against the gods book summary

Howard Marks. "—Worth"No one else could have written a book of such central importance … Cycles of greed, treachery, pride, revenge repeat in a myriad of ways that are predictable and yet compelling to read for those who are looking for a straightforward, well written … This book starts with the birth of Akhenaten and follows the palace intrigue around who really has the power in Egypt. Eye opening – You’ll be offered highly surprising insights. Bold – You’ll find arguments that may break with predominant views. The book begins with a brief history of modern Ancient Near East (ANE) studies, beginning with Napoleon’s Egypt expedition and the discover and decoding of the Rosetta Stone, 1798-1799. A God Against the Gods is a 1976 historical novel by political novelist Allen Drury, which chronicles ancient Egyptian Pharaoh Akhenaten's attempt to establish a new religion in Egypt. "—The Economist"[A] challenging book, one that may change forever the way people think about the world. (Reinsurance in its simplest form is an insurance bought by an insurance company to spread the risk). Within limits, the project is a success. Summary and Analysis Book 20 - Portents Gather Summary. In effect, they have testified against themselves. Not until the Renaissance did thinkers turn their attention to developing the mathematics of probability. Against The Gods Peter Bernstein Recommendations and Reviews. We look at every kind of content that may matter to our audience: books, but also articles, reports, videos and podcasts. 1952 The introduction of modern portfolio theory in a 14 page paper titled "Portfolio Selection," by Harry Markowitz, a graduate student in economics. Against the Gods: the Remarkable Story of Risk by Peter L. Bernstein John Wiley & Sons, 383 pages, $27.95 A review by John Adams, University College London, for the THES, 25.11.96 Who dares wins - and also often loses, as investors in the channel tunnel have been discovering. Synopsis. The book is about the history of money, risk and finance all the way up to the point when most thinking adults completely lost faith in Santa Claus Wall Street (the laggards who missed the 1998 sneak preview lost faith in 2008). How should the $100 be split? The muslim child makes the focus of the analysis. The concept of zero was one of the most profound innovations in mathematical history. 1953 Publication of The Theory of Games by John von Neumann, mathematician and early computer scientist, and economist Oskar Morgenstern. You can login to continue with our trial. Throughout, Bernstein's subtext is an investigation of the meaning of rationality and of the limits of rationality in explaining our choices. All prefer at least one of these genres, so this book is potentially suitable for them. Loss aversion refers to our tendency, when faced with a choice between a sure loss and an uncertain gamble, to gamble unless the odds are strongly against us; embezzlers will recognize this, as will many investors who avoid selling at a loss in the hope that continuing the gamble will extricate them. It's told in separate narratives by different people near the royal family. From that foundation, Bernstein sets off on a whirlwind tour of the development of modern decision theory. Thomas Bayes's analysis of the mixing of old and new information in the formation of probability estimates. Against The Gods: The Remarkable Story Of Risk, Chapter 2, As easy as I, II, III The period covered in the case included the period 1200 to 1700 AD. Examples of mental accounting are Christmas saving clubs and other ways of segregating assets by intent; as Bernstein argues, this includes the practice of buying dividend-paying stocks so that one can avoid "dipping into capital" -- selling stock -- to pay for life's necessities. As the old man laments the loss of his son, Odysseus is overcome and reveals himself. Baca novel Against the Gods bahasa indonesia Yukinovel, novel ATG Raw indonesia, novel ATG bahasa indonesia, baca novel ATG Yukinovel, novel ATG indonesia However, the ancient Greek pioneers of science and philosophy did not undertake the study of probability. Gods begins with a sweeping proposition Modern thinking began when man abandoned the belief that events are due to the whim of the gods and embraced the notion that we are active, independent agents who can manage risks. Bernoulli's solution introduced risk -- and aversion to risk -- into the language of decision making; it was the first statement of a fundamental axiom of economic theory, that diminishing returns prevail; and it is the foundation of the most widely applied theory of "rational" decision making--that economic agents maximize their expected utility, not their expected wealth. It is told in a series of monologues by the various characters. . Scientific – You’ll get facts and figures grounded in scientific research. Against the Gods is a classic, a 1996 tour de force by the late Peter Bernstein. Mental accounting refers to the tendency to sort decisions into compartments rather than to consider the overall position. All prefer at least one of these genres, so this book is potentially suitable for them. Hello Tim, we apologize for any inconvenience. The expected winning is thus the sum of 1, added an infinite number of times. … This work is a minor classic of financial literature. Rather, they maximize their "moral utility," the expected satisfaction which the game provides. Together with his highly successful predecessor, Capital Ideas The Improbable Origins of Modern Wall Street (The Free Press, New York, 1992), Bernstein has laid out a remarkably insightful and entertaining history of the "science" of finance, including fascinating descriptions of the people who drove the development of modern financial economics. Leonardo Pisano, known as an adult – and today – as Fibonacci, explored the power and possibility of Arabic numbers in Liber Abaci, or Book of the Abacus. Gambling was part of the Greeks’ creation myth. Then, in order to move ahead, they needed numbers. Cloud’s End Cliff’s base is known as the Grim Reaper’s Cemetery. God Against the Gods focuses on the first stirrings of monotheism in ancient Egypt, traces the losing battle that early Judaism and Christianity fought against polytheism, and focuses on the climax of "the war between God and the gods" during the reigns of two charismatic and visionary Roman emperors -- Constantine, who started the … The verification link email does not come through to my email, despite having requested resend several times. Insider’s take – You’ll have the privilege of learning from someone who knows her or his topic inside-out. Jove calls a council of the gods on Mount Olympus. Business historian Peter L. Bernstein wrote it during the early 1990s, when faith in the power of quantitative models and financial engineering was at … THE PASCAL-FERMAT ANSWER TO THE PROBLEM OF POINTS: AN EXAMPLE. 1738 The analysis of risk as a factor shaping decisions emerged from the solution to the St. Petersburg paradox presented by Daniel Bernoulli, whose family of geniuses supports the thesis of Francis Galton's Hereditary Genius, that genius runs in the genes. He does not recognize his son; Odysseus does not say who he is. Peter L. Bernstein heads Peter L. Bernstein, Inc., an economic consultancy for institutional investors. We rate each piece of content on a scale of 1–10 with regard to these two core criteria. Of course, the 2008 financial crisis cast probabilistic models and financial engineering as global market villains. Against the Gods summary: Against the G.o.ds is an exciting book of mixed genres. 1964 William Sharpe's extension of Markowitz's insights into an understanding of the role of risk as a factor in determining in security prices, in a paper titled "Capital Asset Prices.". The most interesting part of this discussion is Bernstein's presentation of the path-breaking work of Daniel Kahneman and the late Amos Tversky; they were experimental psychologists whose work, called "prospect theory," is often used by students of behavioral finance to explain a variety of financial anomalies. For experts – You’ll get the higher-level knowledge/instructions you need as an expert. Bernstein's earlier work, Ideas, emphasized the advances emerging from the notion that investors are rational and security markets are efficient It focused on modern portfolio theory and its implications for security prices, and on the development of new instruments, like equity options. ... his new book is largely a sober piece of work. 1654 The first use of probability analysis by Blaise Pascal, a brilliant mathematician, and Pierre de Fermat, lawyer and mathematics hobbyist, who jointly solved the problem of points. For beginners – You’ll find this to be a good primer if you’re a learner with little or no prior experience/knowledge. Book Review- The Misfortunes of Prosperity, Book Review, The Motley Fool Investment Guide. In a rage at the turn of events against the Latins, Turnus announces to Latinus his intention to fight Aeneas and win Lavinia 's hand. The second chapter of the book addresses the concept of religion and how it is viewed from different religious bases. —Worth New York: John Wiley , Sons, Inc., 1996. I came across this book when I was searching for a book that covers the history of re-insurance industry. But Bernstein puts the emphasis on winning: … Besides, in classical Greek, the word atheos (“not-god”) is usually used to mean “godless” or “against-the-gods”, rather than a person who does not believe that gods exist. Background – You’ll get contextual knowledge as a frame for informed action or analysis. An extremely readable history of risk. Peter Fortune rationally economizes for the Boston Fed. Our rating helps you sort the titles on your reading list from adequate (5) to brilliant (10). To know what he means, read the book. It searches out the roots of modern finance and provides an interpretation of the history of that "science." Inspiring – You’ll want to put into practice what you’ve read immediately. In the last quarter of Gods, Bernstein focuses on the assumption that human choices are "rational," meaning that they are derived logically from a few axioms. Latinus begs Turnus to reconsider, but Turnus is resolute. Pascal and Fermat argue that the $100 should be split according to the probability that each player would have won if the game had continued through the agreed-upon 15 flips. The result is that the game has a finite expected utility, even though the expected winnings are infinite. This is a valuable read for any serious investor out there ... Book Summary. Bernoulli's answer to the paradox was simple but profound in its effects. Visionary – You’ll get a glimpse of the future and what it might mean for you. Engaging – You’ll read or watch this all the way through the end. That would be rational! Among other books, he wrote Economist on Wall Street and The Price of Prosperity. While looking into your inquiry, I can see that your Free Trial was successfully activated. It is a combination of action, comedy, fantasy, adventure, martial arts, romance, and other genres, so there is something interesting for many readers. Against the Gods sets up an ambitious premise and then delivers on it.Business WeekDeserves to be, and surely will be, widely read.The Economist[A] challenging book, one that may change forever the way people think about the world.WorthNo one else could have written a book of such central importance … Patrick O'Shaughnessy. Hot Topic – You’ll find yourself in the middle of a highly debated issue. Odysseus visits his father, Laertes, who seems old and broken. 1764 Posthumous publication of the Rev. Comprehensive – You’ll find every aspect of the subject matter covered. He reminds the gods that he commanded that Italy and Troy should not fight, and asked why they've ignored his orders and what has caused the war. Pandareus father of the nightingale. Bernstein believes that "we are rational as far as it goes." Akhenaten upset the powerful priests of the god Amon when he replaced all the gods of Egypt with the single god Aten, the sun. Virgil begins his epic poem with a succinct statement of its theme: He will sing of war and the man — Aeneas — who, driven by fate, sailed from Troy's shores to Italy, where he founded a city called Lavinium, the precursor of Rome. Thus in the worldview of ancient Greece, a man's destiny swayed with the whim of the gods, logic prevailed over experimentation, and the use of letters for numbers inhibited man's ability to calculate. This work is a minor classic of financial literature. Nor, for that matter, did the philosophers of the Hebrew Talmud, although they used calculations of odds to determine what was permissible under the law. Helpful – You’ll take-away practical advice that will help you get better at what you do. Summary and Analysis Book I Summary. In this part of Gods Bernstein tips his hand, telling us that although the assumption of rational behavior is a useful starting point, it describes the real world only up to a point. In modern economics, one model of rational decision making is the expected utility hypothesis Decisions are made with the goal of maximizing one's expected satisfaction (back to Bernoulli again). 514-515) for a thorough consideration. "A lively panoramic book . Drury wrote a 1977 sequel, Return to Thebes, and a 1980 nonfiction book about Egypt. Amata cries that if Turnus … —The Economist "[A] challenging book, one that may change forever the way people think about the world." Furthermore, he argued, moral utility is subject to diminishing returns Each additional dollar of winnings adds a smaller amount to satisfaction. Glossary. The invention of zero allowed people to calculate using merely 10 symbols: 0, 1, 2, 3, 4, 5, 6, 7, 8 and 9. He argued that gamblers do not maximize the expected amount of their net winnings. What we say here about books applies to all formats we cover. . Stated differently, the gambler would calculate the expected winnings and, if pressed, would pay as much as that amount to play the game. Because the game involves Bernoulli trials (each flip has the same probability of heads, and the results on one flip are independent of the results on previous flips), the binomial distribution (based on Pascal's Triangle) gives the answer. I'm still looking for that book (recommendations welcome!). ; Hardcover $27.95 The thesis of this interesting and provocative book is that modern … But no gambler would wager all his or her wealth to play. Overview – You’ll get a broad treatment of the subject matter, mentioning all its major aspects. In retrospect, that makes Bernstein’s evident admiration for those models seem rather touchingly ingenuous. Against The Gods: The Remarkable Story of Risk, was published by John Wiley & Sons in September 1996 and won the Edwin G. Booz Prize for the most insightful, innovative management book published in 1996. But by the thirteenth century, new mental tools were in place the Hindu-Arabic numbering system, algebra, accounting, and other necessary equipment for the first insights into the laws of chance. “Against the Gods” is the prime example of a series that is steeped in emotion, playing to the common denominators to keep the reader interested. Against the Gods 逆天邪神 Mythical Abode Mountain, Cloud’s End Cliff, the most dangerous of Azure Cloud Continent’s four deadly areas. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today. Book Review Against the Gods: The Remarkable Story of Risk Reviewed by S. L. Zabell Against the Gods: The Remarkable Story of Risk Peter L. Bernstein John Wiley and Sons, New York, 1996 ISBN 0-471-12104-5 xi + 383 pp. Those insights came in the seventeenth century, in the analysis by Blaise Pascal, a dissolute who became a religious zealot, and Pierre de Fermat, a lawyer whose genius was in mathematics, of a gambling problem first proposed in the fifteenth century. Mr. H and Mr. T each pay $50 to play a game of points a fair coin will be flipped 15 times, and the $100 stake will go to Mr. H if more heads than tails result, to Mr. T otherwise. —Business Week "Deserves to be, and surely will be, widely read." The probability that Mr. H would have won 4 or more of the remaining 9 flips, bringing the number of heads to at least 8 and earning him the full $100, is 0.7461. Justice, like a terrible storm, is about to break upon them. By the end of the book, Bernstein has shown us how interpretations of rational behavior in the presence of risk have changed as the tools to understand decision making have changed. Innovative – You can expect some truly fresh ideas and insights on brand-new products or trends. The Pascal-Fermat contribution to probability theory, which helps us to analyze risk, was mixed in the next century with insights into the role risk plays in our choices arising from the work of Daniel Bernoulli, a Swiss mathematician whose father and uncles were confirmed eighteenth-century geniuses. See Fagles and Knox (pp. Venus responds first, describing the Trojans' great suffering, Turnus 's pride, Allecto 's troublemaking, and more. Select the sections that are relevant to you. "—Business Week"Deserves to be, and surely will be, widely read. Peter Bernstein's latest book, Against the Gods The Remarkable Story of Risk, establishes his standing as America's preeminent scholar-practitioner in the field of finance. He writes in a spare, straightforward style, and manages to convey the essentials of financial theory and the essences of great economists without losing the reader in a maze of equations. Your highlights will appear here. 1973 The development of modern option pricing theory by Fischer Black, an academic nomad, and economist Myron Scholes, published in a paper that was first rejected by many academic journals. . 1733 The development of the normal probability distribution by Abraham de Moivre, a French Protestant transplanted to England who never held a proper academic position. Michael Mauboussin. Against the Gods summary: Against the G.o.ds is an exciting book of mixed genres. Recommendation. Hunted for possessing a heaven-defying object, Yun Che is a young man in both that life and the next. Eloquent – You’ll enjoy a masterfully written or presented text. Bernstein acquaints us with the many new ways of interpreting and measuring risk, and with the emerging field of behavioral finance, which recognizes and attempts to explain anomalies in finance, examples in which rational explanations fail. Among the human tendencies documented by Kahneman and Tversky are extrapolation from small and unreliable samples (I had a car accident at that intersection, therefore that intersection is more dangerous than others), giving greater weight to catastrophic outcomes than their low probabilities warrant (the Three Mile Island effect), loss aversion, and mental accounting. Beginning with Greek mythology, Bernstein shows how cultural ideas about risk and probability evolved through Arab mathematics, the European Enlightenment and Chicago School economics. Mr. H should get $74.61, leaving $25.39 to Mr. T. DANIEL BERNOULLI AND THE ST. PETERSBURG PARADOX, The wisdom of the early eighteenth century was that a gambler would play any game for which the expected net gain (expected winnings less the cost of playing) was positive. Arabs began using it in about A.D. 700, brought it out of India and spread it through the world. The expected winning, in other words, is infinite. The expected winning, which is the maximum amount a gambler would offer to play the game, is the sum of all the possible payoffs, each multiplied by the probability of its occurrence. The Rage Against God is meant to be a grown-up substitute for more shouting matches. Patrick O'Shaughnessy: "An older book, but a wonderful history of our concept of risk. Whatever we select for our library has to excel in one or the other of these two core criteria: Enlightening – You’ll learn things that will inform and improve your decisions. Gods serves as a prequel. Just as hated in this life as the previous one, Che must overcome his own … *getAbstract is summarizing much more than books. In this ‘introductory work’ John Currid examines one aspect of the relationship of the Old Testament to ancient Near Eastern literature, what he terms ‘polemical theology,’ that is, biblical writers using ‘thought forms and stories that were common in ancient Near Eastern culture, while filling them with radically new … 1877 Development of the concept of regression toward the mean, applied to human characteristics by Francis Galton, the snobbish cousin to Charles Darwin, who created the unfortunate pseudo-science of "eugenics.". But the St. Petersburg paradox, named for the city in which Bernoulli presented his answer, gives a game that real-world gamblers would not pay the actuarial value to play, A fair coin is flipped until a head comes up, at which point the game stops and the gambler receives $2 raised to the power of the number of that flip. It is a combination of action, comedy, fantasy, adventure, martial arts, romance, and other genres, so there is something interesting for many readers. This book is about how our perception of risk, especially with respect to decisions with financial outcomes, advanced (rather slowly) from … God Against the Gods Jonathan Kirsch has provided a short, but powerful historical look at the rise of monotheism and the fall polytheism, that depending on one’s perspective, might lead one to believe we would be better off with a tolerant form of polytheism versus the forms of monotheism that are the movers and shakers of … Throwing himself off a cliff to spite his pursuers, Yun Che is reincarnated as Xiao Che, a recently poisoned teen in another realm. Against the Gods is a different beast entirely: a popular history of statistics and probability, or more accurately, of the people who developed statistics and probability, that turns into a discussion of stock market portfolio strategies (not, thankfully, from a self-help … Books we rate below 5 won’t be summarized. Concrete Examples – You’ll get practical advice illustrated with examples of real-world applications or anecdotes. He almost gets us to move into the castle-in-the-air, the notion that we are, in fact, rational. Against The Gods: the Remarkable Story of Risk. $27.95. At getAbstract, we summarize books* that help people understand the world and make it better.

Norfolk County Ma Excise Tax, Stitch Crossword Clue, Identical Crossword Clue 5 Letters, Billboard Advertising Contract Template, Xmind Online Library, Mirror Lake State Park Trail Map, Squat Strengthen Lower Back,