In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. Perhaps his own bias came out in this book. A fascinating wealth in and of itself, this book is your PhD in financial physics. Refresh and try again. While requiring very little business background (other than a natural curiousity in its subject), it succeeds in promoting an awareness about the nature of risk management and lends insight regarding the operation of economic systems. My friends and colleagues have a hard time believing that one of the most entertaining books I have ever read is about risk management and probability. by Wiley, Published March 1st 1997 The particular path is that of risk management traced from the Renaissance to the close of the 20th Century. But I found myself wanting more depth. Those who want a wquick fix investment solutions guide will be even angrier and will nort find anything useful here. . Peter Bernstein has written a comprehensive history of man's efforts to understand risk and probability, beginning with early gamblers in ancient Greece, continuing through the 17th-century French mathematicians Pascal and Fermat and up to modern chaos theory. but it took me over three months to do it. Against the Gods is a perfect title for this book. My interest was in the first two thirds of the book which anyone who teaches courses in statistics should read, if only for a little background. The good things: If you are a trader and you are shopping around for literature that you think will help you to better grasp the concept of risk, this book is not for you. Through the course of the book, he elucidates the basic concepts of risk in an informal yet highly effective manner. However, I felt that a broader discussion of the effects of the improved "risk understanding" had on commerce, businesses, and on society in general was missing. The first half is about the history of Probability and Statistics, the second half deals more with Economics (some applications of Game Thoery) and Finance. I had started the book with very high expectations but unfortunately, I am disappointed for the most part. ☆ The book provides an outline of all the key players and their contribution to risk theory and management. Top subscription boxes – right to your door, © 1996-2020, Amazon.com, Inc. or its affiliates. Fun to read - just did not live up to the hype. This book was an interesting one about risk management. I still have not finished it but am about half way through it. Took me several months to read, and only really made progress first on a plane back from Europe when I had finished everything else and then when I made myself finish books I'd started before buying new ones. ☆. There are also brief episodes about the personalities of the people involved - with their philosophical and sometimes theological leanings. This item cannot be shipped to your selected delivery location. or quant. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. Just a moment while we sign you in to your Goodreads account. (Bernstein,p.227).Bernstein claims that Keynes made these statements on page 5 of the TP(See his footnote 29 to chapter 13 of his book).This is simply incorrect.There are a number of other errors relating to Keynes's 1937 Quarterly Journal of Economics(QJE) article and the General Theory(1936) with respect to Keynes's use of the word uncertainty.The quotation taken from the QJE article and cited on page 229 by Bernstein specifies that uncertainty is a range.This range goes from little or no uncertainty to mild or moderate uncertainty to complete or total uncertainty("We simply do not know! ★ Books published at the end of the 20th century have a certain purity to them. Bernstein organizes his material within an historical framework: P. Bernstein's book encompasses many aspects of the vast realm of risk and probability. Bernstein has probably written the quintessential historical study on Risk and Probability with this volume. What I really liked about this book is the fact that I was able to place the various names like Bernoulli, Pascal, Fermat, Fibonacci, Da Vinci, Euler, Leibniz, de Moivre and many others in the chronological order of scientific development and the glimpses into their work and lives. I would recommend continuing with Taleb's Black Swan to see a completely different perspective after you finish with this one. Peter Bernstein has written a comprehensive history of man's efforts to understand risk and probability, beginning with early gamblers in ancient Greece, continuing through the 17th-centur.
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