{"title":"Series: The Gorman Lectures in Economics","description":"\u003cp\u003e\u003cstrong\u003eThe Gorman Lectures in Economics\u003c\/strong\u003e present a thought-provoking series that delves into the intricate relationship between economic theory and real-world application. Readers can expect insightful analysis crossing boundaries of \u003cem\u003eFinance \u0026amp; Investment\u003c\/em\u003e, \u003cem\u003eBusiness \u0026amp; Entrepreneurship\u003c\/em\u003e, and \u003cem\u003ePhilosophy \u0026amp; Psychology\u003c\/em\u003e, offering fresh perspectives on market behaviour, value, and altruism.\u003c\/p\u003e\n\n\u003cp\u003eBeyond economics itself, the series often weaves in historical and social contexts, enriching the reader’s understanding of how economic ideas shape and are shaped by society. This collection appeals to those curious about the wider implications of economic thought in contemporary and historical settings.\u003c\/p\u003e","products":[{"product_id":"rational-decisions-by-ken-binmore-9780691149899","title":"Rational Decisions","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003eIt is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage—the inventor of Bayesian decision theory—argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to \"look before you leap.\" If taken seriously, this view makes Bayesian decision theory inappropriate for the large worlds of scientific discovery and macroeconomic enterprise.\u003c\/p\u003e\n\n\u003cp\u003eWhen is it correct to use Bayesian decision theory—and when does it need to be modified? Using a minimum of mathematics, \u003cem\u003eRational Decisions\u003c\/em\u003e clearly explains the foundations of Bayesian decision theory and shows why Savage restricted the theory's application to small worlds. The book is a wide-ranging exploration of standard theories of choice and belief under risk and uncertainty.\u003c\/p\u003e\n\n\u003cp\u003eKen Binmore discusses the various philosophical attitudes related to the nature of probability and offers resolutions to paradoxes believed to hinder further progress. In arguing that the Bayesian approach to knowledge is inadequate in a large world, Binmore proposes an extension to Bayesian decision theory—allowing the idea of a mixed strategy in game theory to be expanded to a larger set of what Binmore refers to as \"muddled\" strategies.\u003c\/p\u003e\n\n\u003cp\u003eWritten by one of the world's leading game theorists, \u003cem\u003eRational Decisions\u003c\/em\u003e is the touchstone for anyone needing a concise, accessible, and expert view on Bayesian decision making.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"NewSouth Books","offers":[{"title":"Default Title","offer_id":46854801064172,"sku":"9780691149899","price":69.99,"currency_code":"NZD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/13b66d0958ef16a1e08becadd498d4db.jpg?v=1759264893"},{"product_id":"recursive-models-of-dynamic-linear-economies-by-thomas-j-sargent-9780691180731","title":"Recursive Models of Dynamic Linear Economies","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003eA guide to the economic modelling of household preferences from two leaders in the field. A common set of mathematical tools underlies dynamic optimisation, dynamic estimation, and filtering. In \u003cem\u003eRecursive Models of Dynamic Linear Economies\u003c\/em\u003e, Lars Peter Hansen and Thomas Sargent use these tools to create a class of econometrically tractable models of prices and quantities. They present examples from microeconomics, macroeconomics, and asset pricing.\u003c\/p\u003e\n\n\u003cp\u003eThe models are cast in terms of a representative consumer. While Hansen and Sargent demonstrate the analytical benefits acquired when an analysis with a representative consumer is possible, they also characterise the restrictiveness of assumptions under which a representative household justifies a purely aggregative analysis.\u003c\/p\u003e\n\n\u003cp\u003eHansen and Sargent unite economic theory with a workable econometrics while going beyond and beneath demand and supply curves for dynamic economies. They construct and apply competitive equilibria for a class of linear-quadratic-Gaussian dynamic economies with complete markets. Their book, based on the 2012 Gorman lectures, stresses heterogeneity, aggregation, and how a common structure unites what superficially appear to be diverse applications.\u003c\/p\u003e\n\n\u003cp\u003eAn appendix describes MATLAB programs that apply to the book's calculations.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Hachette Aotearoa New Zealand","offers":[{"title":"Default Title","offer_id":47597754122476,"sku":"9780691180731","price":96.0,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/dc2a9cf560149619cbc0ab0e16db296c.jpg?v=1778028066"}],"url":"https:\/\/bookhero.co.nz\/collections\/series-the-gorman-lectures-in-economics.oembed","provider":"Book Hero","version":"1.0","type":"link"}