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In a little more than thirty years, the field of experimental economics has gone from obscurity to international recognition with the presentation of the 2002 Nobel Prize in Economics to Vernon L. Smith, who took a classroom exercise he saw as a Harvard graduate student and turned it into one of the hottest areas in economics. Experimental Economics is an engaging and accessible introduction to the field by Ross M. Miller, one of Professor Smith?s first student collaborators and a pioneer in the application of experimental methods to financial markets. His book uses a series of experimental case studies to examine what makes markets work, what can cause them to break, and how experimental methods can be used to repair them.
Order your copy of this dramatic and fun-to-read exploration of the ideas shaping the future of the global economy today.
- Sales Rank: #2246306 in Books
- Published on: 2005-01-28
- Released on: 2005-01-14
- Original language: English
- Number of items: 1
- Dimensions: 9.09" h x .91" w x 6.00" l, .81 pounds
- Binding: Paperback
- 336 pages
Review
"The best account of all of the new developments so far has just appeared. ''Paving Wall Street: Experimental Economics & the Quest for the Perfect Market,'' by Ross M. Miller, moves far beyond Peter Bernstein's two classic volumes, ''Capital Ideas'' and ''Against the Odds.''
For many years the author headed General Electric's Quantitative Finance Group. He weaves together developments in finance, game theory, and experimental economics to give a clear and up-to-date picture of rocket science as it is applied at the highest levels on Wall Street." (The Boston Globe)
From the Inside Flap
Paving Wall Street explores the unfinished business of capitalism. While markets have prevailed over central planning in one country after another, Wall Street continues to experience disconcerting episodes of exuberance and despair. Traditional methods of financial and economic analysis provide little comfort for typical investors, whose supposed irrationality often serves as a scapegoat for the market's problems.
Dr. Miller presents an engaging account of experimental economics, a new field that examines the interplay between markets and human behavior under controlled conditions. Experimental economists have been able to reproduce the stock market bubbles and crashes in laboratories around the world. While human psychology may contribute to the market's problems, experimentalists have found that even a simple change in the rules that govern a market can lead to a dramatic improvement in its performance. A natural outgrowth of experimental economics has been the creation of "smart markets" designed to overcome the flaws of existing markets.
Paving Wall Street is packed with insights into why financial markets behave the way they do and where they might be headed in the future. Whether you manage your own portfolio or are just curious about what moves the market, this book will open your eyes to the inner workings of Wall Street and the global economy.
From the Back Cover
Praise for Experimental Economics
"The best account of all of the new developments [in economics] moves far beyond Peter Bernstein's two classic volumes, Capital Ideas and Against the Gods."
—David Warsh, Boston Globe
"This is a remarkable book that weaves the deep scientific roots of modern finance and modern financial institutions with humorous perspective and considerable wisdom. Few understand the pervasive and complex economic principles that govern our world of finance. Few are aware of the academic and scientific origins of financial practices and market instruments that are commonplace today. Ross Miller uses his experience and talents acquired as an experimental economist to help us understand a world that is contradictory, potentially dangerous, and paradoxical. He entertains us while doing it."
—Charles R. Plott, Edward S. Harkness Professor of Economics and Political Science, California Institute of Technology
"Dramatic new ways for buying and selling—spectrum auctions, e-commerce, derivatives—are the economics profession's contribution to the Information Revolution. This book explains how many of these innovations began with simple experiments at Caltech. The style is a refreshing combination—dramatic and fun to read, but also historically and scientifically accurate. So I can send one to my Dad, a salesman, and another to my girlfriend, a patent attorney."
—Colin Camerer, Rea and Lela Axline Professor of Business Economics, California Institute of Technology
"[Experimental Economics] is a provocative summary of recent decades of economic research. The investor who wants to know the theory behind the markets in which he trades, the economist who has been out of the academic mainstream for many years, and the interested general reader can spend many evenings mulling over the revolution in economics that has occurred since Smith's assumptions of market perfection were challenged. Mr. Miller makes mathematical finance relevant and sometimes even poignant. His book is a marvel of combining anecdote with theory all without so much as a single partial differential equation."
—Andrew Allentuck, Globe and Mail (Toronto)
Most helpful customer reviews
0 of 0 people found the following review helpful.
Five Stars
By carl
great product
5 of 9 people found the following review helpful.
Where it's at in economics today
By A Customer
About 1975, when Ross Miller and I were grad students in economics, there was a consensus "economic view of the world." Economists who had to deal with the real world -- policy makers and development types -- didn't really believe it, but the mainstream did. Not only believed it, but took it for granted.
That's not true today. The consensus is fragmenting. If you want to understand the underpinnings of this intellectual shift, read Ross's book. It's written clearly, even excitingly, with well-chosen examples. And it is written by a real economist, who's trying to understand what's right and what's wrong about how we think about the economic world.
5 of 5 people found the following review helpful.
Useful
By C. Kurdas
Miller provides in-depth insight into past financial market events and by doing so sheds light on what might happen today on several fronts. Three examples: His discussion of the 1998 Long-Term Capital Management debacle is relevant for understanding current risks in hedge funds. His analysis of 1980s portfolio insurance should add to concerns about the proliferation of capital guaranteed notes. His take on market circuit breakers, which he describes as regulatory folly, raises the question of what would happen today if these were triggered.
While the book reviews a large and varied body of academic research, focusing heavily on the experimental economics that the author subscribes to, it offers practical conclusions that anybody interested in finance will find worthwhile. As a financial journalist, I found it very useful.
However, because it covers a lot of ground, readers may want to pick and choose what they want to read from the index. The chapter and section headings, while entertaining, are not good guides for this purpose.
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