Applied Books

Freakonomics Rev Ed LP: A Rogue Economist Explores the Hidden Side of Everything

Steven D. Levitt, Stephen J. Dubner

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Total reviews: 1581 Average rating: 4.0 of 5

Editorial Review:

Which is more dangerous, a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? How did the legalization of abortion affect the rate of violent crime?

These may not sound like typical questions for an econo-mist to ask. But Steven D. Levitt is not a typical economist. He is a much-heralded scholar who studies the riddles of everyday life—from cheating and crime to sports and child-rearing—and whose conclusions turn conventional wisdom on its head.

Freakonomics is a groundbreaking collaboration between Levitt and Stephen J. Dubner, an award-winning author and journalist. They usually begin with a mountain of data and a simple question. Some of these questions concern life-and-death issues; others have an admittedly freakish quality. Thus the new field of study contained in this book: freakonomics.

Through forceful storytelling and wry insight, Levitt and Dubner show that economics is, at root, the study of incentives—how people get what they want, or need, especially when other people want or need the same thing. In Freakonomics, they explore the hidden side of . . . well, everything. The inner workings of a crack gang. The truth about real-estate agents. The myths of campaign finance. The telltale marks of a cheating schoolteacher. The secrets of the Klu Klux Klan.

What unites all these stories is a belief that the modern world, despite a great deal of complexity and downright deceit, is not impenetrable, is not unknowable, and—if the right questions are asked—is even more intriguing than we think. All it takes is a new way of looking.

Freakonomics establishes this unconventional premise: If morality represents how we would like the world to work, then economics represents how it actually does work. It is true that readers of this book will be armed with enough riddles and stories to last a thousand cocktail parties. But Freakonomics can provide more than that. It will literally redefine the way we view the modern world.

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

Nassim Nicholas Taleb

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Total reviews: 387 Average rating: 4.0 of 5

Editorial Review:

Now in a striking new hardcover edition, Fooled by Randomness is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk expert, polymathic scholar, erudite raconteur, and New York Times bestselling author of The Black Swan–has written a modern classic that turns on its head what we believe about luck and skill.

This book is about luck–or more precisely, about how we perceive and deal with luck in life and business. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill–the world of trading–Fooled by Randomness provides captivating insight into one of the least understood factors in all our lives. Writing in an entertaining narrative style, the author tackles major intellectual issues related to the underestimation of the influence of happenstance on our lives.

The book is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: the baseball legend Yogi Berra; the philosopher of knowledge Karl Popper; the ancient world’s wisest man, Solon; the modern financier George Soros; and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life but falls victim to his own superstitious foolishness.

However, the most recognizable character of all remains unnamed–the lucky fool who happens to be in the right place at the right time–he embodies the “survival of the least fit.” Such individuals attract devoted followers who believe in their guru’s insights and methods. But no one can replicate what is obtained by chance.

Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? It may be impossible to guard ourselves against the vagaries of the goddess Fortuna, but after reading Fooled by Randomness we can be a little better prepared.

PRAISE FOR FOOLED BY RANDOMNESS:

Named by Fortune One of the Smartest Books of All Time

A Financial Times Best Business Book of the Year

“[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.”
–Malcolm Gladwell, author of Blink

“The book that rolled down Wall Street like a hand grenade.”
–Maggie Mahar, author of Bull! A History of the Boom, 1982—1999

“Fascinating . . . Taleb will grab you.”
–Peter L. Bernstein, author of Capital Ideas Evolving

“Recalls the best of scientist/essayists like Richard Dawkins . . . and Stephen Jay Gould.”
–Michael Schrage, author of Serious Play: How the World’s Best Companies Simulate to Innovate

“We need a book like this. . . . Fun to read, refreshingly independent-minded.”
–Robert J. Shiller, author of Irrational Exuberance

“Powerful . . . loaded with crackling little insights [and] extreme brilliance.”
–National Review

“If asked to name the five best books written about markets, Fooled by Randomness would be on my list.”
–Jack D. Schwager, author of Market Wizards: Interviews with Top Traders

“Excellent and thought-provoking . . . an entertaining book.”
–Financial Times

The Drunkard's Walk: How Randomness Rules Our Lives

Leonard Mlodinow

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Total reviews: 50 Average rating: 4.5 of 5

Editorial Review:

In this irreverent and illuminating book, acclaimed writer and scientist Leonard Mlodinow shows us how randomness, change, and probability reveal a tremendous amount about our daily lives, and how we misunderstand the significance of everything from a casual conversation to a major financial setback. As a result, successes and failures in life are often attributed to clear and obvious cases, when in actuality they are more profoundly influenced by chance.

The rise and fall of your favorite movie star of the most reviled CEO--in fact, of all our destinies--reflects as much as planning and innate abilities. Even the legendary Roger Maris, who beat Babe Ruth's single-season home run record, was in all likelihood not great but just lucky. And it might be shocking to realize that you are twice as likely to be killed in a car accident on your way to buying a lottery ticket than you are to win the lottery.

How could it have happened that a wine was given five out of five stars, the highest rating, in one journal and in another it was called the worst wine of the decade? Mlodinow vividly demonstrates how wine ratings, school grades, political polls, and many other things in daily life are less reliable than we believe. By showing us the true nature of change and revealing the psychological illusions that cause us to misjudge the world around us, Mlodinow gives fresh insight into what is really meaningful and how we can make decisions based on a deeper truth. From the classroom to the courtroom, from financial markets to supermarkets, from the doctor's office to the Oval Office, Mlodinow's insights will intrigue, awe, and inspire.

Offering readers not only a tour of randomness, chance, and probability but also a new way of looking at the world, this original, unexpected journey reminds us that much in our lives is about as predictable as the steps of a stumbling man fresh from a night at the bar.

The Visual Display of Quantitative Information, 2nd edition

Edward R. Tufte

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Customer Reviews:
Total reviews: 96 Average rating: 4.5 of 5

The Ups and Downs of Tufte's Book 3 out of 5 stars.
0 of 0 people found this review helpful.

It definitely was interesting and educational to read and see Tufte's presentation on Visual Dispaly of Quantitative Information. He illustrates the good, the bad, and the ugly of graphic displays over the centuries. However, I was hoping to see more examples of current computer graphics that should be emulated in this edition instead of terse comments and skeletal constructs in this area.

Easy and fun to read 4 out of 5 stars.
0 of 0 people found this review helpful.

I was able to read this fairly quickly. (stealing a few hours here and there at work).

Although I did not find any direct solutions to my current problems - it definitely opened my imagination to consider new possibilities.

Masterpiece of graphic design proves timeless and universal 5 out of 5 stars.
0 of 0 people found this review helpful.

I returned to Tufte's first classic book of graphic design principles over 20 years after first discovering it. At the time, I was the corporate librarian for a major electric utility, and the explosion in the organization and creation of information by individuals with new personal-computer hardware and software was just beginning (I had an IBM PC-XT with 640Kb of RAM and two 360k floppies--no hard drive).

Now, I wondered, aside from the masterpiece of graphic design that "Visual Display" of course still represents, did Tufte's theories of graphics design still apply in a world where those computers at our fingertips pack the power and sophistication of the best publishing equipment? The answer is yes: Tufte's guidelines are timeless and universal, and most of his examples predate the computer era and even the 20th century.

The guidelines boil down to the single principle of making design choices that result in the simplest possible display of complex data. While that may not sound profound, Tufte provides simple and practical rules for implementing sound design choices, and the resulting improvements in your documents and web designs will be noticeable.

Editorial Review:

A modern classic. Tufte teaches the fundamentals of graphics, charts, maps and tables. "A visual Strunk and White" (The Boston Globe). Includes 250 delightfullly entertaining illustrations, all beautifully printed.

Secrets of Mental Math: The Mathemagician's Guide to Lightning Calculation and Amazing Math Tricks

Arthur Benjamin, Michael Shermer

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Total reviews: 18 Average rating: 5.0 of 5

Editorial Review:

These simple math secrets and tricks will forever change how you look at the world of numbers.

Secrets of Mental Math will have you thinking like a math genius in no time. Get ready to amaze your friends—and yourself—with incredible calculations you never thought you could master, as renowned “mathemagician” Arthur Benjamin shares his techniques for lightning-quick calculations and amazing number tricks. This book will teach you to do math in your head faster than you ever thought possible, dramatically improve your memory for numbers, and—maybe for the first time—make mathematics fun.

Yes, even you can learn to do seemingly complex equations in your head; all you need to learn are a few tricks. You’ll be able to quickly multiply and divide triple digits, compute with fractions, and determine squares, cubes, and roots without blinking an eye. No matter what your age or current math ability, Secrets of Mental Math will allow you to perform fantastic feats of the mind effortlessly. This is the math they never taught you in school.



Also available as an eBook

Against the Gods: The Remarkable Story of Risk

Peter L. Bernstein

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Total reviews: 155 Average rating: 4.0 of 5

Today's hero is often tomorrow's blockhead. 4 out of 5 stars.
2 of 2 people found this review helpful.

There are two things that I really liked about this book, and one thing that I didn't. The good things:

1) The author's vast knowledge of the financial markets, from most of a century of experience.
2) His extensive and entertaining history of risk analysis.

The bad thing:

His attempts to explain math concepts that he apparently doesn't understand very well.

His history of risk analysis was a pleasure to read -- from Fibonacci and Cardano, to Markowitz and Sharpe. My favorite, was his coverage of Francis Galton, the man who measured everything.

Above all, the greatest value in this book is that it's packed with the author's knowledge of finance, from 63 years of experience. He's 89 years old now, and appears to still be going strong.

This book is well worth reading.

My favorite quote from the book:
Today's hero is often tomorrow's blockhead.(pg 297)

Editorial Review:

This audiobook, a narrative that moves like a novel, chronicles the remarkable intellectual adventure that liberated humanity from the oracles and soothsayers by means of the powerful tools of risk management that are available to us today. The premise is to show that risk need not be feared today: managing risks has become synonymous with challenge and opportunity.

The Art of Strategy: A Game Theorist's Guide to Success in Business and Life

Avinash K. Dixit, Barry J. Nalebuff

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Total reviews: 2 Average rating: 5.0 of 5

A Great Success 5 out of 5 stars.
5 of 23 people found this review helpful.

"What do I do when I reach the top of the mountain?" the young man asked the master.
"Keep on climbing," replied the master.

Dixit and Nalebuff got to the top of the mountain with the first edition of this book in 1991. They have continued to climb the last 17 years.

I know of no higher praise.

Editorial Review:

The authors who brought you the bestseller in game theory, Thinking Strategically, now provide the long-awaited sequel.

Game theory means rigorous strategic thinking. It's the art of anticipating your opponent's next moves, knowing full well that your rival is trying to do the same thing to you. Though parts of game theory involve simple common sense, much is counterintuitive, and it can only be mastered by developing a new way of seeing the world. Using a diverse array of rich case studies—from pop culture, TV, movies, sports, politics, and history—the authors show how nearly every business and personal interaction has a game-theory component to it. Are the winners of reality-TV contests instinctive game theorists? Do big-time investors see things that most people miss? What do great poker players know that you don't? Mastering game theory will make you more successful in business and life, and this lively book is the key to that mastery.

The Unfinished Game: Pascal, Fermat, and the Seventeenth-Century Letter that Made the World Modern

Keith Devlin

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Total reviews: 3 Average rating: 4.5 of 5

Editorial Review:

Before the mid-seventeenth century, scholars generally agreed that it was impossible to predict something by calculating mathematical outcomes. One simply could not put a numerical value on the likelihood that a particular event would occur. Even the outcome of something as simple as a dice roll or the likelihood of showers instead of sunshine was thought to lie in the realm of pure, unknowable chance.

The issue remained intractable until Blaise Pascal wrote to Pierre de Fermat in 1654, outlining a solution to the “unfinished game” problem: how do you divide the pot when players are forced to end a game of dice before someone has won? The idea turned out to be far more seminal than Pascal realized. From it, the two men developed the method known today as probability theory.

In The Unfinished Game, mathematician and NPR commentator Keith Devlin tells the story of this correspondence and its remarkable impact on the modern world: from insurance rates, to housing and job markets, to the safety of cars and planes, calculating probabilities allowed people, for the first time, to think rationally about how future events might unfold.

Statistics for Dummies

Deborah Rumsey

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Customer Reviews:
Total reviews: 30 Average rating: 4.0 of 5

Editorial Review:

In the numbers explosion all around us in our modern-day dealings, the buzzword is data, as in, “Do you have any data to support your claim?” “The data supported the original hypothesis that . . .” and “The data bear this out. . . .” But the field of statistics is not just about data. Statistics is the entire process involved in gathering evidence to answer questions about the world, in cases where that evidence happens to be numerical data.

Statistics For Dummies is for everyone who wants to sort through and evaluate the incredible amount of statistical information that comes to them on a daily basis. (You know the stuff: charts, graphs, tables, as well as headlines that talk about the results of the latest poll, survey, experiment, or other scientific study.) This book arms you with the ability to decipher and make important decisions about statistical results, being ever aware of the ways in which people can mislead you with statistics. Get the inside scoop on number-crunching nuances, plus insight into how you can

• Determine the odds
• Calculate a standard score
• Find the margin of error
• Recognize the impact of polls
• Establish criteria for a good survey
• Make informed decisions about experiments

This down-to-earth reference is chock-full of real examples from real sources that are relevant to your everyday life: from the latest medical breakthroughs, crime studies, and population trends to surveys on Internet dating, cell phone use, and the worst cars of the millennium. Statistics For Dummies departs from traditional statistics texts, references, supplement books, and study guides in the following ways:

• Practical and intuitive explanations of statistical concepts, ideas, techniques, formulas, and calculations.
• Clear and concise step-by-step procedures that intuitively explain how to work through statistics problems.
• Upfront and honest answers to your questions like, “What does this really mean?” and “When and how I will ever use this?”

Chances are, Statistics For Dummies will be your No. 1 resource for discovering how numerical data figures into your corner of the universe.

Cartoon Guide to Statistics

Larry Gonick, Woollcott Smith

Amazon Price: $12.21 List Price: $17.95 Usually ships in 24 hours By: Collins Amazon Marketplace: 127 new & used starting at $4.26

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Total reviews: 55 Average rating: 4.0 of 5

statistics made simple through cartoons 4 out of 5 stars.
21 of 21 people found this review helpful.

I wrote a short review of this book previously for Amazon and my opinions have not changed very much. However, Gonick deserves credit for coauthoring his cartoon books with experts in the field. This way he avoids mistakes and brings out the important messages that, in the case of this book, a statistician would want to teach his students.
Recently, I used the cartoons on p-values to help another statistician with a presentation on p-values for an audience of medical researchers. I found the relevant cartoons to be humorous and very instructive.

Also, I discovered that in addition to the standard topics of estimation, hypothesis testing, regression, correlation and analysis of variance, Chapter 12, simply titled "Conclusion" has a brief description of many advanced topics, particularly in multivariate analysis.

Multivariate topics include Chernoff faces, cluster analysis, factor analysis and discriminant analysis. Other advanced topics mentioned are random walks, time series analysis, image analysis and even resampling (bootstrap, jackknife and randomization).

Each is described with a single cartoon. This reminds me to again warn that these cartoons alone cannot do justice to the various topics being taught. However, careful selection and placement into the context of a course can bring home important points to students better than just conventional teaching methods. I wouldn't hesitate to use this material to supplement and liven up an introductory statistics course.

The bibliography at the end provides a number of very fine introductory texts and other topics and software that could interest the general public (also done in the cartoon fashion of Gonick).

Editorial Review:

If you have ever looked for P-values by shopping at P mart, tried to watch the Bernoulli Trails on "People's Court," or think that the standard deviation is a criminal offense in six states, then you need The Cartoon Guide to Statistics to put you on the road to statistical literacy.

The Cartoon Guide to Statistics covers all the central ideas of modern statistics: the summary and display of data, probability in gambling and medicine, random variables, Bernoulli Trails, the Central Limit Theorem, hypothesis testing, confidence interval estimation, and much more--all explained in simple, clear, and yes, funny illustrations. Never again will you order the Poisson Distribution in a French restaurant!