Essentials Of Risk Theory

Author : Sabine Roeser,Rafaela Hillerbrand,Per Sandin,Martin Peterson
Publisher : Springer Science & Business Media
Page : 153 pages
File Size : 42,7 Mb
Release : 2012-11-02
Category : Science
ISBN : 9789400754553

Get Book

Essentials of Risk Theory by Sabine Roeser,Rafaela Hillerbrand,Per Sandin,Martin Peterson Pdf

Risk has become one of the main topics in fields as diverse as engineering, medicine and economics, and it is also studied by social scientists, psychologists and legal scholars. This Springer Essentials version offers an overview of the in-depth handbook and highlights some of the main points covered in the Handbook of Risk Theory. The topic of risk also leads to more fundamental questions such as: What is risk? What can decision theory contribute to the analysis of risk? What does the human perception of risk mean for society? How should we judge whether a risk is morally acceptable or not? Over the last couple of decades questions like these have attracted interest from philosophers and other scholars into risk theory. This brief offers the essentials of the handbook provides for an overview into key topics in a major new field of research and addresses a wide range of topics, ranging from decision theory, risk perception to ethics and social implications of risk. It aims to promote communication and information among all those who are interested in theoretical issues concerning risk and uncertainty. The Essentials of Risk Theory brings together internationally leading philosophers and scholars from other disciplines who work on risk theory. The contributions are accessibly written and highly relevant to issues that are studied by risk scholars. The Essentials of Risk Theory will be a helpful starting point for all risk scholars who are interested in broadening and deepening their current perspectives. ​

Author : Jan Grandell
Publisher : Springer Science & Business Media
Page : 186 pages
File Size : 49,9 Mb
Release : 2012-12-06
Category : Mathematics
ISBN : 9781461390589

Get Book

Aspects of Risk Theory by Jan Grandell Pdf

Risk theory, which deals with stochastic models of an insurance business, is a classical application of probability theory. The fundamental problem in risk theory is to investigate the ruin possibility of the risk business. Traditionally the occurrence of the claims is described by a Poisson process and the cost of the claims by a sequence of random variables. This book is a treatise of risk theory with emphasis on models where the occurrence of the claims is described by more general point processes than the Poisson process, such as renewal processes, Cox processes and general stationary point processes. In the Cox case the possibility of risk fluctuation is explicitly taken into account. The presentation is based on modern probabilistic methods rather than on analytic methods. The theory is accompanied with discussions on practical evaluation of ruin probabilities and statistical estimation. Many numerical illustrations of the results are given.

Author : Nicholas Rescher
Publisher : Springer
Page : 80 pages
File Size : 52,6 Mb
Release : 2021-10-05
Category : Philosophy
ISBN : 3030785017

Get Book

Risk Theory by Nicholas Rescher Pdf

Apart from its foray into technical issues of risk assessment and management, this book has one principal aim. With situations of chancy outcomes certain key factors—including outcome possibilities, overall expectation, threat, and even luck—are measurable parameters. But risk is something different: it is not measurable a single parametric quantity, but a many-sided factor that has several different components, and constitutes a complex phenomenon that must be assessed judgmentally in a highly contextualized way. This book explains and analyzes how this works out in practice. Topics in this work include choice and risk, chance and likelihood, as well as outcome-yield evaluation and risk. It takes into account abnormal situations and eccentric measurements, situational evaluation and expectation and scrutinizes the social aspect of risk. The book is of interest to logicians, philosophers of mathematics, and researchers of risk assessment. The project is a companion piece to the author's LUCK THEORY, also published by Springer.

Author : Rafaela Hillerbrand,Per Sandin,Martin Peterson
Publisher : Springer Science & Business Media
Page : 1209 pages
File Size : 43,9 Mb
Release : 2012-01-12
Category : Science
ISBN : 9789400714335

Get Book

Handbook of Risk Theory by Rafaela Hillerbrand,Per Sandin,Martin Peterson Pdf

Risk has become one of the main topics in fields as diverse as engineering, medicine and economics, and it is also studied by social scientists, psychologists and legal scholars. But the topic of risk also leads to more fundamental questions such as: What is risk? What can decision theory contribute to the analysis of risk? What does the human perception of risk mean for society? How should we judge whether a risk is morally acceptable or not? Over the last couple of decades questions like these have attracted interest from philosophers and other scholars into risk theory. This handbook provides for an overview into key topics in a major new field of research. It addresses a wide range of topics, ranging from decision theory, risk perception to ethics and social implications of risk, and it also addresses specific case studies. It aims to promote communication and information among all those who are interested in theoetical issues concerning risk and uncertainty. This handbook brings together internationally leading philosophers and scholars from other disciplines who work on risk theory. The contributions are accessibly written and highly relevant to issues that are studied by risk scholars. We hope that the Handbook of Risk Theory will be a helpful starting point for all risk scholars who are interested in broadening and deepening their current perspectives.

Author : Carl S. Young
Publisher : Springer Nature
Page : 286 pages
File Size : 40,6 Mb
Release : 2020-01-28
Category : Technology & Engineering
ISBN : 9783030306007

Get Book

Risk and the Theory of Security Risk Assessment by Carl S. Young Pdf

This book provides the conceptual foundation of security risk assessment and thereby enables reasoning about risk from first principles. It presents the underlying theory that is the basis of a rigorous and universally applicable security risk assessment methodology. Furthermore, the book identifies and explores concepts with profound operational implications that have traditionally been sources of ambiguity if not confusion in security risk management. Notably, the text provides a simple quantitative model for complexity, a significant driver of risk that is typically not addressed in security-related contexts. Risk and The Theory of Security Risk Assessment is a primer of security risk assessment pedagogy, but it also provides methods and metrics to actually estimate the magnitude of security risk. Concepts are explained using numerous examples, which are at times both enlightening and entertaining. As a result, the book bridges a longstanding gap between theory and practice, and therefore will be a useful reference to students, academics and security practitioners.

Author : R. Beard
Publisher : Springer Science & Business Media
Page : 426 pages
File Size : 44,5 Mb
Release : 2013-04-17
Category : Science
ISBN : 9789401176804

Get Book

Risk Theory by R. Beard Pdf

The theory of risk already has its traditions. A review of its classical results is contained in Bohlmann (1909). This classical theory was associated with life insurance mathematics, and dealt mainly with deviations which were expected to be produced by random fluctua tions in individual policies. According to this theory, these deviations are discounted to some initial instant; the square root of the sum of the squares of the capital values calculated in this way then gives a measure for the stability of the portfolio. A theory constituted in this manner is not, however, very appropriate for practical purposes. The fact is that it does not give an answer to such questions as, for example, within what limits a company's probable gain or loss will lie during different periods. Further, non-life insurance, to which risk theory has, in fact, its most rewarding applications, was mainly outside the field of interest of the risk theorists. Thus it is quite understandable that this theory did not receive very much attention and that its applications to practical problems of insurance activity remained rather unimportant. A new phase of development began following the studies of Filip Lundberg (1909, 1919), which, thanks to H. Cramer (1926), e.O.

Author : Hongmu Lee
Publisher : Springer Nature
Page : 261 pages
File Size : 53,8 Mb
Release : 2021-11-25
Category : Business & Economics
ISBN : 9789811634680

Get Book

Risk Management by Hongmu Lee Pdf

This book outlines risk management theory systematically and comprehensively while distinguishing it from academic fields such as insurance theory. In addition, the book builds a risk financing theory that is independent of insurance theory. Until now, risk management (RM) theory has been discussed while the framework of the theory has remained unclear. However, this book, unlike previous books of this type, provides risk management theory after presenting a framework for it. Enterprise risk management (ERM) is seen differently depending on one’s position. For accountants, it is a means for internal control to prevent accounting fraud, whereas for financial institutions, it quantifies the risk that administrators can take to meet supervisory standards. Therefore, most of the ERM outlines are written to suit the intended uses or topics, with no systematic RM overviews. This book discusses a systematic RM theory linked to the framework of it, unlike previous books that were written according to topic. After the Enron scandal in December 2001 and WorldCom accounting fraud in June 2002, several laws were enacted or revised throughout the world, such as the SOX Act(Sarbanes-Oxley Act) in the United States and the Financial Instruments and Exchange Law and Companies Act in Japan. In this process, the COSO(Committee of Sponsoring Organizations of Treadway Commission) published their ERM framework, while the ISO (International Organization for Standardization) published their RM framework. The author believes that the competition between these frameworks was an opportunity to systematize RM theory and greatly develop it as an independent discipline from insurance. On the other hand, the Great East Japan Earthquake that occurred on March 11, 2011, caused enormous losses. Also, because pandemics and cyber risks are increasing, businesses must have a comprehensive and systematic ERM for these risks associated with their business activities

Author : Sabine Roeser
Publisher : Springer Science & Business Media
Page : 1209 pages
File Size : 41,8 Mb
Release : 2012
Category : Decision making
ISBN : 9789400714328

Get Book

Handbook of Risk Theory by Sabine Roeser Pdf

Risk has become one of the main topics in fields as diverse as engineering, medicine and economics, and it is also studied by social scientists, psychologists and legal scholars. But the topic of risk also leads to more fundamental questions such as: What is risk? What can decision theory contribute to the analysis of risk? What does the human perception of risk mean for society? How should we judge whether a risk is morally acceptable or not? Over the last couple of decades questions like these have attracted interest from philosophers and other scholars into risk theory. This handbook provides for an overview into key topics in a major new field of research. It addresses a wide range of topics, ranging from decision theory, risk perception to ethics and social implications of risk, and it also addresses specific case studies. It aims to promote communication and information among all those who are interested in theoetical issues concerning risk and uncertainty. This handbook brings together internationally leading philosophers and scholars from other disciplines who work on risk theory. The contributions are accessibly written and highly relevant to issues that are studied by risk scholars. We hope that the Handbook of Risk Theory will be a helpful starting point for all risk scholars who are interested in broadening and deepening their current perspectives.

Author : Griselda Deelstra,Guillaume Plantin
Publisher : Springer Science & Business Media
Page : 85 pages
File Size : 55,5 Mb
Release : 2013-11-22
Category : Business & Economics
ISBN : 9781447155683

Get Book

Risk Theory and Reinsurance by Griselda Deelstra,Guillaume Plantin Pdf

Reinsurance is an important production factor of non-life insurance. The efficiency and the capacity of the reinsurance market directly regulate those of insurance markets. The purpose of this book is to provide a concise introduction to risk theory, as well as to its main application procedures to reinsurance. The first part of the book covers risk theory. It presents the most prevalent model of ruin theory, as well as a discussion on insurance premium calculation principles and the mathematical tools that enable portfolios to be ordered according to their risk levels. The second part describes the institutional context of reinsurance. It first strives to clarify the legal nature of reinsurance transactions. It describes the structure of the reinsurance market and then the different legal and technical features of reinsurance contracts, known as reinsurance ‘treaties’ by practitioners. The third part creates a link between the theories presented in the first part and the practice described in the second one. Indeed, it sets out, mostly through examples, some methods for pricing and optimizing reinsurance. The authors aim is to apply the formalism presented in the first part to the institutional framework given in the second part. It is reassuring to find such a relationship between approaches seemingly abstract and solutions adopted by practitioners. Risk Theory and Reinsurance is mainly aimed at master's students in actuarial science but will also be useful for practitioners wishing to revive their knowledge of risk theory or to quickly learn about the main mechanisms of reinsurance.

Author : Andreas E. Kyprianou
Publisher : Springer Science & Business Media
Page : 93 pages
File Size : 51,8 Mb
Release : 2013-10-02
Category : Mathematics
ISBN : 9783319023038

Get Book

Gerber–Shiu Risk Theory by Andreas E. Kyprianou Pdf

Motivated by the many and long-standing contributions of H. Gerber and E. Shiu, this book gives a modern perspective on the problem of ruin for the classical Cramér–Lundberg model and the surplus of an insurance company. The book studies martingales and path decompositions, which are the main tools used in analysing the distribution of the time of ruin, the wealth prior to ruin and the deficit at ruin. Recent developments in exotic ruin theory are also considered. In particular, by making dividend or tax payments out of the surplus process, the effect on ruin is explored. Gerber-Shiu Risk Theory can be used as lecture notes and is suitable for a graduate course. Each chapter corresponds to approximately two hours of lectures.

Author : Jan Grandell
Publisher : Unknown
Page : 200 pages
File Size : 55,9 Mb
Release : 1991
Category : Point processes
ISBN : UCAL:B4365872

Get Book

Aspects of Risk Theory by Jan Grandell Pdf

Author : Hans Bühlmann
Publisher : Springer Science & Business Media
Page : 218 pages
File Size : 48,6 Mb
Release : 2007-06-15
Category : Mathematics
ISBN : 9783540307112

Get Book

Mathematical Methods in Risk Theory by Hans Bühlmann Pdf

From the reviews: "The huge literature in risk theory has been carefully selected and supplemented by personal contributions of the author, many of which appear here for the first time. The result is a systematic and very readable book, which takes into account the most recent developments of the field. It will be of great interest to the actuary as well as to the statistician . . ." -- Math. Reviews Vol. 43

Author : Michel Crouhy,Dan Galai,Robert Mark
Publisher : McGraw Hill Professional
Page : 448 pages
File Size : 45,8 Mb
Release : 2013-12-06
Category : Business & Economics
ISBN : 9780071821155

Get Book

The Essentials of Risk Management, Second Edition by Michel Crouhy,Dan Galai,Robert Mark Pdf

The essential guide to quantifying risk vs. return has been updated to reveal the newest, most effective innovations in financial risk management Written for risk professionals and non-risk professionals alike, this easy-to-understand guide helps readers meet the increasingly insistent demand to make sophisticated assessments of their company’s risk exposure Provides the latest methods for measuring and transferring credit risk, increase risk-management transparency, and implement an organization-wide Enterprise risk Management (ERM) approach The authors are renowned figures in risk management: Crouhy heads research and development at NATIXIS; Galai is the Abe Gray Professor of Finance and Business Asdministration at Hebrew University; and Mark is the founding CEO of Black Diamond Risk

Author : Frank H. Knight
Publisher : Cosimo, Inc.
Page : 401 pages
File Size : 53,8 Mb
Release : 2006-11-01
Category : Business & Economics
ISBN : 9781602060050

Get Book

Risk, Uncertainty and Profit by Frank H. Knight Pdf

A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.

Author : Jean-Paul Chavas
Publisher : Elsevier
Page : 247 pages
File Size : 51,6 Mb
Release : 2004-07-01
Category : Business & Economics
ISBN : 9780080516332

Get Book

Risk Analysis in Theory and Practice by Jean-Paul Chavas Pdf

The objective of Risk Analysis in Theory and Practice is to present this analytical framework and to illustrate how it can be used in the investigation of economic decisions under risk. In a sense, the economics of risk is a difficult subject: it involves understanding human decisions in the absence of perfect information. How do we make decisions when we do not know some of events affecting us? The complexities of our uncertain world and of how humans obtain and process information make this difficult. In spite of these difficulties, much progress has been made. First, probability theory is the corner stone of risk assessment. This allows us to measure risk in a fashion that can be communicated among decision makers or researchers. Second, risk preferences are now better understood. This provides useful insights into the economic rationality of decision making under uncertainty. Third, over the last decades, good insights have been developed about the value of information. This helps better understand the role of information in human decision making and this book provides a systematic treatment of these issues in the context of both private and public decisions under uncertainty. Balanced treatment of conceptual models and applied analysis Considers both private and public decisions under uncertainty Website presents application exercises in Excel