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Provides a foundation for probability based on game theory rather than measure theory. <ul> <li>A strong philosophical approach with practical applications. <li>Presents in-depth coverage of classical probability theory as well as new theory. </ul>
Young people face unprecedented financial challenges - rising student debt, stiff competition for jobs, barriers to home ownership, dwindling state benefits and prospects of a longer working life. Yet their formal education does not adequately prepare them to deal with these challenges and financial literacy is not perceived to be an essential life skill. Consequently, personal debt (including student debt) has now reached a record level and people both young and old are struggling to meet personal financial commitments.
This book provides essential money lessons to enable individuals to take control of their finances and build a secure financial future. It presents a practical guide to personal financial planning covering key background topics including the importance of setting goals and objectives and the meaning of money and its role in our lives, as well as introducing financial tools such as savings and investment, pensions, insurance and house-buying.
It also provides an introduction to some of the essential foundations of a modern undergraduate finance qualification, including:
The nature of financial institutions, markets and economic policy that shape the opportunities and decisions that individuals face
The range of financial assets available to households, the risk-return trade-off, basics of portfolio construction and impact of tax
The importance of the efficient market hypothesis and modern portfolio theory in shaping investment strategies and the limitations of these approaches
Behavioural finance as a key to understanding factors influencing individual and market perceptions and actions
Using financial data to inform investment selection and to create financial management tools that can aid decision making.
Essential Personal Finance is a stimulating undergraduate introduction to aspects of finance that simultaneously provides a practical guide to the complex world of personal finance, enhancing personal financial management skills, and increasing awareness of the importance of personal financial planning.
The recent global financial crisis has indicated that the conventional dominant paradigm in finance is unable to cope with the problems of financial systems, markets, and behaviour of financial institutions, and failed to understand the proper role of finance in society and the economic system as a whole. Drawing on the recent movements of corporate social responsibility, socially responsible investing and sustainable development, this volume goes further to examine the ongoing making of financial reality towards social responsibility and sustainability, and aims at a better understanding of finance as a collective construct and endeavour embedded in societal context. Bringing together leading scholarly thinking, this collection opens new avenues of comprehending corporate social responsibility, reveals mechanisms and strategies in shaping the reality of responsible finance, searches alternative approaches towards financial sustainability, and explores new thinking of coping with complex financial choice and financial risks. Moving away from the conventional financial paradigm, this volume demonstrates paradigm shifting in the financial world and provides fresh insights on how we may reshape the financial reality to enable societal betterment and prevent any future financial crisis.
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