The and Essentials of Statistics for Business and Economics

The (Mis)behavior of Markets: A Fractual View of Risk, Ruin, and Reward

Author: Benoit Mandelbrot

Mathematical superstar and inventor of fractal geometry, Benoit Mandelbrot, has spent the past forty years studying the underlying mathematics of space and natural patterns. What many of his followers don't realize is that he has also been watching patterns of market change. In The (Mis)Behavior of Markets, Mandelbrot joins with science journalist and former Wall Street Journal editor Richard L. Hudson to reveal what a fractal view of the world of finance looks like. The result is a revolutionary reevaluation of the standard tools and models of modern financial theory. Markets, we learn, are far riskier than we have wanted to believe. From the gyrations of IBM's stock price and the Dow, to cotton trading, and the dollar-Euro exchange rate--Mandelbrot shows that the world of finance can be understood in more accurate, and volatile, terms than the tired theories of yesteryear.The ability to simplify the complex has made Mandelbrot one of the century's most i nfluential mathematicians. With The (Mis)Behavior of Markets, he puts the tools of higher mathematics into the hands of every person involved with markets, from financial analysts to economists to 401(k) holders. Markets will never be seen as "safe bets" again.

Table of Contents:

	Abstract	v
	Acknowledgments	xiii
	Prelude: Introducing a Maverick in Science	xv
Part I	The Old Way
Chapter I	Risk, Ruin, and Reward	3
Chapter II	By the Toss of a Coin or the Flight of an Arrow?	25
Chapter III	Bachelier and His Legacy	43
Chapter IV	The House of Modern Finance	59
Chapter V	The Case Against the Modern Theory of Finance	79
	Pictorial Essay: Images of the Abnormal	88
Part II	The New Way
Chapter VI	Turbulent Markets: A Preview	111
Chapter VII	Studies in Roughness: A Fractal Primer	123
	Pictorial Essay: A Fractal Gallery	132
Chapter VIII	The Mystery of Cotton	147
Chapter IX	Long Memory, from the Nile to the Marketplace	173
Chapter X	Noah, Joseph, and Market Bubbles	197
Chapter XI	The Multifractal Nature of Trading Time	207
Part III	The Way Ahead
Chapter XII	Ten Heresies of Finance	225
Chapter XIII	In the Lab	253
	Notes	277
	Bibliography	303
	Index	318

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Essentials of Statistics for Business and Economics (with CD-ROM)

Author: David R Anderson

Trust the latest version of this market-leading essentials text to introduce sound statistical methodology in a proven applications setting. ESSENTIALS OF STATISTICS FOR BUSINESS AND ECONOMICS, 5e, includes all of the strengths of the longer best-selling Anderson/Sweeney/Williams STATISTICS FOR BUSINESS AND ECONOMICS, with a focus on the most important core topics for a concise presentation that's easy for students to follow. This brief introduction to business statistics offers a wealth of actual business examples, proven methods, and application exercises that clearly demonstrate how statistical results provide insights into business decisions and present solutions to contemporary business problems. High-quality problems, trusted for their unwavering accuracy, and the authors' signature problem-scenario approach clearly show how to apply statistical methods in practical business situations. New case problems as well as methods, applications, and self-test exercises en courage students to master formulas, apply materials, and evaluate their personal understanding. Optional updated appendices highlight the latest Excel® 2007 and Minitab® 15 popular commercial software, giving you the choice of integrating or omitting computer coverage in your course. This edition's concise approach and comprehensive support package, now including CengageNOW course management system, provides everything you need for an effective statistics course that prepares students for the essentials of statistics success in business today.

Booknews

Focusing on business and economic applications of statistics, this textbook covers data, descriptive statistics, discrete and continuous probability distributions, sampling, interval estimation, hypothesis testing, comparisons involving means, comparison involving proportions, simple linear regression, and multiple regression. Approximately 100 data sets are included on the companion CD-ROM. The authors teach quantitative analysis and management science at the University of Cincinnati and the Rochester Institute of Technology. Annotation c. Book News, Inc., Portland, OR (booknews.com)

Table of Contents:

	Preface
	About the Authors
Ch. 1	Data and Statistics	1
Ch. 2	Descriptive Statistics: Tabular and Graphical Methods	23
Ch. 3	Descriptive Statistics: Numerical Methods	75
Ch. 4	Introduction to Probability	139
Ch. 5	Discrete Probability Distributions	185
Ch. 6	Continuous Probability Distributions	225
Ch. 7	Sampling and Sampling Distributions	255
Ch. 8	Interval Estimation	296
Ch. 9	Hypothesis Testing	337
Ch. 10	Comparisons Involving Means	387
Ch. 11	Comparisons Involving Proportions and a Test of Independence	446
Ch. 12	Simple Linear Regression	478
Ch. 13	Multiple Regression	547
	Appendixes	595
	App. A: References and Bibliography	596
	App. B: Tables	597
	App. C: Summation Notation	618
	App. D: Answers to Even-Numbered Exercises	620
	App. E: Solutions to Self-Test Exercises	634
	Index	651