Kast / Lapied | Economics and Finance of Risk and of the Future | E-Book | sack.de
E-Book

E-Book, Englisch, 242 Seiten, E-Book

Reihe: Wiley Finance Series

Kast / Lapied Economics and Finance of Risk and of the Future

E-Book, Englisch, 242 Seiten, E-Book

Reihe: Wiley Finance Series

ISBN: 978-0-470-03282-4
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)



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.
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Weitere Infos & Material


Acknowledgements.
General Introduction.
Financial assets.
Risks.
Uncertainty and precaution.
Problems: new methods and new instruments.
Presentation of the book.
PART I: INDIVIDUAL vs COLLECTIVE CHOICE.
Introduction to Part I.
1. Risks in a Public Project: The Millau Viaduct.
2. Individual Valuations and Economic Rationality.
2.1 Preferences on consequences and utilities of decisions.
2.2 Decisions, acts and contingent assets.
2.3 Criterion and individual valuation: averaging.
2.4 A simple decision theoretic model.
2.5 A general criterion of individual valuation.
2.6 The two main criteria for decision-making in front of aknown probability distribution: paradoxes and limitations.
3. Aggregation of Individual Choices.
3.1 Public choices.
3.2 Market aggregation of individual preferences.
4. Individual and Collective Risk ManagementInstruments.
4.1 Decision trees.
4.2 Optimisation under constraints: mathematicalprogramming.
4.3 Risk and cost-benefit analysis.
Concluding comments on Part I.
PART II: RISK vs UNCERTAINTY.
Introduction to Part II.
5. Insurable and Uninsurable Risks.
5.1 Insurance of risks with a known probabilitydistribution.
5.2 Insurance of risks with uncertainties.
5.3 Non-insurable risks.
6. Risk Economics.
6.1 Laws of large numbers and the principles of insurance.
6.2 Risk aversion and applications to the demand for insurance1.
6.3 Background risk.
6.4 Risk measures: variance and Value at Risk.
6.5 Stochastic dominance.
6.6 Aversion to risk increases.
6.7 Asymmetric information: moral hazard and adverseselection.
7. Marketed Risks.
7.1 A general theory of risk measurement.
7.2 Applications to risk valuation.
8. Management Instruments for Risk and forUncertainty.
8.1 Choosing optimal insurance.
8.2 Insurance claims securitisation.
8.3 Valuing controversial risks.
Concluding comments on Part II.
PART III: STATIC vs DYNAMIC.
Introduction to Part III.
9. Risk Businesses.
9.1 Lotteries and the gambling business.
9.2 Risks and investments.
9.3 Credit risk.
10. Valuation without Flexibilities.
10.1 The net present value.
10.2 Discounting.
10.3 Static models of financial market equilibrium pricing.
10.4 The value at risk.
11. Valuation with Options.
11.1 General theory of a dynamic measure of risks.
11.2 Applications to risk valuation.
12. Static and Dynamic Risk Instruments.
12.1 Static risk management instruments.
12.2 Managing flexibilities.
Concluding comments on Part III.
General Conclusion.
1. How to deal with controversies.
2. Look for market valuation.
3. Measuring time.
References.
Index.


Professor ROBERT KAST has a research position atLAMETA-CNRS, University of Montpellier (France) and has publishedpapers and books in decision theory and financial market theory.
ANDRÉ LAPIED is Professor of Economics at GREQAM,University Paul Cézanne in Aix-en-Provence (France) and haspublished papers and books in financial market theory and economictheory.
They work together in risk theory and have achieved severalgovernmental investigations on applied problems. Some of them raisequestions on risk management that are addressed in this book.


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