Economic And Financial Decisions Under Risk

Author : Louis Eeckhoudt,Christian Gollier,Harris Schlesinger
Publisher : Princeton University Press
Page : 245 pages
File Size : 41,5 Mb
Release : 2011-10-30
Category : Business & Economics
ISBN : 9781400829217

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Economic and Financial Decisions under Risk by Louis Eeckhoudt,Christian Gollier,Harris Schlesinger Pdf

An understanding of risk and how to deal with it is an essential part of modern economics. Whether liability litigation for pharmaceutical firms or an individual's having insufficient wealth to retire, risk is something that can be recognized, quantified, analyzed, treated--and incorporated into our decision-making processes. This book represents a concise summary of basic multiperiod decision-making under risk. Its detailed coverage of a broad range of topics is ideally suited for use in advanced undergraduate and introductory graduate courses either as a self-contained text, or the introductory chapters combined with a selection of later chapters can represent core reading in courses on macroeconomics, insurance, portfolio choice, or asset pricing. The authors start with the fundamentals of risk measurement and risk aversion. They then apply these concepts to insurance decisions and portfolio choice in a one-period model. After examining these decisions in their one-period setting, they devote most of the book to a multiperiod context, which adds the long-term perspective most risk management analyses require. Each chapter concludes with a discussion of the relevant literature and a set of problems. The book presents a thoroughly accessible introduction to risk, bridging the gap between the traditionally separate economics and finance literatures.

Author : Christian Gollier
Publisher : MIT Press
Page : 492 pages
File Size : 44,7 Mb
Release : 2001
Category : Business & Economics
ISBN : 0262572249

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The Economics of Risk and Time by Christian Gollier Pdf

Updates and advances the theory of expected utility as applied to risk analysis and financial decision making.

Author : ANDERSON WEBSTER
Publisher : Academic Press
Page : 301 pages
File Size : 41,7 Mb
Release : 2014-06-28
Category : Business & Economics
ISBN : 9781483294995

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Financial Decision Making Under Uncertainty by ANDERSON WEBSTER Pdf

Financial Dec Making under Uncertainty

Author : Maclean Leonard C,Ziemba William T
Publisher : World Scientific
Page : 940 pages
File Size : 55,8 Mb
Release : 2013-05-10
Category : Business & Economics
ISBN : 9789814417365

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Handbook Of The Fundamentals Of Financial Decision Making (In 2 Parts) by Maclean Leonard C,Ziemba William T Pdf

This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2nd edition published in 2006).

Author : John E. Silvia
Publisher : John Wiley & Sons
Page : 400 pages
File Size : 46,9 Mb
Release : 2011-08-09
Category : Business & Economics
ISBN : 9780470920510

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Dynamic Economic Decision Making by John E. Silvia Pdf

A comprehensive analysis of the macroeconomic and financial forces altering the economic landscape Financial decision-making requires one to anticipate how their decision will not only affect their business, but also the economic environment. Unfortunately, all too often, both private and public sector decision-makers view their decisions as one-off responses and fail to see their decisions within the context of an evolving decision-making framework. In Decision-Making in a Dynamic Economic Setting, John Silvia, Chief Economist of Wells Fargo and one of the top 5 economic forecasters according to Bloomberg News and USA Today, skillfully puts this discipline in perspective. Details realistic, decision-making approaches and applications under a broad set of economic scenarios Analyzes monetary policy and addresses the impact of financial regulations Examines business cycles and how to identify economic trends, how to deal with uncertainty and manage risk, the building blocks of growth, and strategies for innovation Decision-Making in a Dynamic Economic Setting details the real-world application of economic principles and financial strategy in making better business decisions.

Author : Francis X. Diebold,Neil A. Doherty,Richard J. Herring
Publisher : Princeton University Press
Page : 392 pages
File Size : 53,5 Mb
Release : 2010-05-09
Category : Business & Economics
ISBN : 9780691128832

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The Known, the Unknown, and the Unknowable in Financial Risk Management by Francis X. Diebold,Neil A. Doherty,Richard J. Herring Pdf

A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators. This book introduces a more realistic and holistic framework called KuU --the K nown, the u nknown, and the U nknowable--that enables one to conceptualize the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, this book pushes toward robustifying policies, portfolios, contracts, and organizations to a wide variety of KuU risks. Along the way, the strengths and limitations of "quantitative" risk management are revealed. In addition to the editors, the contributors are Ashok Bardhan, Dan Borge, Charles N. Bralver, Riccardo Colacito, Robert H. Edelstein, Robert F. Engle, Charles A. E. Goodhart, Clive W. J. Granger, Paul R. Kleindorfer, Donald L. Kohn, Howard Kunreuther, Andrew Kuritzkes, Robert H. Litzenberger, Benoit B. Mandelbrot, David M. Modest, Alex Muermann, Mark V. Pauly, Til Schuermann, Kenneth E. Scott, Nassim Nicholas Taleb, and Richard J. Zeckhauser. Introduces a new risk-management paradigm Features contributions by leaders in finance and economics Demonstrates how "killer risks" are often more economic than statistical, and crucially linked to incentives Shows how to invest and design policies amid financial uncertainty

Author : Hans-Werner Sinn
Publisher : North Holland
Page : 388 pages
File Size : 45,9 Mb
Release : 1983
Category : Business & Economics
ISBN : STANFORD:36105037536245

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Economic Decisions Under Uncertainty by Hans-Werner Sinn Pdf

Author : Robert Kast,André Lapied
Publisher : Wiley
Page : 242 pages
File Size : 44,8 Mb
Release : 2006-06-14
Category : Business & Economics
ISBN : 9780470032824

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Economics and Finance of Risk and of the Future by Robert Kast,André Lapied Pdf

This book uses real-world examples to show how individual and collective risks can be blended and treated in a reliable decision-making framework that draws its inspiration from decision theory and market based mechanisms. It then goes into deeper detail by looking at the implications of having to face risks (a) where some kind of probabilistic description is available and (b) where none is available, using the example of insurable risks vs non-insurable risks. Again, by using real-world examples it shows how decision-makers can cope with such situations by a proper understanding and use of modern financial techniques.

Author : Richard Friberg
Publisher : Unknown
Page : 0 pages
File Size : 46,9 Mb
Release : 2016
Category : Corporations
ISBN : 0262331551

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Managing Risk and Uncertainty by Richard Friberg Pdf

This book offers a framework for making decisions under risk and uncertainty. Synthesizing research from economics, finance, decision theory, management, and other fields, the book provides a set of tools and a way of thinking that determines the relative merits of different strategies. It takes as its premise that we make better decisions if we use the whole toolkit of economics and related fields to inform our decision making. The text explores the distinction between risk and uncertainty and covers standard models of decision making under risk as well as more recent work on decision making.

Author : Leonard C. MacLean,William T. Ziemba
Publisher : World Scientific
Page : 941 pages
File Size : 43,8 Mb
Release : 2013
Category : Business & Economics
ISBN : 9789814417358

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Handbook of the Fundamentals of Financial Decision Making by Leonard C. MacLean,William T. Ziemba Pdf

This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2 nd edition published in 2006).

Author : Louis Eeckhoudt,Christian Gollier
Publisher : Unknown
Page : 376 pages
File Size : 40,7 Mb
Release : 1995
Category : Self-Help
ISBN : UOM:39015032175724

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Risk by Louis Eeckhoudt,Christian Gollier Pdf

"The fundamental topic of choice thory- how do economic agents decide when faces with a situalion of risk- and its accompanying theoretical models are here dissected and analyzed. Using a textbook style, the authors present the microfoundations of risk, uncertainty and its management with specific application to insurance and finance. The book analyzes the formal evalustion of risky situations, analyzes individual decisions under uncertainty and determines the markets for risk, including market incompleteness and risk transfer and welfar..."

Author : Christian Gollier
Publisher : Edward Elgar Publishing
Page : 0 pages
File Size : 46,8 Mb
Release : 2018
Category : Risk
ISBN : 1786432749

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The Economics of Risk and Uncertainty by Christian Gollier Pdf

The compilation of ground-breaking papers contained in this collection offers a complete description of the evolution of knowledge in the economics of risk and time, from its early twentieth-century explorations to its current diversity of approaches. The papers focus first on the basic decisions under uncertainty, and then on asset pricing. They cover both classical expected utility approach and its non-expected utility generalizations, with applications to dynamic portfolio choices, insurance, risk sharing, and risk prevention. Prefaced by an original introduction from the editor, this collection will be valuable for scholars in finance and macroeconomics, particularly those with an interest in the modeling foundations of consumer and investor decisions under uncertainty.

Author : Daniel Kahneman,Amos Tversky
Publisher : Unknown
Page : 27 pages
File Size : 43,7 Mb
Release : 1979
Category : Utility theory
ISBN : OCLC:503388246

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Prospect Theory by Daniel Kahneman,Amos Tversky Pdf

Author : Jean-Pierre Danthine,John B. Donaldson
Publisher : Elsevier
Page : 392 pages
File Size : 49,8 Mb
Release : 2005-07-25
Category : Business & Economics
ISBN : 9780080509020

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Intermediate Financial Theory by Jean-Pierre Danthine,John B. Donaldson Pdf

The second edition of this authoritative textbook continues the tradition of providing clear and concise descriptions of the new and classic concepts in financial theory. The authors keep the theory accessible by requiring very little mathematical background. First edition published by Prentice-Hall in 2001- ISBN 0130174467. The second edition includes new structure emphasizing the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing, as well as a new chapter on asset management for the long term investor. "This book does admirably what it sets out to do - provide a bridge between MBA-level finance texts and PhD-level texts.... many books claim to require little prior mathematical training, but this one actually does so. This book may be a good one for Ph.D students outside finance who need some basic training in financial theory or for those looking for a more user-friendly introduction to advanced theory. The exercises are very good." --Ian Gow, Student, Graduate School of Business, Stanford University Completely updated edition of classic textbook that fills a gap between MBA level texts and PHD level texts Focuses on clear explanations of key concepts and requires limited mathematical prerequisites Updates includes new structure emphasizing the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing, as well as a new chapter on asset management for the long term investor

Author : Itzhak Gilboa
Publisher : Cambridge University Press
Page : 216 pages
File Size : 42,5 Mb
Release : 2009-03-16
Category : Business & Economics
ISBN : 9780521517324

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Theory of Decision Under Uncertainty by Itzhak Gilboa Pdf

This book describes the classical axiomatic theories of decision under uncertainty, as well as critiques thereof and alternative theories. It focuses on the meaning of probability, discussing some definitions and surveying their scope of applicability. The behavioral definition of subjective probability serves as a way to present the classical theories, culminating in Savage's theorem. The limitations of this result as a definition of probability lead to two directions - first, similar behavioral definitions of more general theories, such as non-additive probabilities and multiple priors, and second, cognitive derivations based on case-based techniques.