Applied Books

Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything

Steven D. Levitt, Stephen J. Dubner

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Subjects -> Business & Investing -> Popular Economics -> General
Subjects -> Business & Investing -> Popular Economics -> General AAS

Customer Reviews:
Total reviews: 1581 Average rating: 4.0 of 5

Editorial Review:

Economics is not widely considered to be one of the sexier sciences. The annual Nobel Prize winner in that field never receives as much publicity as his or her compatriots in peace, literature, or physics. But if such slights are based on the notion that economics is dull, or that economists are concerned only with finance itself, Steven D. Levitt will change some minds. In Freakonomics (written with Stephen J. Dubner), Levitt argues that many apparent mysteries of everyday life don't need to be so mysterious: they could be illuminated and made even more fascinating by asking the right questions and drawing connections. For example, Levitt traces the drop in violent crime rates to a drop in violent criminals and, digging further, to the Roe v. Wade decision that preempted the existence of some people who would be born to poverty and hardship. Elsewhere, by analyzing data gathered from inner-city Chicago drug-dealing gangs, Levitt outlines a corporate structure much like McDonald's, where the top bosses make great money while scores of underlings make something below minimum wage. And in a section that may alarm or relieve worried parents, Levitt argues that parenting methods don't really matter much and that a backyard swimming pool is much more dangerous than a gun. These enlightening chapters are separated by effusive passages from Dubner's 2003 profile of Levitt in The New York Times Magazine, which led to the book being written. In a book filled with bold logic, such back-patting veers Freakonomics, however briefly, away from what Levitt actually has to say. Although maybe there's a good economic reason for that too, and we're just not getting it yet. --John Moe

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:

Amazon Guest Review: Stephen Hawking
Published in 1988, Stephen Hawking’s A Brief History of Time became perhaps one of the unlikeliest bestsellers in history: a not-so-dumbed-down exploration of physics and the universe that occupied the London Sunday Times bestseller list for 237 weeks. Later successes include 1995’s A Briefer History of Time, The Universe in a Nutshell, and God Created the Integers: The Mathematical Breakthroughs that Changed History. Stephen Hawking is Lucasian Professor of Mathematics at the University of Cambridge.

In The Drunkard’s Walk Leonard Mlodinow provides readers with a wonderfully readable guide to how the mathematical laws of randomness affect our lives. With insight he shows how the hallmarks of chance are apparent in the course of events all around us. The understanding of randomness has brought about profound changes in the way we view our surroundings, and our universe. I am pleased that Leonard has skillfully explained this important branch of mathematics. --Stephen Hawking

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

Nassim Nicholas Taleb

Amazon Price: $17.82 List Price: $27.00 Usually ships in 24 hours By: Random House Amazon Marketplace: 39 new & used starting at $16.73

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Subjects -> Business & Investing -> Investing -> General AAS
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Total reviews: 387 Average rating: 4.0 of 5

Editorial Review:

If the prescriptions for getting rich that are outlined in books such as The Millionaire Next Door and Rich Dad Poor Dad are successful enough to make the books bestsellers, then one must ask, Why aren't there more millionaires? In Fooled by Randomness, Nassim Nicholas Taleb, a professional trader and mathematics professor, examines what randomness means in business and in life and why human beings are so prone to mistake dumb luck for consummate skill. This eccentric and highly personal exploration of the nature of randomness meanders from the court of Croesus and trading rooms in New York and London to Russian roulette, Monte Carlo engines, and the philosophy of Karl Popper. Part of what makes this book so good is Taleb's ability to make seemingly arcane mathematical concepts (at least to this reviewer) entirely relevant in evaluating and understanding everything from the stock market to the success of those millionaires cited in the aforementioned bestsellers. Here's an articulate, wise, and humorous meditation on the nature of success and failure that anyone who wants a little more of the former would do well to consider. Highly recommended. --Harry C. Edwards

The Visual Display of Quantitative Information, 2nd edition

Edward R. Tufte

Amazon Price: $28.80 List Price: $40.00 Usually ships in 24 hours By: Graphics Press Amazon Marketplace: 55 new & used starting at $16.00

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Subjects -> Arts & Photography -> Design & Decorative Arts -> Graphic Design -> General AAS
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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.

Editorial Review:

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.

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.



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

Avinash K. Dixit, Barry J. Nalebuff

Amazon Price: $18.45 List Price: $27.95 Usually ships in 24 hours By: W. W. Norton Amazon Marketplace: 51 new & used starting at $16.45

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Customer Reviews:
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.

Against the Gods: The Remarkable Story of Risk

Peter L. Bernstein

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Subjects -> Business & Investing -> Industries & Professions -> Insurance -> Risk Management

Customer Reviews:
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:

With the stock market breaking records almost daily, leaving longtime market analysts shaking their heads and revising their forecasts, a study of the concept of risk seems quite timely. 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. Along the way he demonstrates that understanding risk underlies everything from game theory to bridge-building to winemaking.

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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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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Customer Reviews:
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!