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In the first four chapters of the book, the author assumes that the prices of different derivative securities are known and discusses how these securities can be used for insurance and speculation (Chapter 4 has a nice introduction to risk management). Chapters 5-8 explain pricing methods for futures, forwards and swaps using simple discounting models. Chapter 6 has a lucid discussion on how would "futures contract price vs. time" curves for different commodities differ based on the seasonality, transportation costs and storability aspects specific to each commodity.
Starting in Chapter 9, the author discusses different option pricing models. The material presented in Chapters 10-13, where in the author discusses binomial option pricing models, Black-Scholes formula and delta hedging, is clearly the highlight of this book. I did not find such a crystal clear discussion of binomial pricing models and the rationale behind delta hedging in any other text book. In Chapters 15-17, the author discusses financial engineering (how to create a required payoff from basic building blocks) and corporate applications of derivatives (including real options). In the remaining chapters (Chapters 18-24), I would recommend Chapters 18, 19 and 24 to all the readers. The other chapters are not really necessary unless you plan to work on developing derivatives pricing schemes.
In summary, I strongly recommend this book to every serious student of finance.
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This 382 page book is very readable and probably appropriate in depth for a college textbook, although in this space cannot go as deep as, say, LaSor, Hubbard and Bush (Old Testament Survey). It is written from a conservative perspective but critical scholarship is presented in abbreviated form. For example, the standard dates for Second and Third Isaiah are presented in a paragraph. There is a general failure to engage such critical issues and the authors present "scholarly opinion" alongside "conservative evangelical" scholarship without always committing to a particular view. So on the authorship of Isaiah they write "There is no unanimous opinion on this issue among conservative evangelical scholars. Some prefer the multiple authorship view. Others view the entire book as the work of Isaiah of the eighth century B.C." (p 293).
Much of the content of the book summarizes the biblical content. New Testament interpretation is mentioned in theological sidebars where relevant and the reader is encouraged to apply theological insights to personal faith.
The majority of the book was written by Alex Varughese who also edited the work as a whole. Varughese and the other three authors are department heads of Christian liberal arts colleges (I do not know who Robert L. Lewis is [named in the ...description]. He is not listed on my copy).
This book will prove a colourful and readable introduction to the Old Testament, especially in terms of biblical content and life application. The numerous illustrations allow the reader to visualise Israel and modern Judaism.
This review is based on a galley proof.
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It is difficult to distinguish the respective contributions made by each author in this book. Mark Roberts, a young archeologist at the beginning of the excavations who became the Director of the site, is a dedicated digger. He managed logistics, personnel, site management and analysed the results. It is likely that he provided significant portions of the scientific background for the account. The story is simply one of persistence in using evidence to gain support for extending operations when funding seemed threatened. Those extensions continued to reveal an assemblage of fossils, tools, and other signs of human activity. All from half a million years ago.
With the authors contributing background material on climate conditions, glaciation and sea levels, soil content and the new science of geomagnetism, we're given a detailed picture of the world surrounding those ancient people. What impact did that environment have on their lives? What does the evidence suggest about how they coped with what nature imposed on them? Did they hunt, or scavenge? Was meat a mainstay or a "side dish" in their diet?
This book makes a major leap of interpretation in formulating what sort of people existed those millennia ago. With help from many sources, the authors build a picture of a sophisticated creature. Boxgrove produced a wealth of flint tools and flakes, some the researchers were able to reconstruct into the original stones. The evidence, they assert, suggests a creature with strong intelligence, capable of in-depth analysis in selected topics. The most important consideration was in hunting and creating the tools to make the hunt a success. Knapping flakes from flint is "more than banging a couple of rocks together" - requires the ability to foresee several steps in advance - "like a game of chess." The tools meant ready access to meat - and meat is necessary for increased brain power. Far from a raw savage, Boxgrove's revelations image our ancestor a capable creature. From this interpretation, it's clear older finds must be reassessed. New discoveries will need to draw on the same interdisciplinary teamwork Roberts was able to assemble.
Fairweather Eden is a wealth of information, both historic and current. Much background material is provided, interspersing the descriptions of participants in the finds and subsequent analysis. One individual actually strips down a carcass with the provided flint tools. Beyond the text is an array of diagrams and photographs depicting the information. If this book has a shortcoming, it's the use of notes' sources in lieu of a bibliography. That hardly detracts from its worth, however. The amount and quality of work Pitts and Roberts have put into this study will keep it useful for a long time. [stephen a. haines - Ottawa, Canada]
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