Book Description
This revision of QUANTITATIVE METHODS FOR BUSINESS provides students with a conceptual understanding of the role that quantitative methods play in the decision-making process. This text describes the many quantitative methods that have been developed over the years, explains how they work, and shows how the decision-maker can apply and interpret data. Written with the non-mathematician in mind, this text is applications-oriented. Its "Problem-Scenario Approach" motivates and helps students understand and apply mathematical concepts and techniques. In addition, the managerial orientation motivates students by using examples that illustrate situations in which quantitative methods are useful in decision making.
Customer Reviews:
This textbook is TERRIBLE!.......2005-10-01
This book is written in unnecessarily complicated language and does not present information in a way that is easily understood. I teach graduate courses in quantitative methods and I made the mistake of ordering this book for one of my courses without reading it first. It was a disaster!
Unless you are getting a doctorate and need to know lots of complicated formulas without adequate explanations, DO NOT buy this book.
Quantitative MAnagement.......2005-07-10
IT's really oky book. But it took a little more time to get it ghrough me. There are few scratches on the book when i recd. it. The parcel is oky.
Thanks anyway,
Quant Methods Book.......2005-03-06
I have used this textbook for an upper level math class and although the book was hard to follow, I really feel that it did present the information in a well laid out format. Some of the words were hard to grasp, but as for the problems in the back, I found them very useful. I hope anyone out there will in fact give this book a chance.
ABSOLUTELY THE WORST TEXTBOOK FROM A STUDENT'S PERSPECTIVE.......2003-03-12
I am currently taking a Quant Meth class which is using this as the textbook. By far, this is the worst textbook I have ever encountered as a student. It is hard to understand and the answers that are given in the back do not explain how to get to the final solution. Because the problems are not paired (that is 1 is not like 2, 3 is not like 4, etc.) and the only answers are to the EVEN problems, you are basically lost. There is a website for the 9th edition that is "under construction" currently, so there is no help there. This is not a book conducive to learning. Teachers and colleges - PLEASE think twice before you choose this for your curriculum. Both you and your students will be miserable!
Quantitative Methods 8th Edition.......2002-02-01
I am a professor using this book to teach a graduate level Quantitative Methods math class. This book is hard to understand for the students. Exercises included at the end of the chapters are hard to figure for the student based on what is presented in the text alone.
For the instructor, no teacher support is available except a solutions manual. All other texts I have used provides sample lecture material, additional cases, etc. This text provides no such support with a useless web site.
Average customer rating:
- Tufte's Classic Is A Must Read In Our Statistical Times
- Essential for anyone working with charts and graphs
- Good ideas, nice layout, kinda rambling though
- Fascinating. Quick. Friendly for the non-expert
- An absolutely superb book.
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The Visual Display of Quantitative Information, 2nd edition
Edward R. Tufte
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Similar Items:
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Envisioning Information
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Visual Explanations: Images and Quantities, Evidence and Narrative
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Beautiful Evidence
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Visual & Statistical Thinking: Displays of Evidence for Decision Making
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The Cognitive Style of PowerPoint: Pitching Out Corrupts Within, Second Edition
ASIN: 0961392142 |
Amazon.com
A timeless classic in how complex information should be presented graphically. The Strunk & White of visual design. Should occupy a place of honor--within arm's reach--of everyone attempting to understand or depict numerical data graphically. The design of the book is an exemplar of the principles it espouses: elegant typography and layout, and seamless integration of lucid text and perfectly chosen graphical examples. Very Highly Recommended.
Customer Reviews:
Tufte's Classic Is A Must Read In Our Statistical Times.......2007-10-06
This book established Tufte as the authority on the subject of graphs, charts, tables, indeed the display of data by any means. The book is readable by most anyone and will add to your library and your ability to make your way intelligently and critically through the flood of statistical and graphical arguments and pitches placed before us every day.
Simply and confidently Tufte lays out the basics of the right and the wrong, the good and the bad (and occasionally ugly) regarding graphical depictions of data and information.
This book (The Visual Display of Quantitative Information, 2nd edition )is the first and the foundation of four books by Tufte (I. The Visual Display of Quantitative Information, 2nd edition. II. Envisioning Information. III. Visual Explanations: Images and Quantities, Evidence and Narrative. IV. Beautiful Evidence.) that should be read in the order of publication. You will be a wiser person for the effort.
His short book, "The Cognitive Style of PowerPoint: Pitching Out Corrupts Within", while not part of the "four volume set" is a withering attack on the ubiquitous software program, an attack based on the fact that it encourages the user to break nearly every principle that Tufte has spent the last 20 years elucidating in his books regarding the reading and the writing and presentation of well thought out and presented arguments and reports. I've read it and was convinced; PP constrains complex thought, argument, and statistical (indeed any form of) reasoning with its "bullet points", and is a very inefficient means of depicting information as well, cluttering the display space with useless clip art, huge fonts, and often misleading cookie-cutter graphs. (His satirical PP presentation of the Gettysburg Address humorously makes his points, while his analysis of a very real NASA PowerPoint slide from the decision-making meetings regarding the danger to the Space Shuttle Columbia before its destruction on re-entry makes his points in a very sobering manner.)
All this being said, The Visual Display of Quantitative Information is a Great Book. In the internet age we all spend many hours per week looking at visual depictions of information. Tufte's book will make you a more critical user of nearly everything, from the newspaper, to websites, to work presentations, the sports pages, and even your car's speedometer and other gauges. It is the foundation to all of his published work from the last two decades.
Buy this book!
Essential for anyone working with charts and graphs.......2007-03-10
This book fuses mathematical information with art to tell the underlying story and get your message across to the viewer. I would reccommend it to anyone responsible for conveying objective information to others.
Good ideas, nice layout, kinda rambling though.......2007-03-08
This book was very nicely laid out, and the ideas for presenting were good. Sometimes it was a little hard to follow because it rambled a little. But I did get some good pointers that I can use to visualize my data.
Fascinating. Quick. Friendly for the non-expert.......2007-01-09
The book strikes a good balance between major concepts and academic nitty-gritty.
An absolutely superb book........2006-11-23
Tufte presents an examination of a frankly under-esteemed method of data analysis that can be accurately described as passionate. As a Behavioural Scientist trained in sophisticated methods of statistical analysis, I previously was arrogantly inclined to regard charts and graphs as simplistic and naive approaches to data interpretation. However, I now apprehend the undeniable utility of graphical representation, and have acquired a fascination with the field through Tufte's contagious enthusiasm.
If you work with data of any form, it is IMPERATIVE that you read this book.
Book Description
The new edition of Essentials of Business Statistics delivers clear and understandable explanations of core business statistics concepts, making it ideal for a one term course in business statistics. Containing continuing case studies that emphasize the theme of business improvement, the text offers real applications of statistics that are relevant to today's business students. The authors motivate students by showing persuasively how the use of statistical techniques in support of business decision-making helps to improve business processes. A variety of computer centered examples and exercises, and a robust, technology-based ancillary package are designed to help students master this subject.
Book Description
Quantitative Methods for Investment Analysis provides a blend of theory and practice to teach statistics within the context of finance and investments. No prior financial knowledge is assumed. Several features of this book are tailored specifically to help the reader. First, learning outcome statements (LOS) specify the objective of each chapter. Second, examples and problem practice are emphasized so that the reader can gain confidence in meeting the LOS objectives. Finally, examples and problems seek to present situations faced by investment practitioners and reflect the global investment community.
Customer Reviews:
Difference between 2001 First edition and 2004 Second edition?.......2006-01-18
Given that the 2001 First edition is selling for $30 less used than the 2004 Second edition, is there a big difference between the 2 editions. Should I just save myself $30 and buy the first edition?
I randomly selected "3 stars" b/c I had to. I have no review of this book.
Thanks.
A big improvement.......2004-04-22
This text is a great improvement over the material the CFA program used in the mid-90s. Since it is intended to provide a survey of basic statistics and their applications in finance, it would be wrong to expect a deep treatise on any one subject. There are many real world applications used to describe the concepts tackled in this book. The learning outcomes listed at the beginning of each chapter provide a road map for the reader so that all salient points will be absorbed.
Will this book be the only one you will need to become a quantitative analyst? No, but it is a great starting point. If you are desiring more depth perhaps a review of the abstracts on the AIMR website would lead you more involved, scholarly efforts.
Think twice before buying.......2004-03-08
I have purchased this book because it was recommended reading for the CFA program.
Unfortunately, this book has really disappointed me. The author explains nothing but general statistics but attempts to add an "investment dimension" to his explanations. The writing style is anything but educational. The output is a unstructured, complicated and uncomprehensive text with examples that only add to your confusion. In many of the passages you get lost and don't understand what the author is trying to get across to you or where he is leading. The author frequently jumps from one topic to another and skips important information, not to mention the numerous printing errors in the text. I found myself struggling on one of the passages half an hour, when I finally decided to look up the same topic in the statistics book in the library. It explained everything in a matter of seconds.
Think twice before buying this book. Get ANY introductory business statistics text (e.g. Statistics for Management and Economics by Gerald Keller) - they ALL cover the SAME topics in a MUCH more understandable way.
Only average textbook.......2003-12-03
This book does not do a good job in explaining the basic concepts of Statistics and how to apply it for quantitative analysis of Investments. The only reason why this book sells is that it is part of the recommended texts for the CFA program and the authors are part of the AIMR board. I am pursing the CFA charter as well as my masters in Economics and I would suggest the book "Introductory Statistics" by Thomas H. Wonnacott, Ronald J. Wonnacott which does an awesome job in explaining the basic concepts of Statistics. You would understand WHY we do such and such instead of memorizing formulae.
A fine book and a fine investment.......2003-10-12
There is a large body of knowledge related to quantitative analysis, and I really love how quickly this book manages to convey so much of it to the reader. The authors rapidly build on knowledge in the chapter text, allowing you to learn quickly. They also provide boxed examples and end-of-chapter practice problems for those readers needing to carefully review particular topics.
You'll find yourself speeding through concepts like discounting, distributions, hypothesis testing, and much more as you read through the pages. I'm a little embarrassed to say that before reading this book I often created computer simulations to assess a distribution of outcomes - simply because I never learned the math that would allow me to find my answers quickly on a calculator. Today I retreat to computer simulations much less often, and have reaped large dividends on saved time and resources.
Whether you are working to obtain the CFA designation, or are simply looking for a terrific desk resource for quantitative analysis, I recommend this book to you.
A more complete list of topics covered:
Discounting and rates of return
Statistics, probabilities, and distributions
Estimation and hypothesis testing
Regression analysis
Portfolio analysis
Book Description
This book provides a manual on quantitative financial analysis. Focusing on advanced methods for modelling financial markets in the context of practical financial applications, it will cover data, software and techniques that will enable the reader to implement and interpret quantitative methodologies, specifically for trading and investment. Includes CD-ROM with samples of different software used in the various models.
* Includes contributions from an international team of academics and quantitative asset managers from Morgan Stanley, Barclays Global Investors, ABN AMRO and Credit Suisse First Boston.
* Fills the gap for a book on applied quantitative investment & trading models
* Provides details of how to combine various models to manage and trade a portfolio
Customer Reviews:
For traders with very strong statistics and programming background.......2006-07-15
Unless you already are in the trade or you want to write your own trading programmes, please give this a pass. This quantitative analysis based book is definitely beyond those without very strong statistics and programming capabilities. Sorry to tell you that as an MBA, CFA pro trader, I could grasp at most 30% of the modeling techniques described. Certainly the CDROM bundled did help. However, I doubt how many readers would have that patience and resource to collect and input the data needed.
Provocative and fun text on the cutting edge, not an introductionn.......2006-06-14
Whereas most books on quantitative finance focus on how to price derivatives or model interest rates, this is a text on quantitative and computational methods that are about making money.
How to we forecast future prices? What is the place for artificial intelligence and neural networks? How are people using Bayesian methods and neural regressions? How can technical analysis and trend-following rules contribute to quantitative trading systems? How can new volatility and correlation models be applied (in Excel) to portfolio optimization?
These questions are answered by practitioners and academics with case studies and real-world applications. Each chapter provides a quick taste of things people are doing outside the box of your typical quant finance books. Do not expect a new philosophy or over-arching theory. This is just a book to prod half-baked ideas that might merit more consideration or to re-start one's own creative juices.
Excellent.......2006-02-27
This book offers a very nice insight on quatitative finance, so a variety of topics is covered...The book goes trough very popular and stablished analysis methods, so Markowitz portfolio selection model to more sophisticated so as neural networks...In my opinion, it is a very useful book, not only to grasp the fundamental things, but alto to implement them...flh
Book Description
The first in-depth analysis of pairs trading
Pairs trading is a market-neutral strategy in its most simple form. The strategy involves being long (or bullish) one asset and short (or bearish) another. If properly performed, the investor will gain if the market rises or falls. Pairs Trading reveals the secrets of this rigorous quantitative analysis program to provide individuals and investment houses with the tools they need to successfully implement and profit from this proven trading methodology. Pairs Trading contains specific and tested formulas for identifying and investing in pairs, and answers important questions such as what ratio should be used to construct the pairs properly.
Ganapathy Vidyamurthy (Stamford, CT) is currently a quantitative software analyst and developer at a major New York City hedge fund.
Download Description
The first in-depth analysis of pairs trading
Pairs trading is a market-neutral strategy in its most simple form. The strategy involves being long (or bullish) one asset and short (or bearish) another. If properly performed, the investor will gain if the market rises or falls. Pairs Trading reveals the secrets of this rigorous quantitative analysis program to provide individuals and investment houses with the tools they need to successfully implement and profit from this proven trading methodology. Pairs Trading contains specific and tested formulas for identifying and investing in pairs, and answers important questions such as what ratio should be used to construct the pairs properly.
Ganapathy Vidyamurthy (Stamford, CT) is currently a quantitative software analyst and developer at a major New York City hedge fund.
Customer Reviews:
Very interesting material.......2007-05-25
It's a good read even with the somewhat unorthodox mathematical notation. The overall concept of pairs trading is introduced well, with just enough detail to tempt the more adventurous gambler. The author appears well versed in the subject and writes well but assumes a relatively high level of mathematical maturity on the part of the reader.
the only good introduction to pairs trades and high frequency finance.......2007-04-15
When people talk about "quant" stuff, they are generally talking about two fairly distinct kinds of quant. There are the derivatives guys (options sell side & risk hedgers), and the 'statistical arbitrage' guys. This is one of the best books for a larval 'statistical arbitrage' guy. 'Statistical arbitrage' is a term referring to the techniques used by sophisticated hedge funds and trading desks to provide 'risk free' returns. I stick in the scare quotes around these phrases, because they're not really arbitrage, though they can be pretty decoupled from market returns. The techniques go well beyond just trading pairs, so the phrase, 'stat arb' is probably with us for good, even though it is often neither stat nor arb. The mean reverting versions of these techniques were largely invented by Nunzio Tartaglia and company (primarily Gerry Bamberger according to Thorp) at Morgan Stanley in the 1980s. Many of his underlings went on to found their own hedge funds, and the secret eventually became relatively common knowledge. Boesky was one of the more famous practitioners of merger arbitrage, which is an older, related technique.
This book is a fun introduction to 'statistical arbitrage,' concentrating on the standard "mean reverting pairs" variety, and a decent explanation of merger arbitrage which he unifies with mean reverting stat arb in an interesting way. These two strategies still form the basis of a large number of high frequency techniques in one form or another. In fact, the book provides enough background material to be useful for all kinds of techniques for finding alpha; it has a very clear treatment of factor models, time series analysis (best low level one I have ever read, anywhere) and what market neutrality is and isn't. He provides a decent amount of discussion of the complexities surrounding tradeability and other practical issues that get swept under the rug in most books.
Sure, there are a lot of specific 'stat arb' techniques he doesn't mention explicitly. He doesn't talk about basket trading plays, index arbitrage, volatility arbitrage or any of the other myriad clever (and often over my head) techniques used by sophisticated fund managers to vacuum up loose change that dumb people leave on the street. So what? Vidyamurthy gives you enough material you can go out and learn the practical details of real strategies on your own. If you're gifted enough, you can go figure them out (and more) for yourself once you understand the material in the book: they're mostly variations on these themes. Why should Vidyamurthy give away the keys to the kingdom for $100? Be happy he wrote the book at all. Presumably, he makes a living actually doing 'stat arb' type things, and his motivation was to have a book to give to his underlings so he didn't have to explain GARCH and cointegration to someone who breathes out of his mouth for the 9,000th time.
Anyone who can't read this book simply doesn't have the intellectual horsepower or attention span to do this kind of trading. The book is almost excruciatingly clear, it is very short, and even does the MBA's the favor of tucking the scary mathematics involving matrices and standard deviations safely away in chapter appendices. I mean, it even has cartoons and funny anecdotes (which are actually very funny: I detect a Wodehouse fan in Vidyamurthy). You have to actually pay attention while you read, and some sections, you may have to read twice. The concepts will not leap off the page and embed themselves into your frontal lobes, but it really isn't that difficult for any intelligent person to understand. I can think of no better introduction to pairs trading, or general alpha quant type stuff than this book. It should probably be on every wannabe quant or trader's desk if it isn't already etched into the fiber of their being.
Covers the right stuff but poorly written.......2007-03-08
I was looking for books on stat arb and risk arb and was surprised that not many titles showed up for my search on Amazon. I eventually bought this book (a used copy) and although the book covers exactly the kind of stuff you want to learn about pairs trading, the writing is very poor and there are way too many places where the sentences don't make any sense, regardless of your math/stat background. This book is not a how-to book. It's a general treatise and not a good one at that. I cannot recommend this book. You may want to check out Tsay's financial time series analysis book which, although not specifically for pairs trading, has all the essential materials.
Good overview, but only just.......2007-01-19
I have mixed feelings about this book: on the one hand it's a good overview of statistical and risk (merger) arbitrage. On the other, it is pretty shallow in terms of both practice and theory.
It is certainly not possible to use it directly for trading (like any other published book, I guess). An example of a theoretical flaw is the dodgy usage of bootstrap methodology which is a lot more assumption-sensitive tool than it is generally believed. One more example when the idea itself is nice but the implementation is not: the author shows how to assess VaR for a pair of assets and doesn't seem to notice that the estimated probability of deal-break is risk-neutral, not physical probability and thus can not be directly used to estimate VaR which is tied to the physical probability distribution.
There's a possibility, however, that these and other discrepancies are a result of the author's unwillingless to disclose too much. Indeed, I have yet to see a book that properly covers the gap between the original cointegration results (obtained around 1985) and their real industrial implementation. If anyone can suggest a deeper book on Statistical Arbitrage, please let me know (click on my name above).
Nice read!! .......2006-10-20
Totally agree with Dr. Bruhn. The book keeps mathematics to a minimum, simply reviewing a collection of time series analysis techniques and putting those into a trading context. I can understand however that this might be a rather tedious read for someone who hasn't been exposed to statistics or time series analysis before.
For someone who has the ambition to get on top of the material, I would recommend reading Chris Brooks's "Introductory econometrics for finance" first or as accompanying text. A quite easy and enjoyable read into time series analysis.
I haven't looked into pairs trading before, but since I have taken a postgrad course in econometrics, all the concepts were familiar to me and partially covered in my course. I found the book to be a nice summary of what I had learned which might serve me well as a reference for the future.
My conclusion is that this book is a nice, enjoyable read for someone with an econometric/ statistical background, but may be challenging (but certainly managable with good accompanying texts) for newbies.
Book Description
Modern marketing techniques in industrialized countries cannot be implemented without segmentation of the potential market. Goods are no longer produced and sold without a significant consideration of customer needs combined with a recognition that these needs are heterogeneous. Since first emerging in the late 1950s, the concept of segmentation has been one of the most researched topics in the marketing literature. Segmentation has become a central topic to both the theory and practice of marketing, particularly in the recent development of finite mixture models to better identify market segments.
This second edition of
Market Segmentation updates and extends the integrated examination of segmentation theory and methodology begun in the first edition. A chapter on mixture model analysis of paired comparison data has been added, together with a new chapter on the pros and cons of the mixture model. The book starts with a framework for considering the various bases and methods available for conducting segmentation studies. The second section contains a more detailed discussion of the methodology for market segmentation, from traditional clustering algorithms to more recent developments in finite mixtures and latent class models. Three types of finite mixture models are discussed in this second section: simple mixtures, mixtures of regressions and mixtures of unfolding models. The third main section is devoted to special topics in market segmentation such as joint segmentation, segmentation using tailored interviewing and segmentation with structural equation models. The fourth part covers four major approaches to applied market segmentation: geo-demographic, lifestyle, response-based, and conjoint analysis. The final concluding section discusses directions for further research.
Customer Reviews:
Excellent book, but delivery is convoluted.......2004-05-19
This is an excellent book for getting a grip on quantitative market segmentation methods. It is a bit murky in places, but definately is one of the more advanced books on the subject.
I recommend it, but with reservation for those who are not up to speed in statistical analysis.
Book Description
Computational Finance presents a modern computational approach to mathematical finance within the Windows environment, and contains financial algorithms, mathematical proofs and computer code in C/C++. The author illustrates how numeric components can be developed which allow financial routines to be easily called by the complete range of Windows applications, such as Excel, Borland Delphi, Visual Basic and Visual C++.
These components permit software developers to call mathematical finance functions more easily than in corresponding packages. Although these packages may offer the advantage of interactive interfaces, it is not easy or computationally efficient to call them programmatically as a component of a larger system. The components are therefore well suited to software developers who want to include finance routines into a new application.
Typical readers are expected to have a knowledge of calculus, differential equations, statistics, Microsoft Excel, Visual Basic, C++ and HTML.
A CD-ROM is included which contains: working computer code, demonstration applications and also pdf versions of several research articles.
* Enables reader to incorporate advanced financial modelling techniques in Windows compatible software
* Aids the development of bespoke software solutions covering GARCH volatility modelling, derivative pricing with Partial Differential Equations, VAR, bond and stock options
* Includes CD-ROM with adaptive software
Book Description
This book presents a cogent description of the main methodologies used in derivatives pricing. Starting with a summary of the elements of Stochastic Calculus, Quantitative Methods in Derivatives Pricing develops the fundamental tools of financial engineering, such as scenario generation, simulation for European instruments, simulation for American instruments, and finite differences in an intuitive and practical manner, with an abundance of practical examples and case studies. Intended primarily as an introductory graduate textbook in computational finance, this book will also serve as a reference for practitioners seeking basic information on alternative pricing methodologies.
Domingo Tavella is President of Octanti Associates, a consulting firm in risk management and financial systems design. He is the founder and chief editor of the Journal of Computational Finance and has pioneered the application of advanced numerical techniques in pricing and risk analysis in the financial and insurance industries. Tavella coauthored Pricing Financial Instruments: The Finite Difference Method. He holds a PhD in aeronautical engineering from Stanford University and an MBA in finance from the University of California at Berkeley.
Customer Reviews:
sloppy editing, little additional material over previous work.......2007-10-24
Slapped together and little better than his original book. The original and a few downloaded PDFs are a better value. I'm beginning to think JW&S specializes in adding slipcovers with fancy graphics and nice new clean typefaces onto stale old previous material. Like middle-aged men who suddenly start dressing bizarrely younger in an unsuitable style, the result is neither value added, becoming, or informative, not offering value.
Computational finance: Tavella.......2005-03-27
Badly written/errors/typos all over.
Reviews/praise (on back cover) are meaningless & misleading.
The proof is in the reading!.......2002-08-14
Over 100 students in Berkeley's Master's in Financial Engineering Program have so far successfully mastered state-of-the-art derivatives pricing using the material in this textbook. In "The proof of the pudding is in the eating" test, this book earns an A+.
John O'Brien, Executive Director MFE Program, U.C. Berkeley
Excellent Reference for Computational Finance.......2002-08-09
This is an excellent introduction book on computational finance. It covers Monte Carlo simulation for pricing and scenario generations and finite difference methods very well. I really like the part on Monte Carlo simulation with various variance reduction techniques such as Brownian Bridge.
The author not only presents the methodologies, but he also tells the readers their limitations. This book is also a good resource for basics of stochastic processes most commonly needed in practice. I think the book is beneficial both to practitioners and students who really wants to consider financial engineering as a career.
Excellent resource.......2002-08-06
Whether you're a practitioner or a student, this text is great. It is succinctly written, covering everything from fundamental theories then leading into practical applications. While it is not for the mentally flaccid, if your sharp enough, you'll find it very useful.
Book Description
This book is an effective, concise text for students and researchers that combines the tools of dynamic programming with numerical techniques and simulation-based econometric methods. Doing so, it bridges the traditional gap between theoretical and empirical research and offers an integrated framework for studying applied problems in macroeconomics and microeconomics.
In part I the authors first review the formal theory of dynamic optimization; they then present the numerical tools and econometric techniques necessary to evaluate the theoretical models. In language accessible to a reader with a limited background in econometrics, they explain most of the methods used in applied dynamic research today, from the estimation of probability in a coin flip to a complicated nonlinear stochastic structural model. These econometric techniques provide the final link between the dynamic programming problem and data. Part II is devoted to the application of dynamic programming to specific areas of applied economics, including the study of business cycles, consumption, and investment behavior. In each instance the authors present the specific optimization problem as a dynamic programming problem, characterize the optimal policy functions, estimate the parameters, and use models for policy evaluation.
The original contribution of Dynamic Economics: Quantitative Methods and Applications lies in the integrated approach to the empirical application of dynamic optimization programming models. This integration shows that empirical applications actually complement the underlying theory of optimization, while dynamic programming problems provide needed structure for estimation and policy evaluation.
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