Foundations of Neuroeconomic Analysis

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A new academic field, neuroeconomics, has emerged at the border of the social and natural sciences. In Foundations of Neuroeconomic Analysis, Paul Glimcher argues that a meaningful interdisciplinary synthesis of the study of human and animal choice is not only desirable, but also well underway, and so it is time to formally develop a foundational approach for the field. He does so by laying the philosophical and empirical groundwork and integrating the theory of choice and valuation with the relevant physical constraints and mechanisms.
While there has been an intense debate about the value and prospects of neuroeconomics, Glimcher argues that existing data from neuroeconomics' three parent fields, neuroscience, psychology and economics, already specify the basic features of the primate choice mechanism at all three levels of analysis. His central argument is that combining these three disciplines gives us enough insight to define many of the fundamental features of decision making that have previously eluded scholars working within each individual field.
With this in mind, Glimcher provides a comprehensive overview of the neuroscience, psychology, and economics of choice behavior, which will help readers from many disciplines to grasp the rich interconnections between these fields and see how their data and theory can interact to produce new insights, constraints, and questions. The book is divided into four main sections that address key barriers to interdisciplinary cohesion. The first section defines the central philosophical issues that neuroeconomics must engage. The theory of knowledge already tells us much about how different disciplines interact, and in this section, Glimcher reviews those constraints and lays a philosophical foundation for future neuroeconomic discourse. This section concludes with both a defense of neoclassical economics and a spirited attack on Milton Friedman's insistence that economics must not be constrained by the study of mechanism. Glimcher argues instead for the development of "hard-economic theories", which postulate that choosers behave the way they do because of the underlying representations that occur in their brains.
The second section describes what is known about the primate choice mechanism-the physical structures in our brains that actively select among the options available to the chooser. By reviewing and integrating economic theory of choice, neurobiological studies of the frontal and parietal cortices, and psychological models of selection, Glimcher creates an interdisciplinary structure for understanding how we choose. This interdisciplinary synthesis leads to several novel insights into the causes of human irrational behavior and recasts many of these so-called irrationalities as neurobiological optimizations in the face of physical constraints.
The third section describes the neural circuits for valuation-the physical mechanisms by which we learn, store, and represent the values of the many options from which we choose. In this section, Glimcher combines studies from computer science and neuroscience with representational frameworks from economics to provide novel assessments of both the strengths and weaknesses of modern economic theory. The section ends with a discussion of behavioral neuroeconomics and the ultimate limits of the neoclassical economic program.
The book concludes with a description of a new model for human choice behavior that harvests constraints from each of neuroeconomics' parent disciplines and encapsulates the key insights from current research, as well as a review of the major accomplishments and opportunities that await the new field of neuroeconomics.

Foundations of Neuroeconomic Analysis Review

I am about half-way through the book now. I am interested in the way people think and make decisions, not as a graduate student or economist; so, I bought this book out of intellectual curiosity more than anything else. This book is written in a very dense and academic manner. Perhaps, it's my limited background in the three related sciences but it takes a lot of concentration to get through (and I can usually rip through anything even in a noisy airport). That said I think I have learned more about economics than I did in a college semester en route to a BS in business administration, enjoy the analysis and arguments being made and definitely recommend it for those who can get through it.

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Computing the Mind:How the Mind Really Works

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In a culmination of humanity's millennia-long quest for self knowledge, the sciences of the mind are now in a position to offer concrete, empirically validated answers to the most fundamental questions about human nature. What does it mean to be a mind? How is the mind related to the brain? How are minds shaped by their embodiment and environment? What are the principles behind cognitive functions such as perception, memory, language, thought, and consciousness? By analyzing the tasks facing any sentient being that is subject to stimulation and a pressure to act, Shimon Edelman identifies computation as the common denominator in the emerging answers to all these questions. Any system composed of elements that exchange signals with each other and occasionally with the rest of the world can be said to be engaged in computation. A brain composed of neurons is one example of a system that computes, and the computations that the neurons collectively carry out constitute the brain's mind. Edelman presents a computational account of the entire spectrum of cognitive phenomena that constitutes the mind. He begins with sentience, and uses examples from visual perception to demonstrate that it must, at its very core, be a type of computation. Throughout his account, Edelman acknowledges the human mind's biological origins. Along the way, he also demystifies traits such as creativity, language, and individual and collective consciousness, and hints at how naturally evolved minds can transcend some of their limitations by moving to computational substrates other than brains. The account that Edelman gives in this book is accessible, yet unified and rigorous, and the big picture he presents is supported by evidence ranging from neurobiology to computer science. The book should be read by anyone seeking a comprehensive and current introduction to cognitive psychology.

Computing the Mind:How the Mind Really Works Review

This book is very ambitious introductory text to both cognitive psychology and philosophy of the mind, and is able to integrate the two fields seamlessly. To be quite honest, it contains the best summary of modern, scientifically based philosophy of the mind that I have seen so far. What's more, the book contains ample references to art, music, literature, pop culture, and the history of philosophical and psychological thought, to help put the material in the context of the human experience. The chapters on ethics, happiness, the self, and the future of brains/minds also do an excellent job of exploring the different angles of brains/minds and conscious experience.

With regards to the previous reviewer: this book is a survey text, and it doesn't go as in depth on some issues as would be ideal. But since it was built to be a survey text, the author probably was working within certain confines regarding length and depth of exploration of the topics. For a fuller exploration of the material, the reader will need to rely on the footnotes, citations, and Google searches. However, a course instructor can get around this by supplementing the book with journal articles and other additional material.

There are a number of passages where a lot of information is packed into 3-4 sentences, and the passage needs to be 'unpacked', in a sense, to be fully understood. I don't know if this is simply the authors writing style, or if this was done to meet length requirements set by the publisher. Either way, do not be dismayed if a certain passage takes 4-5 reads to make any sense. Because on that 5th read, you'll finally get it, and then be in awe of just how much insight was tightly packed into the three sentences you just spent 5 minutes on ;).

Most of the consumer Reviews tell that the "Computing the Mind:How the Mind Really Works" are high quality item. You can read each testimony from consumers to find out cons and pros from Computing the Mind:How the Mind Really Works ...

Colloquial Kazakh (Colloquial Series)

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Product Description

Colloquial Kazakh provides a step-by-step course in Kazakh as it is written and spoken today. Combining a user-friendly approach with a thorough treatment of the language, it equips learners with the essential skills needed to communicate confidently and effectively in Kazakh in a broad range of situations. No prior knowledge of the language is required.

Key features include:

• progressive coverage of speaking, listening, reading and writing skills


• structured, jargon-free explanations of grammar


• an extensive range of focused and stimulating exercises


• realistic and entertaining dialogues covering a broad variety of scenarios


• useful vocabulary lists throughout the text


• an overview of the sounds and alphabet of Kazakh


• additional resources available at the back of the book, including a full answer key, a grammar summary, bilingual glossaries and English translations of dialogues.

Balanced, comprehensive and rewarding, Colloquial Kazakh will be an indispensable resource both for independent learners and students taking courses in Kazakh.

Accompanying audio material is available to purchase separately on CD/MP3 format, or comes included in the great value Colloquials Pack.

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Colloquial Kazakh (Colloquial Series) Review

I was given a copy of this book by a friend, so I won't quibble about the price. If you're not familiar with the Cyrillic script or with any other Turkic language, Kazakh can be a tough language to crack. This book, though, does an excellent job of familiarizing you with the essentials of the grammar and the expressions you'll need most to communicate in the language. So I definitely think this book lives up to its promise.

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Learn How to Trade Commodities (Collection)

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Product Description

A brand new collection of high-profit commodity trading techniques and insights

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All the knowledge you need to start earning consistent profits in commodities trading!

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You can make huge profits by trading commodities – if you know how. You must know how these markets work, how they’re different, where the risks are hidden, and how to avoid the mistakes too many beginners make. You need realistic, up-to-the-minute strategies, skills, and knowledge from experts who trade commodities every single day. This unique 2 book package delivers all that. In A Trader’s First Book on Commodities: An Introduction to the World ��s Fastest Growing Market, Second Edition, Carley Garner offers specific and current guidance on accessing commodity markets cost-effectively, and systematically improving your odds of successful, profitable trades. Garner covers new trading platforms, contracts, fees, and strategies, and offers a clear-eyed look at today � s realities, including the scandalous failures of MF Global and PFG Best. Drawing on extensive experience teaching traders, Garner shows how to calculate profit, loss, and risk in commodities; and choose the best brokerage firm, service level, data sources, and more. She demystifies the industry s colorful language, helps you clearly understand every trade you make, walks you through the entire process, and illuminates everything from logistics to psychology. Next, in Trading Commodities and Financial Futures, A Step-by-Step Guide to Mastering the Markets, Fourth Edition, George Kleinman introduces powerful new trend-based techniques for identifying trades that fit right into your � sweet spot � for profits. You’ll learn how these markets have changed� and how to successfully use discipline to avoid today� s � shark-infested waters.” Building on 30+ years of success, Kleinman offers updated coverage of electronic trading, new contracts, and advanced techniques, including his exclusive Pivot Indicator approach. You� �ll learn how to develop the deep discipline that characterizes all winning commodities and futures traders, as you gain critical knowledge about each leading market, including agricultural commodities, energy, metals, soft commodities, and financials. Kleinman helps you master today� �s most valuable technical analysis tools for trading commodities, and even reveals 25 indispensable trading secrets of the pros.

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From world-renowned commodities trading experts George Kleinman and Carley Garner

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Learn How to Trade Commodities (Collection) Review

I just downloaded this book to my Kindle, which I am counting as my first successful trade. I'm sure there will be many more coming in the near future due to the insights passed on through this text!

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Forex Patterns and Probabilities: Trading Strategies for Trending and Range-Bound Markets (Wiley Trading)

You looking to find the "Forex Patterns and Probabilities: Trading Strategies for Trending and Range-Bound Markets (Wiley Trading)" Good news! You can purchase Forex Patterns and Probabilities: Trading Strategies for Trending and Range-Bound Markets (Wiley Trading) with secure price and compare to view update price on this product. And deals on this product is available only for limited time.

   

Product Description

While most books on trading deal with general concepts and shy away from specifics, Forex Patterns and Probabilities provides you with real-world strategies and a rare sense of clarity about the specific mechanics of currency trading. Leading trading educator Ed Ponsi will explain the driving forces in the currency markets and will provide strategies to enter, exit, and manage successful trades. Dozens of chart examples and explanations will guide you each step of the way and allow the reader to "look over the shoulder" of a professional trader hard at work at his craft.

This book provides traders with step-by-step methodologies that are based on real market tendencies. The strategies in this book are presented clearly and in detail, so that anyone who wishes to can learn how to trade like a professional. It is written in a style that is easy to understand, so that the reader can quickly learn and use the techniques provided.

Forex Patterns and Probabilities: Trading Strategies for Trending and Range-Bound Markets (Wiley Trading) Review

This is mostly for beginners. There are only good advices, so it is a good choice for beginners or those who need to be put back on tracks.

The number of strategies is in fact quite limited and not really new. I was expecting much more from the description. Ed just uses levels for entry and stops that could be slightly different than in some other books.
2 strategies about trending markets (FX-Ed and classic 2 time frame system), 1 for pennant/flags, a volatility breakout strategy, which is in fact a triangle strategy (for the entry). playing the round numbers, a range trading in the low volume opening, and a word about the carry trade.

The so-called FX-Ed trending strategy is based on moving averages. I have backtested it (it is easy, no place for interpretation for the version without partial exits and reload)and of course it works on strongly trending markets such EURUSD recently, but wait, any trending strategy worked!! The same strategy with pairs such as USDJPY generates a loss or a small gain between 1997 and 2005 and it was in fact quite good at buying tops and shorting bottoms, resulting in huge volatility of the equity curve.

Update: Backtest of the "round trip" (playing the round numbers). Only difference with the text is that the second target is a multiple of the first one instead of based on a previous R/S level. From Sept 2003 to Sept 2006, it does not work and looses for most pairs (including those preferred by the author). Even if we take only the first bounce, it looses.

Update2: Backtest of the "Boomerang", a range trading in the low volume opening. EURUSD only as suggested by Ed. Tested from Sept 2001 to Nov 2006. There is a profit growing steadily (though there are drawdowns) from Sept 2001 to May 2004. After that, it is flat. There are still trades, but they do not produce any profit, just breakeven. Has it stopped working after too much advertisement for it?

Page 217 is quite interesting. The author explains why it is not recommended to systematically take small profits such as 10 pips. I am wondering if the "strategy 10" advertised by one of the praisers of this book is compatible with this view. Anyway, Ed also says that those who recommend such thing may just want to profit from people by the "introducing broker" system, and so we must be careful.

The book progresses slowly, explaining every single detail. There are a few repeats in the first half of the book. For most charts, the horizontal labels are not displayed.

The book is 245 pages but the content is quite small because there are so many charts! The number of useless charts is amazing. He uses charts to illustrate any single information in the book. For example, a pair trending up (a chart), a pair trending down (a chart), a congestion (a chart), breakout from congestion (a chart), a strong trend (a chart), a moving average (a chart), a second moving average (a chart), a RSI (a chart), a fib retracement level (a chart). For a "strategy", an entry point (a chart), placement of the stop to be put after the entry (a chart), placing first target (a chart), second target (a chart), third target (a chart), tweaking the exit levels (1 chart per exit level!), Entry triggered (a chart), first target reached (a chart), the pair continues (a chart), it pulls back (a chart), it reaches the second target (a chart), and the third (a chart), etc... Well, don't you think that a few charts with gathering a few things on each of them would have been enough? It looks as if the book was the written version of a seminar. In fact, it probably is!
Page 204: Two times the same chart! The first chart was supposed to show only the entry (as usual), and the second the exit later on, but the first one already shows the exit! Good Ed, you are improving by putting both entry and exit on the same chart (you could save some trees by concentrating more information!!), but only one chart is necessary in this case!

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