against the gods book review

Get every new post delivered to your Inbox, , . The new insights I found in this book build a strong case for Yahweh’s sovereignty. However, the game stops prematurely, after 6 flips have resulted in four heads. New York: John Wiley , Sons, Inc., 1996. A history of probability from an economist and author of a history of Wall Street (Capital Ideas, 1991). Third, the biblical writers have no interest in theogony. Once upon a daydream...There lived a girl who envisioned becoming a bride, and eventually a mommy.

Chapter 1 states a brief history of ancient Near Eastern studies. So thrilled you are learning so much! 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.

THE PASCAL-FERMAT ANSWER TO THE PROBLEM OF POINTS: AN EXAMPLE. The biblical genre is historical narrative, thus serving as a polemic against the ancient Near Eastern folk tales (73). But his good sense and long experience with security markets, supported by the work of behavioral economics, keeps him from entering the front door. 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.

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He argued that gamblers do not maximize the expected amount of their net winnings. Second, “The purpose of humanity’s creation is distinct” (42). Bernoulli's answer to the paradox was simple but profound in its effects.

Currid focuses on narratives in chapters 3-7. I also wish Currid would have arranged his material to emphasize the differences of views more clearly. 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. Free from the banalities of the information age yet aware of the implications of the technological revolution, the best among them are wonderfully endearing. I'm looking forward to reading more books by Mr. Bernstein.

The foundation for modern decision theory was laid. Many similarities exist, but “the differences that exist are not merely details of the text; they are a the deeper level of worldview, theology, and belief” (57). 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. Mental accounting refers to the tendency to sort decisions into compartments rather than to consider the overall position. 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. The Hebrews have one God versus the polytheism of the ancient Near East (40). Overall Currid’s book was great a great resource for investigating this subject.

From that foundation, Bernstein sets off on a whirlwind tour of the development of modern decision theory. The main idea of his book is to explore the relationship between the literature of the ancient Near East with the Old Testament writings and to argue that Scripture is not in danger of plagiarism.

The result is that the game has a finite expected utility, even though the expected winnings are infinite. “By use of a polemical ending, the author taunts Egypt and her nationalistic fervor: Moses didn’t crave Egypt or the kingly deity; he longs only to serve Yahweh” (95). Currid labors to reconstruct history in order for readers to see the similarities as well as the foundational differences. Review AGAINST THE GODS appeared in the "Washington Is Also Reading..." section of The Washington Post Book World. I miss it! 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. 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. 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. The two stories share a plot line, but again the endings differ and offer great insights for the church today. His main question is whether or not the Hebrew creation account provides distinct thought at its very core (35). Modern risk theory dates from a little geometric model invented in 1654 called Pascal's Triangle, which Blaise Pascal used to address a perennial intellectual question: If two participants quit a game of chance before finishing, how is the pot divided?

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