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| RISK ANALYSIS IN THEORY AND PRACTICE
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By
Jean-Paul Chavas, University of Maryland, College Park, USA
Description
The objective of this book 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.
Audience
Academics and professionals in finance and economics
Contents
Table of Content
Chapter 1: Introduction
Chapter 2: The Measurement of Risk
Chapter 3: The Expected Utility Model
Chapter 4: Risk Preferences
Chapter 5: Stochastic Dominance
Chapter 6: Mean-Variance Analysis
Chapter 7: Alternative Models of Risk Behavior
Chapter 8: Production
Decisions under Risk
Chapter 9: Portfolio Selection
Chapter 10: Dynamic Decisions under Risk
Chapter 11: Contract and Policy Design under
Risk
Chapter 12: Some Applications
Chapter 13: Market StabilizationAppendix A: Probability and Statistics
Appendix B: Optimization
| Bibliographic details |
Hardbound, 247 pages, publication date: JUN-2004
ISBN-13: 978-0-12-170621-0
ISBN-10: 0-12-170621-4
Imprint: ACADEMIC PRESS
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| Price and Ordering |
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GBP 46.99
USD 77.95
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Last update: 5 Sep 2009
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