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.


Risk Assessment and Decision Making Using Test Results

Risk Assessment and Decision Making Using Test Results

Author: V. Chankong

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 214

ISBN-13: 1468455958

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The difficulties associated with making risk assessments on the basis of experimental results are familiar to practitioners in many fields engineering, epidemiology, chemistry, etc. These difficulties are particularly common in problems that have dynamic and stochastic characteristics driven by multiple purposes and goals, with complex interconnections and inter dependencies. Acquiring an appropriate data base, processing and analyzing model results, and transmitting these results at an appropriate technical, social, political, and institutional level are additional difficulties that must be addressed. This book is grounded on the premise that risks are best assessed on the basis of experimental results and sound mathematical analyses, coupled with the knowledge of experts. The carcinogenicity prediction and battery selection (ePBS) approach described herein provides a systematic mechan ism-a synthesis of systems and statistical and decision analyses-to aid researchers and decision makers in the critical field of carcinogenicity prediction in selecting an appropriate battery of tests to use and in translating experimental results into information that can be used as an aid to decision making.


Assessing Risk to the National Critical Functions as a Result of Climate Change

Assessing Risk to the National Critical Functions as a Result of Climate Change

Author: Michelle E. Miro

Publisher: Rand Corporation

Published: 2022-04-05

Total Pages: 192

ISBN-13: 1977408974

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National Critical Functions (NCFs) are government and private-sector functions so vital that their disruption would debilitate security, the economy, public health, or safety. Researchers developed a risk management framework to assess and manage the risk that climate change poses to the NCFs and use the framework to assess 27 priority NCFs. This report details the risk assessment portions of the framework.


Democracy, Risk, and Community

Democracy, Risk, and Community

Author: Richard P. Hiskes

Publisher: Oxford University Press, USA

Published: 1998

Total Pages: 208

ISBN-13: 0195120086

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This book is intended for students and scholars of political philosophy and political science.


Innovations In Insurance, Risk- And Asset Management - Proceedings Of The Innovations In Insurance, Risk- And Asset Management Conference

Innovations In Insurance, Risk- And Asset Management - Proceedings Of The Innovations In Insurance, Risk- And Asset Management Conference

Author: Kathrin Glau

Publisher: World Scientific

Published: 2018-09-14

Total Pages: 468

ISBN-13: 9813272570

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This book covers recent developments in the interdisciplinary fields of actuarial science, quantitative finance, risk- and asset management. The authors are leading experts from academia and practice who participated in Innovations in Insurance, Risk- and Asset Management, an international conference held at the Technical University of Munich in 2017.The topics covered include the mathematics of extreme risks, systemic risk, model uncertainty, interest rate and hybrid models, alternative investments, dynamic investment strategies, quantitative risk management, asset liability management, liability driven investments, and behavioral finance.This timely selection of topics is highly relevant for the financial industry and addresses current issues both from an academic as well as from a practitioner's point of view.


Adaptive Disaster Risk Assessment

Adaptive Disaster Risk Assessment

Author: Neiler Medina Pena

Publisher: CRC Press

Published: 2021-10-08

Total Pages: 294

ISBN-13: 100054284X

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Climate change, combined with the rapid and often unplanned urbanisation trends, is associated with a rising trend in the frequency and severity of disasters triggered by natural hazards. In order to face the impacts of such threats, it is necessary to have an appropriate Disaster Risk Assessment (DRA). Traditional DRA approaches for disaster risk reduction (DRR) have focused mainly on the hazard component of risk, with little attention to the vulnerability and the exposure components. To address this issue, this dissertation’s main objective is to develop and test a disaster risk modelling framework that incorporates socioeconomic vulnerability and the adaptive nature of exposure associated with human behaviour in extreme hydro-meteorological events in the context of SIDS. To achieve the objective, an Adaptive Disaster Risk Assessment (ADRA) framework is proposed. ADRA uses an index-based approach (PeVI) to assess the socioeconomic vulnerability using three components: susceptibility, lack of coping capacities, and lack of adaptation. Furthermore, ADRA explicitly incorporates the exposure component using two approaches; first, a logistic regression model was built using the actual evacuation rates observed during Hurricane Irma, and second, an Agent-based model is used to simulate how households change their exposure levels in relation to different sources of information


Understanding Excessive Teacher and Faculty Entitlement

Understanding Excessive Teacher and Faculty Entitlement

Author: Tara Ratnam

Publisher: Emerald Group Publishing

Published: 2021-09-30

Total Pages: 320

ISBN-13: 1800439407

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Understanding Excessive Teacher and Faculty Entitlement develops a body of professional knowledge by providing a deeper understanding of what manifests itself as 'excessive entitlement', by presenting a theoretical framework within which one can investigate issues and helps those concerned with education and teacher education.