Risk, Uncertainty and Government
Risk, Uncertainty and Government

Author: Pat O'Malley

Publisher: Routledge

Published: 2012-09-10

Total Pages: 292

ISBN-13: 113531179X

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Both risk and uncertainty are neo-liberal concepts, which can be viewed as complementary techniques for governing diverse aspects of life, rather than natural states of things. This new book examines the way these constructs govern the production of wealth through 'uncertain' speculation and 'calculable' investment formulae. The way in which risk and uncertainty govern the minimisation of harms through insurance and through the uncertain practices of 'reasonable foresight' is discussed, and O Malley looks at the way these same techniques were historically forged out of moral and social beliefs about how to govern properly. In addition, the book analyzes is how, during this process, ideas such as 'contract' and distinctions between insurance and gambling were invented to order to 'properly' govern the risky and uncertain future.

Risk, Uncertainty and Profit
Risk, Uncertainty and Profit

Author: Frank H. Knight

Publisher: Cosimo, Inc.

Published: 2006-11-01

Total Pages: 401

ISBN-13: 1602060053

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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.

J.M. Keynes Versus F.H. Knight
J.M. Keynes Versus F.H. Knight

Author: Yasuhiro Sakai

Publisher: Springer

Published: 2019-06-28

Total Pages: 164

ISBN-13: 9811380007

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This book critically discusses and systematically compares J.M. Keynes and F. H. Knight, two giants in the history of economic thought. In 1921 they both published apparently similar books on risk, probability, and uncertainty. However, while Knight's contribution on risk and uncertainty is now well recognized, Keynes's work on probability and uncertainty has been somewhat ignored in the shadow of his more famous The General Theory of Employment, Interest and Money (1936). Focusing on an earlier yet equally important volume by Keynes, A Treatise on Probability (1921), this book sheds a light on his outstanding ideas and the lasting influence on his later works, including The General Theory. There are few books that systematically discuss Keynes and Knight, although there are remarkable comparisons between Keynes's concept of probability and uncertainty and Knight's distinction between a measurable risk and a non-measurable uncertainty. This timely book unifies Keynes and Knight into a new, comprehensive approach to a very complex human behavior

Advances in Decision Making Under Risk and Uncertainty
Advances in Decision Making Under Risk and Uncertainty

Author: Mohammed Abdellaoui

Publisher: Springer Science & Business Media

Published: 2008-08-29

Total Pages: 245

ISBN-13: 3540684360

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Whether we like it or not we all feel that the world is uncertain. From choosing a new technology to selecting a job, we rarely know in advance what outcome will result from our decisions. Unfortunately, the standard theory of choice under uncertainty developed in the early forties and fifties turns out to be too rigid to take many tricky issues of choice under uncertainty into account. The good news is that we have now moved away from the early descriptively inadequate modeling of behavior. This book brings the reader into contact with the accomplished progress in individual decision making through the most recent contributions to uncertainty modeling and behavioral decision making. It also introduces the reader into the many subtle issues to be resolved for rational choice under uncertainty.

A Short Guide to Contract Risk
A Short Guide to Contract Risk

Author: Helena Haapio

Publisher: Routledge

Published: 2017-03-02

Total Pages: 149

ISBN-13: 1351961845

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Savvy managers no longer look at contracting processes and documents reactively but use them proactively to reach their business goals and minimize their risks. To succeed, these managers need a framework and A Short Guide to Contract Risk provides this. The foundation of identifying and managing contract risk is what the authors call Contract Literacy: a set of skills relevant for all who deal with contracts in their everyday business environment, ranging from general managers and CEOs to sales, procurement and project professionals and risk managers. Contracts play a major role in business success. Contracts govern companies' deals and relationships with their suppliers and customers. They impact future rights, cash flows, costs, earnings, and risks. A company's contract portfolio may be subject to greater losses than anyone realizes. Still the greatest risk in business is not taking any risks. Equipped with the concepts described in this book, business and risk managers can start to see contracts differently and to use them to find and achieve the right balance for business success and problem prevention. What makes this short guide from the authors of the acclaimed Proactive Law for Managers especially valuable, if not unique, is its down-to-earth managerial/legal approach. Using lean contracting, visualization and the tools introduced in this book, managers and lawyers can achieve legally sound contracts that function as managerial tools for well thought-out, realistic risk allocation in business deals and relationships.

Maintaining Financial Stability in Times of Risk and Uncertainty
Maintaining Financial Stability in Times of Risk and Uncertainty

Author: Behl, Abhishek

Publisher: IGI Global

Published: 2018-12-04

Total Pages: 400

ISBN-13: 1522572090

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Risks and uncertainties?market, financial, operational, social, humanitarian, environmental, and institutional?are the inherent realities of the modern world. Stock market crashes, demonetization of currency, and climate change constitute just a few examples that can adversely impact financial institutions across the globe. To mitigate these risks and avoid a financial crisis, a better understanding of how the economy responds to uncertainties is needed. Maintaining Financial Stability in Times of Risk and Uncertainty is an essential reference source that discusses how risks and uncertainties affect the financial stability and security of individuals and institutions, as well as probable solutions to mitigate risk and achieve financial resilience under uncertainty. Featuring research on topics such as financial fraud, insurance ombudsman, and Knightian uncertainty, this book is developed for researchers, academicians, policymakers, students, and scholars.

Risk, Uncertainty and Policy
Risk, Uncertainty and Policy

Author: Patrick Brown

Publisher: Routledge

Published: 2017-10-02

Total Pages: 135

ISBN-13: 1317389522

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Policy-making has always involved uncertainty; however the presence of unknowns has become far more conspicuous and problematic in recent times. One important way in which policy-makers have increasingly sought to deal with such uncertainty is through approaches rooted in understandings of risk. This book comprises a rather diverse collection of six chapters, alongside one more explicitly theoretical introduction, each taking up a distinct perspective in scrutinising the relationship between policy, risk and uncertainty. Important concerns addressed within these different studies include: how risk-governance policies are shaped by risk awareness (or a lack thereof) and the mediating role of trust; the framing of policy through an emphasis on particular risks and the corresponding impact on societal beliefs, discourses and institutional power; the organisational processes which lead to some risks being tackled while others are neglected; and processes of (de-) politicising uncertainty at the interface between scientists and policy-makers. Contributors explore trans-national institutions, national bodies, and local government – within diverse geographical contexts including China, Brazil, the Baltic Sea, Australia, the UK, and Europe. This book was originally published as a special issue of the Journal of Risk Research.

The Known, the Unknown, and the Unknowable in Financial Risk Management
The Known, the Unknown, and the Unknowable in Financial Risk Management

Author: Francis X. Diebold

Publisher: Princeton University Press

Published: 2010-05-09

Total Pages: 392

ISBN-13: 0691128839

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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