Customer Reviews:
ERRORS ARE RAMPANT!!.......2006-11-10
While the content is pretty good the number of errors in this would result in an "F" if a high school student had submitted this work. There are parts that are unusable because of the rampant errors that fundamentally change outcomes of problems and understanding of concepts.
Anyone that bought this book should either receive full refund or at least a free copy of the update. I would STRONGLY urge instructors not to use this book or students not to buy it until some MAJOR revisions (and proofreads) are made.
Great ideas, poor execution.......2006-06-28
I like this book and would happily use it for advanced undergrad courses due to the number of practical economic examples. However, there are so many mathematical errors that it is just too frustrating for both students and professors.
Excellent.......2003-11-11
Excellent! Great examples and easy to understand. Should be used in all introduction to game theory courses.
This is a wonderful book.......2000-04-10
I found this book to be very useful when teaching advanced level economic students. It was well written, witty, and overall... excellent.
A good introduction in game theory.......1999-12-18
I use this book as a part of advanced ug micro component at one of the UK universities. The book uses a clear concept-building approach with examples. I give B/F four stars since the fifth star is yet to be earned in subsequent editions. Why? There are simply far too many mistakes left in this edition. Which cannot be tolerated when game theory is the subject of discussion. Just try to work through examples involving perfect Bayesian equilibria. Your solution just won't match the one provided in the text. And it turns out it is not you who is stupid. The game tree has a wrong payoff at one of the terminal nodes. :)))
Book Description
This is the third volume of the
Handbook of Game Theory with Economic Applications. Since the publication of multi-Volume 1 a decade ago, game theory has continued to develop at a furious pace, and today it is the dominant tool in economic theory. The three volumes together cover the fundamental theoretical aspects, a wide range of applications to economics, several chapters on applications to political science and individual chapters on applications to disciplines as diverse as evolutionary biology, computer science, law, psychology and ethics. The authors are the most eminent practitioners in the field, including three Nobel Prize winners.
The topics covered in the present volume include strategic ("Nash") equilibrium; incomplete information; two-person non-zero-sum games; noncooperative games with a continuum of players; stochastic games; industrial organization; bargaining, inspection; economic history; the Shapley value and its applications to perfectly competitive economies, to taxation, to public goods and to fixed prices; political science; law mechanism design; and game experimentation.
Book Description
Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. Many mathematical tools are needed to solve these models. The book presents various methods for computing the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. Part II discusses methods for solving heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model. Through an accompanying home page to this book, computer codes to all applications can be downloaded.
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Game Theory and Business Applications (International Series in Operations Research & Management Science)
Manufacturer: Springer
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Practical Optimization Methods: With Mathematica Applications
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Performance Analysis and Optimization of Inbound Call Centers (Lecture Notes in Economics and Mathematical Systems)
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Project Scheduling: A Research Handbook (International Series in Operations Research & Management Science)
ASIN: 0792373324 |
Book Description
In the last twenty-five years, game theory has been applied to a growing number of practical problems: from antitrust analysis to monetary policy; from the design of auction institutions to the structuring of incentives within firms; from patent races to dispute resolution. The purpose of
Game Theory and Business Applications is to expand these applications of game theory into a broad and meaningful view of the way business decisions can be modelled and analyzed. The chapter contents embrace a wide variety of business functions - from accounting to finance, to operations, to strategy, and to organizational design. In addition, specific application areas include numerous kinds of market competition, bargaining, auctions and competitive bidding. All of these applications involve competitive decision settings, specifically situations where a number of economic agents in pursuit of their respective self-interests take actions that together affect all of their fortunes. In the language of game theory, players take actions consistent with the given `rules of the game,' and these joint actions determine final outcomes and payoffs. As this volume demonstrates, game theory provides a compelling guide for business strategy.
The first section of this volume discusses game-theoretic applications in four functional areas of business: finance, accounting, operations management and information systems, and organization design. The second section considers competitive strategies in `imperfect' markets. Using cooperative and non-cooperative game-theoretic approaches, these four chapters consider various topics: spatial competition, signaling of product quality, trust and cooperation in ongoing relationships, strategic behavior in bargaining, and the `balance of power' between the firm and its buyers and suppliers. The last section of the book deals in detail with auctions and competitive bidding institutions. The emphasis is on the contributions of game theory to both auction theory and practice. Topics considered include optimal auctions, bidder collusion, and the design of institutions for selling the radio spectrum and trading electrical power.
Book Description
One of the problems in economics to which economists have devoted a considerable amount of attention in recent years has been to ensure consistency in the models they employ. Assuming markets to be generally in some state of equilibrium, it must be asked under what circumstances such an equilibrium is possible. The fundamental mathematical tools used to address this concern are fixed point theorems. These outline the conditions under which sets of assumptions have a solution. This book gives the reader access to the mathematical techniques involved and goes on to apply fixed point theorems to proving the existence of equilibria for economics and for cooperative and non-cooperative games. Special emphasis is given to economics and games in cases where the preferences of agents may not be transitive. In addition, the author presents new proofs of old results in order to further clarify the results. He also proposes new results, notably in the last chapter, that refer to the core of a game without transitivity. This book will be useful as a text or reference work for mathematical economists and graduate and advanced undergraduate students.
Customer Reviews:
An excellent survey of more than fixed point theorems........2000-06-02
The author compiles theorems, definitions, and properties on a number of topics. There's some convex analysis, maximization of binary relations, fixed point and selection theorems, and various sufficient conditions for existence of equilibria in games and economies.
A nice feature is that the author explains the equivalence or interconnectedness of theorems from different classes -- comparing the KMM lemma to Brouwer's fixed pt. thm., for instance.
This book is extremely useful for its many variations on common principles. Researchers can benefit from consulting it when they have a problem which does not satisfy the usual criteria -- for instance, if you ever have to ask, "I have a correspondence which satisfies all the conditions for Kakutani's theorem except that it is l.h.c. rather than u.h.c.; am I still able to guarantee a fixed point?"
Grad students in micro/game theory can benefit from the survey of theorems, and familiarizing themselves with the many ways they can get to desired results.
The book is compact and thorough with little exposition. Definitions are very clear, and the author is very good at noting when definitions vary, or the same term has multiple definitions in the literature. Though it presents itself as a mathematical text, its audience is clearly economists -- the conditions given and situations described are clearly ones that economists will recognize, and the applications are economic.
A very nice book for people who already know the applications of such theorems and who need minimal explanation.
the best buy.......2000-03-26
The author, one of the most prominet professors in mathematical economics surveyed fixed point theorems. The theorems are often used to prove the existence of solutions in game theory and economics. If you major in mathematical economics or game theory, you can't avoid to buy this book.
Average customer rating:
- Excelent review of bargaining theory
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Bargaining Theory with Applications
Abhinay Muthoo
Manufacturer: Cambridge University Press
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Repeated Games and Reputations: Long-Run Relationships
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Game Theory
ASIN: 0521576474 |
Book Description
The first unified and systematic treatment of the modern theory of bargaining, presented together with many examples of how that theory is applied in a variety of bargaining situations. Abhinay Muthoo provides a masterful synthesis of the fundamental results and insights obtained from the wide-ranging and diverse (game theoretic) bargaining theory literature. Furthermore, he develops new analyses and results, especially on the relative impacts of two or more forces on the bargaining outcome. Many topics - such as inside options, commitment tactics and repeated bargaining situations - receive their most extensive treatment to date. In the concluding chapter, he offers pointers towards future research. Bargaining Theory with Applications is a textbook for graduate students in economic theory and other social sciences and a research resource for scholars interested in bargaining situations.
Customer Reviews:
Excelent review of bargaining theory.......2000-05-09
This is an excelent and rigorous review of the literature on bargaining theory. Its a good place to start the study of barganing as well as a good reference for people familiar with the subject.
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Economic Games and Strategic Behaviour: Theory and Application
Frank Stahler
Manufacturer: Edward Elgar Publishing
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Binding: Hardcover
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ASIN: 1858989051 |
Book Description
Fierce competition in today's global market provides a powerful motivation for developing ever more sophisticated logistics systems. This book, written for the logistics manager and researcher, presents a survey of the modern theory and application of logistics. The goal of the book is to present the state of the art in the science of logistics management. As a result, the authors have written a timely and authoritative survey of this field that many practitioners and researchers will find makes an invaluable companion to their work.
Customer Reviews:
Stay away if you want to find something practical........2005-11-20
As above. This is 5+ star theoretical book that shows the dramatic gap between the academia and the industry. I am saying this from my own experience: 20+ years in the academia and now responsible for designing optimization products for large logistic company. As one clever guy said: "academics do what is possible but not needed, practitioners do what is needed but not possible".
Rigorous overview of logistic modeling.......2001-06-17
Logistics has always been an integral part of industry and the military, and with the advent of the Internet, it has taken on major importance. This book gives a rigorous introduction to the formalism of logistics, and as such is fascinating reading for anyone interested in this area. Even individuals not into supply chain management and logistics engineering, and interested merely in the mathematics, will find this book interesting. After a short overview of logistics in the introduction, the authors discuss worst-case analysis of various algorithms for the bin-packing and traveling salesman problems. They define two performance metrics to measure the worst-case effectiveness: the absolute and asymptotic performance ratios. The First-Fit, Best-Fit, First-Fit Decreasing, and Best-Fit Decreasing heuristics are discussed in detail for the bin-packing problem. The authors show that a polynomial time heuristic cannot have an absolute performance ratio less than 3/2. They also show that finding a heuristic for the traveling salesman problem with a constant worst-case bound is as difficult as solving any NP-complete problem. The minimum spanning tree based, nearest insertion, Christofides', and local search heuristics are all discussed in great detail.
The next chapter considers the probabilistic analysis of algorithms via the characterization of the average performance of a given heuristic. The analysis is asymptotic with large problem sizes needed. Again, the bin-packing and traveling salesman problems are considered for studying this approach. This is followed by an approach to studying the efficacy of a particular heuristic by using mathematical programming in the next chapter. The strategy here is to cast the (NP-complete) problem as an integer problem, and then relax the constraint of integrality and solve the linear program. The authors showthat tight lower bounds can be found for these integer programs. The authors switch gears somewhat in the next two chapters, where vehicle routing problems are studied. In particular, the single-depot capacitated vehicle routing problem with equal and unequal demands is analyzed via worst-case and probabilistic analysis. The analysis is generalized in chapter 7 for the case where time constraints are present. An analytical solution of this problem, called the vehicle routing problem with time windows, is considered in detail by the authors. They back up their analysis with computational results at the end of the chapter. In chapter 8, a column generation approach is employed to solve the vehicle routing problem. No time constraints are put in, and the authors give in detail the steps behind this technique.
The study of inventory models is begun in chapter 9, with the economic lot size model leading off the discussion. This model illustrates effectively the tradeoffs between ordering and storage costs, and the optimal ordering policy is found. This model is generalized to the case where finite time horizons are included and the optimal policing found. Multi-item inventory models are then studied via worst-case analysis. The Wagner-Whitin model, which is an inventory model with varying demands, is formulated and solved in the next chapter. The techniques used, interestingly, involve dynamic programming. This model is generalized to the case where there is an upper bound on the amount that can be ordered or produced, and then the optimal solution found.
The case where the demand is a random variable is considered in the next chapter on stochastic inventory models. Single period and finite horizon models are considered using a dynamic programming algorithm to determine the optimal policy. The analysis makes heavy use of the properties of convex and quasiconvex functions.
Facility location models are the subject of the next chapter. The p-Median, single-source capacitated facility location (CFLP), and distribution system design problems are analyzed as warehouse location problems, with Lagrangian relaxation techniques used to find the solutions to these problems.
Logistics models that integrate inventory and routing strategies are considered in chapter 13, with the success of Wal-Mart given as an example of a firm whose success was generated by a reliance on an efficient logistical design and planning model called cross docking. Along with analyses of zero inventory ordering policies, the authors give an asymptotic analysis of cross-docking strategies.
The last two chapter of the book consider the implementation of logistic algorithms in practice. Although short, the chapters do give a fairly good overview of how these algorithms are used in the real world. The authors consider the routing and scheduling of New York City school buses and a decision support system for network configuration. Only one exercise is found in these chapters though unfortunately.
Get this book or spend a month in library.......2000-12-21
Professor Simchi-Levi dedicates his time as co-author of this book and I'd like to thank to his effort. The logic of Logistics is only "ONE' book in current academic text books that bravely delineates the theory and algorithm; while most other books spends many hundread pages for "words" and "case studies". The models are showed with algorithm and proving. Examples are included as necessary. The way to illustrate case study is different -but good different. For a researcher, consulting companies, professors, graduate students, you can spend a month in library for literature reviews or take few days to go through this book. If you think your time is worth, grasp this book and you won't be disappointed. If you want to see less mathematic issue, you may want to look at another book of Simchi-Levi. It's "Designing and Managing the Supply Chain : Concepts, Strategies, and Cases".
Highly Technical, Mathmatical textbook.......1999-09-24
Very technical with many mathmatical equations, exapmles and theorms. Includes exercises, and case study information. There are however, no answers to the exercises, and few "worked out" math problems. The format is very much a text book.
Book Description
Agent-based Computational Economics (ACE) is a new discipline of economics, largely grounded on concepts like evolution, auto-organisation and emergence: it intensively uses computer simulations as well as artificial intelligence, mostly based on multi-agents systems. The purpose of this book is to give an up-to date view of the scientific production in the fields of Agent-based Computational Economics (mainly in Market Finance and Game Theory). Based on communications given at AE'2005 (Lille, USTL, France), this book offers a wide panorama of recent advances in ACE (both theoretical and methodological) that will interest academics as well as practitioners.
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Nonsmooth Approach to Optimization Problems with Equilibrium (Nonconvex Optimization and Its Applications)
J. Outrata ,
M. Kocvara , and
J. Zowe
Manufacturer: Springer
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ASIN: 0792351703 |
Book Description
This book presents an in-depth study and a solution technique for an important class of optimization problems. This class is characterized by special constraints: parameter-dependent convex programs, variational inequalities or complementarity problems. All these so-called equilibrium constraints are mostly treated in a convenient form of generalized equations. The book begins with a chapter on auxiliary results followed by a description of the main numerical tools: a bundle method of nonsmooth optimization and a nonsmooth variant of Newton's method. Following this, stability and sensitivity theory for generalized equations is presented, based on the concept of strong regularity. This enables one to apply the generalized differential calculus for Lipschitz maps to derive optimality conditions and to arrive at a solution method. A large part of the book focuses on applications coming from continuum mechanics and mathematical economy. A series of nonacademic problems is introduced and analyzed in detail. Each problem is accompanied with examples that show the efficiency of the solution method.
This book is addressed to applied mathematicians and engineers working in continuum mechanics, operations research and economic modelling. Students interested in optimization will also find the book useful.
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