Author : Nick Mordin
Publisher : Aesculus Press Ltd
Page : 650 pages
File Size : 50,15 MB
Release : 2002
Category : Games & Activities
ISBN : 9781904328001
How to take advantage of recurring patterns in the results of horse-race Basic principles that govern racing results and the betting market Mistakes commonly made by the general betting public - and how to exploit them Full details of betting systems used by professional gamblers that have made them millions How to predict and profit from new trends How to use computers to increase your returns from betting
Author : Leonard C Maclean
Publisher : World Scientific
Page : 883 pages
File Size : 11,74 MB
Release : 2011-02-10
Category : Business & Economics
ISBN : 981446581X
This volume provides the definitive treatment of fortune's formula or the Kelly capital growth criterion as it is often called. The strategy is to maximize long run wealth of the investor by maximizing the period by period expected utility of wealth with a logarithmic utility function. Mathematical theorems show that only the log utility function maximizes asymptotic long run wealth and minimizes the expected time to arbitrary large goals. In general, the strategy is risky in the short term but as the number of bets increase, the Kelly bettor's wealth tends to be much larger than those with essentially different strategies. So most of the time, the Kelly bettor will have much more wealth than these other bettors but the Kelly strategy can lead to considerable losses a small percent of the time. There are ways to reduce this risk at the cost of lower expected final wealth using fractional Kelly strategies that blend the Kelly suggested wager with cash. The various classic reprinted papers and the new ones written specifically for this volume cover various aspects of the theory and practice of dynamic investing. Good and bad properties are discussed, as are fixed-mix and volatility induced growth strategies. The relationships with utility theory and the use of these ideas by great investors are featured.Contents: "The Early Ideas and Contributions: "Introduction to the Early Ideas and ContributionsExposition of a New Theory on the Measurement of Risk (translated by Louise Sommer) "(D Bernoulli)"A New Interpretation of Information Rate "(J R Kelly, Jr)"Criteria for Choice among Risky Ventures "(H A Latan)"Optimal Gambling Systems for Favorable Games "(L Breiman)"Optimal Gambling Systems for Favorable Games "(E O Thorp)"Portfolio Choice and the Kelly Criterion "(E O Thorp)"Optimal Investment and Consumption Strategies under Risk for a Class of Utility Functions "(N H Hakansson)"On Optimal Myopic Portfolio Policies, with and without Serial Correlation of Yields "(N H Hakansson)"Evidence on the ?Growth-Optimum-Model? "(R Roll)""Classic Papers and Theories: "Introduction to the Classic Papers and TheoriesCompetitive Optimality of Logarithmic Investment "(R M Bell and T M Cover)"A Bound on the Financial Value of Information "(A R Barron and T M Cover)"Asymptotic Optimality and Asymptotic Equipartition Properties of Log-Optimum Investment "(P H Algoet and T M Cover)"Universal Portfolios "(T M Cover)"The Cost of Achieving the Best Portfolio in Hindsight "(E Ordentlich and T M Cover)"Optimal Strategies for Repeated Games "(M Finkelstein and R Whitley)"The Effect of Errors in Means, Variances and Co-Variances on Optimal Portfolio Choice "(V K Chopra and W T Ziemba)"Time to Wealth Goals in Capital Accumulation "(L C MacLean, W T Ziemba, and Y Li)"Survival and Evolutionary Stability of Rule the Kelly "(I V Evstigneev, T Hens, and K R Schenk-Hopp)"Application of the Kelly Criterion to Ornstein-Uhlenbeck Processes "(Y Lv and B K Meister)""The Relationship of Kelly Optimization to Asset Allocation: "Introduction to the Relationship of Kelly Optimization to Asset AllocationSurvival and Growth with a Liability: Optimal Portfolio Strategies in Continuous Time "(S Browne)"Growth versus Security in Dynamic Investment Analysis "(L C MacLean, W T Ziemba, and G Blazenko)"Capital Growth with Security "(L C MacLean, R Sanegre, Y Zhao, and W T Ziemba)"
Author : Donald B. Hausch
Publisher : World Scientific
Page : 679 pages
File Size : 26,20 MB
Release : 2008
Category : Games & Activities
ISBN : 9812819193
A reprint of one of the classic volumes on racetrack efficiency, this book is the only one in its field that deals with the racetrack betting market in-depth, containing all the important historical papers on racetrack efficiency. As evidenced by the collection of articles, the understanding of racetrack betting is clearly drawn from, and has correspondingly returned something to, all the fields of psychology, economics, finance, statistics, mathematics and management science.
Author : Chu Kim-Prieto
Publisher : Springer
Page : 363 pages
File Size : 37,81 MB
Release : 2014-08-07
Category : Psychology
ISBN : 9401789509
This book presents an integrated review and critical analysis of the recent research in the positive psychology of religion, with focus on the positive psychology of religion across different cultures and religions. The book provides a review of the literature on different contributions of religion and spirituality to positive functioning and well-being and reviews religions across the world, including Christianity, Islam, Buddhism, Judaism, Sikhism, Native American religions, and Hinduism. It fills a unique place in the market’s increasing interest and demand in the psychology of religion, as well as positive psychology. While the target audience is researchers, scholars, and students in psychology, cross-cultural studies, religious studies, and social sciences, it will be useful for anyone interested in better understanding the contributions of religion and culture in subjective well-being.
Author : Leonard C Maclean
Publisher : World Scientific
Page : 941 pages
File Size : 21,16 MB
Release : 2013-05-10
Category : Business & Economics
ISBN : 981441736X
This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2nd edition published in 2006).
Author : Rachel E. S. Ziemba
Publisher : John Wiley & Sons
Page : 334 pages
File Size : 25,32 MB
Release : 2008-07-31
Category : Business & Economics
ISBN : 9780470518380
This book discusses scenarios for risk management and developing global investment strategies. What are the chances that various future events will occur over time and how should these events and probable occurrence influence investment decisions? Assessing all possible outcomes is fundamental to risk management, financial engineering and investment and hedge fund strategies. A careful consideration of future scenarios will lead to better investment decisions and avoid financial disasters. The book presents tools and case studies around the world for analyzing a wide variety of investment strategies, building scenarios to optimize returns.
Author : Stavros A. Zenios
Publisher : Elsevier
Page : 509 pages
File Size : 23,9 MB
Release : 2006-07-17
Category : Business & Economics
ISBN : 0080478204
This first volume of the Handbook of Asset and Liability Management presents the theories and methods supporting models that align a firm's operations and tactics with its uncertain environment. Detailing the symbiosis between optimization tools and financial decision-making, its original articles cover term and volatility structures, interest rates, risk-return analysis, dynamic asset allocation strategies in discrete and continuous time, the use of stochastic programming models, bond portfolio management, and the Kelly capital growth theory and practice. They effectively set the scene for Volume Two by showing how the management of risky assets and uncertain liabilities within an integrated, coherent framework remains the core problem for both financial institutions and other business enterprises as well.*Each volume presents an accurate survey of a sub-field of finance*Fills a substantial gap in this field*Broad in scope
Author :
Publisher : ScholarlyEditions
Page : 212 pages
File Size : 20,99 MB
Release : 2013-05-01
Category : Psychology
ISBN : 1490109382
Issues in Experimental Psychology / 2013 Edition is a ScholarlyEditions™ book that delivers timely, authoritative, and comprehensive information about Experimental and Clinical Psychopharmacology. The editors have built Issues in Experimental Psychology: 2013 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Experimental and Clinical Psychopharmacology in this book to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Experimental Psychology / 2013 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Author : Prem S. Fry
Publisher : Cambridge University Press
Page : pages
File Size : 49,59 MB
Release : 2010-07-29
Category : Psychology
ISBN : 1139490583
A typically pessimistic view of aging is that it leads to a steady decline in physical and mental abilities. In this volume leading gerontologists and geriatric researchers explore the immense potential of older adults to overcome the challenges of old age and pursue active lives with renewed vitality. The contributors believe that resilience capacities diminishing with old age is a misconception and argue that individuals may successfully capitalize on their existing resources, skills and cognitive processes in order to achieve new learning, continuing growth, and enhanced life-satisfaction. By identifying useful psychological resources such as social connectedness, personal engagement and commitment, openness to new experiences, social support and sustained cognitive activity, the authors present a balanced picture of resilient aging. Older adults, while coping with adversity and losses, can be helped to maintain a complementary focus on psychological strengths, positive emotions, and regenerative capacities to achieve continued growth and healthy longevity.
Author : Marcel Aucoin
Publisher : Iggybook
Page : 428 pages
File Size : 28,99 MB
Release : 2019-12-15T00:00:00+01:00
Category : Business & Economics
ISBN : 2379791066
The title ― The Economy in its House ― echoes Xenophon’s book, Œconomicus, which focuses on the relationship of a house with its environment rather than on trade. It also makes reference to a question from Socrates: "What is a house?". It is by striving to explore these relationships and questions, reflecting the conditions of our time, that we have concluded that the economy is in its house ― and that changes everything. Indeed, this leads us to establish a foundation ― new but grafted onto ancient roots ― for economics. By integrating into our theory the unpredictable environment, we provide economists with a framework to address the multiple issues that arise not only in our common home, the Earth, but also to all other houses. Our model is based on the hypothesis of the random nature of the economy, which brings us closer to modern physics and its methods. On these pillars, our model abstracts economic agents and focuses attention on the interconnected constituents of the house, both their mutual statistical relationships, and those they have with the environment. The covariance matrix that retraces such relationships indicates how the environment disrupts, on average, each constituent during a period. This gives the possibility to explore the destinies of the houses in the short, middle or long run, through crises and changing perspectives of ruin. It makes it possible to identify three essential variables: the growth factor, the growth energy, and finally the prices’ root, which is also the weight of the unit of account and an anti-ruin coefficient. One of the characteristics of modern houses is that, among their constituents, positive covariances outweigh negative covariances. Hence their growth: we explore its links with the reduction of inequalities, and its pathologies: pollution and depletion of resources. We shows how we can fight against crises and inequalities through greater solidarity. We show that one can model any house by use of a miniature house ― its soul ― with two components (the hearth and the roof), and three guiding parameters: exposure to hazards, security, and performance. With these guides, one expresses all the macroeconomic variables relative to a house. These are preserved by passing from a house ― whatever its importance ― to its soul. The wealth of the results obtained shows that the path open must allow economists to go farther and safer in their work while also enabling a broader public to better understand what the economy is.
