Chicago Price Theory


Book Description

An authoritative textbook based on the legendary economics course taught at the University of Chicago Price theory is a powerful analytical toolkit for measuring, explaining, and predicting human behavior in the marketplace. This incisive textbook provides an essential introduction to the subject, offering a diverse array of practical methods that empower students to learn by doing. Based on Economics 301, the legendary PhD course taught at the University of Chicago, the book emphasizes the importance of applying price theory in order to master its concepts. Chicago Price Theory features immersive chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, the value of a statistical life, and occupational choice. It looks at human behavior in the aggregate of an industry, region, or demographic group, but also provides models of individuals when they offer insights about the aggregate. The book explains the surprising answers that price theory can provide to practical questions about taxation, education, the housing market, government subsidies, and much more. Emphasizes the application of price theory, enabling students to learn by doing Features chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, and the value of a statistical life Supported by video lectures taught by Kevin M. Murphy and Gary Becker The video course enables students to learn the theory at home and practice the applications in the classroom




Physics of Finance


Book Description

One of the newest and most controversial approaches to financial pricing. In Physics of Finance the author applies the methods of theoretical physics to financial economics to develop an altogether original method for pricing financial assets that steps outside the equilibrium paradigm in finance. In Physics of Finance, basic assumptions underlying equilibrium pricing are re-examined, the risk factors hidden in the implications of equilibrium theory and the potential profit in unstable markets are discussed and gauge modelling is introduced.




Theoretical Physics


Book Description

Classic treatise covers mathematical topics needed by theoretical and experimental physicists (vector analysis, calculus of variations, etc.), followed by coverage of mechanics, electromagnetic theory, thermodynamics, quantum mechanics, and nuclear physics.




Pricing the Future


Book Description

Options have been traded for hundreds of years, but investment decisions were based on gut feelings until the Nobel Prize -- winning discovery of the Black-Scholes options pricing model in 1973 ushered in the era of the "quants." Wall Street would never be the same. In Pricing the Future, financial economist George G. Szpiro tells the fascinating stories of the pioneers of mathematical finance who conducted the search for the elusive options pricing formula. From the broker's assistant who published the first mathematical explanation of financial markets to Albert Einstein and other scientists who looked for a way to explain the movement of atoms and molecules, Pricing the Future retraces the historical and intellectual developments that ultimately led to the widespread use of mathematical models to drive investment strategies on Wall Street.




Group Theory In Physics: A Practitioner's Guide


Book Description

'The book contains a lot of examples, a lot of non-standard material which is not included in many other books. At the same time the authors manage to avoid numerous cumbersome calculations … It is a great achievement that the authors found a balance.'zbMATHThis book presents the study of symmetry groups in Physics from a practical perspective, i.e. emphasising the explicit methods and algorithms useful for the practitioner and profusely illustrating by examples.The first half reviews the algebraic, geometrical and topological notions underlying the theory of Lie groups, with a review of the representation theory of finite groups. The topic of Lie algebras is revisited from the perspective of realizations, useful for explicit computations within these groups. The second half is devoted to applications in physics, divided into three main parts — the first deals with space-time symmetries, the Wigner method for representations and applications to relativistic wave equations. The study of kinematical algebras and groups illustrates the properties and capabilities of the notions of contractions, central extensions and projective representations. Gauge symmetries and symmetries in Particle Physics are studied in the context of the Standard Model, finishing with a discussion on Grand-Unified Theories.




Theory and Applications of the Poincaré Group


Book Description

Special relativity and quantum mechanics, formulated early in the twentieth century, are the two most important scientific languages and are likely to remain so for many years to come. In the 1920's, when quantum mechanics was developed, the most pressing theoretical problem was how to make it consistent with special relativity. In the 1980's, this is still the most pressing problem. The only difference is that the situation is more urgent now than before, because of the significant quantity of experimental data which need to be explained in terms of both quantum mechanics and special relativity. In unifying the concepts and algorithms of quantum mechanics and special relativity, it is important to realize that the underlying scientific language for both disciplines is that of group theory. The role of group theory in quantum mechanics is well known. The same is true for special relativity. Therefore, the most effective approach to the problem of unifying these two important theories is to develop a group theory which can accommodate both special relativity and quantum mechanics. As is well known, Eugene P. Wigner is one of the pioneers in developing group theoretical approaches to relativistic quantum mechanics. His 1939 paper on the inhomogeneous Lorentz group laid the foundation for this important research line. It is generally agreed that this paper was somewhat ahead of its time in 1939, and that contemporary physicists must continue to make real efforts to appreciate fully the content of this classic work.




Applied Group Theory


Book Description

This text introduces advanced undergraduates and graduate students to key applications of group theory. Topics include the nature of symmetry operations; applications to vibrating systems, continuum mechanics, and quantum structures; permutation, continuous, and rotation groups; and physical Lie algebras. Each chapter concludes with a concise review, discussion questions, problems, and references. 1992 edition.




An Introduction to Particle Physics and the Standard Model


Book Description

An Introduction to the Standard Model of Particle Physics familiarizes readers with what is considered tested and accepted and in so doing, gives them a grounding in particle physics in general. Whenever possible, Dr. Mann takes an historical approach showing how the model is linked to the physics that most of us have learned in less challenging areas. Dr. Mann reviews special relativity and classical mechanics, symmetries, conservation laws, and particle classification; then working from the tested paradigm of the model itself, he: Describes the Standard Model in terms of its electromagnetic, strong, and weak components Explores the experimental tools and methods of particle physics Introduces Feynman diagrams, wave equations, and gauge invariance, building up to the theory of Quantum Electrodynamics Describes the theories of the Strong and Electroweak interactions Uncovers frontier areas and explores what might lie beyond our current concepts of the subatomic world Those who work through the material will develop a solid command of the basics of particle physics. The book does require a knowledge of special relativity, quantum mechanics, and electromagnetism, but most importantly it requires a hunger to understand at the most fundamental level: why things exist and how it is that anything happens. This book will prepare students and others for further study, but most importantly it will prepare them to open their minds to the mysteries that lie ahead. Ultimately, the Large Hadron Collider may prove the model correct, helping so many realize their greatest dreams ... or it might poke holes in the model, leaving us to wonder an even more exciting possibility: that the answers lie in possibilities so unique that we have not even dreamt of them.




The Six Core Theories of Modern Physics


Book Description

This text presents a summary of the basic theoretical structures of classical mechanics, electricity and magnetism, quantum mechanics, statistical physics, special relativity and modern field theories.




Why Trust a Theory?


Book Description

Do we need to reconsider scientific methodology in light of modern physics? Has the traditional scientific method become outdated, does it need to be defended against dangerous incursions, or has it always been different from what the canonical view suggests? To what extent should we accept non-empirical strategies for scientific theory assessment? Many core aspects of contemporary fundamental physics are far from empirically well-confirmed. There is controversy on the epistemic status of the corresponding theories, in particular cosmic inflation, the multiverse, and string theory. This collection of essays is based on the high profile workshop 'Why Trust a Theory?' and provides interdisciplinary perspectives on empirical testing in fundamental physics from leading physicists, philosophers and historians of science. Integrating different contemporary and historical positions, it will be of interest to philosophers of science and physicists, as well as anyone interested in the foundations of contemporary science.