By Francis X. Diebold,Neil A. Doherty,Richard J. Herring
A transparent knowing of what we all know, have no idea, and cannot understand should still advisor any average method of handling monetary hazard, but the main generic degree in finance today--Value in danger, or VaR--reduces those hazards to a unmarried quantity, making a fake experience of safeguard between danger managers, executives, and regulators. This e-book introduces a extra life like and holistic framework known as KuU--the Known, the unknown, and the Unknowable--that permits one to conceptualize the various sorts of monetary hazards and layout potent innovations for handling them. Bringing jointly contributions via leaders in finance and economics, this booklet pushes towards robustifying regulations, portfolios, contracts, and businesses to a wide selection of KuU dangers. alongside the way in which, the strengths and limitations of "quantitative" possibility administration are revealed.
as well as the editors, the members 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 brand new risk-management paradigm
- Features contributions by way of leaders in finance and economics
- Demonstrates how "killer dangers" are usually extra monetary than statistical, and crucially associated with incentives
- Shows the best way to make investments and layout regulations amid monetary uncertainty
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The Known, the Unknown, and the Unknowable in Financial Risk Management: Measurement and Theory Advancing Practice by Francis X. Diebold,Neil A. Doherty,Richard J. Herring
by Charles
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