend this book as a foundational piece for appreciating general equilibrium theory and the role risk plays therein.
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1.0 out of 5 starsEsoteric and Useless
By Frank Thomas on September 9, 2002
Format: Hardcover
If you want to learn about finance, go read Cochrane's Asset Pricing. Magill and Quinzii's book starts off from a very broad model, called "General Equilibrium under Incomplete Markets", and by the time that you've understood all the notation, you're basically at the end of their book. Yield curve, Black and Scholes, Continuous time finance, Futures, Corporate Finance... don't think it's in their book. The authors have a perception of financial economics that is ivory tower like, not applicable, and esoteric. But then again, if you want to be theorist, this might be just the right book for you. If you want to be more than an "...", really, go read Cochrane, Hull (on contingent claims), and Merton's Continuous Time Finance (now that's a book (bible) worth spending some time on) and many other high quality textbooks. You will have spent wise money instead of buying an outdated, overrated/pretentious, boring and useless textbook.
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