Uncertainty And Risk
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Risk Uncertainty And Profit
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Author : Frank H. Knight
language : en
Publisher: Cosimo, Inc.
Release Date : 2006-11-01
Risk Uncertainty And Profit written by Frank H. Knight and has been published by Cosimo, Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-01 with Business & Economics categories.
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.
Managing Risk And Uncertainty
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Author : Richard Friberg
language : en
Publisher: MIT Press
Release Date : 2015-11-13
Managing Risk And Uncertainty written by Richard Friberg and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-13 with Business & Economics categories.
A comprehensive framework for assessing strategies for managing risk and uncertainty, integrating theory and practice and synthesizing insights from many fields. This book offers a framework for making decisions under risk and uncertainty. Synthesizing research from economics, finance, decision theory, management, and other fields, the book provides a set of tools and a way of thinking that determines the relative merits of different strategies. It takes as its premise that we make better decisions if we use the whole toolkit of economics and related fields to inform our decision making. The text explores the distinction between risk and uncertainty and covers standard models of decision making under risk as well as more recent work on decision making under uncertainty, with a particular focus on strategic interaction. It also examines the implications of incomplete markets for managing under uncertainty. It presents four core strategies: a benchmark strategy (proceeding as if risk and uncertainty were low), a financial hedging strategy (valuable if there is much risk), an operational hedging strategy (valuable for conditions of much uncertainty), and a flexible strategy (valuable if there is much risk and/or uncertainty). The book then examines various aspects of these strategies in greater depth, building on empirical work in several different fields. Topics include price-setting, real options and Monte Carlo techniques, organizational structure, and behavioral biases. Many chapters include exercises and appendixes with additional material. The book can be used in graduate or advanced undergraduate courses in risk management, as a guide for researchers, or as a reference for management practitioners.
Uncertainty In Risk Assessment Risk Management And Decision Making
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Author : V.T. Covello
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-08
Uncertainty In Risk Assessment Risk Management And Decision Making written by V.T. Covello and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-08 with Technology & Engineering categories.
The subject of this volume--uncertainties in risk assessment and management--reflects an important theme in health, safety, and environ mental decision making. MOst technological hazards are characterized by substantial uncertainty. Recent examples include nuclear waste disposal, acid rain, asbestos in schools, carcinogens in food, and hazardous waste. realing with such uncertainty is arguably the most difficult and challeng ing task facing risk assessors and managers today. Four primary sources of uncertainty in risk assessment and management can be identified: (1) uncertainties about definitions; (2) uncertainties about scientific facts; (3) uncertainties about risk perceptions and atti tudes; and (4) uncertainties about values. Uncertainties about definitions derive primarily from disagreements about the meaning and interpretation of key concepts, such as probability. Uncertainties about scientific facts derive primarily from disagreements about failure modes, the probability and magnitude of adverse health or environmental consequences, cause and effect relationships, dose-response relationships, and exposure patterns. Uncertainties about risk perceptions and attitudes derive primarily from disagreements about what constitutes a significant or acceptable level of risk. Uncertainties about values derive primarily from disagreements about the desirability or worth of alternative risk management actions or conse quences. The papers in this volume address each of these sources of uncertainty from a variety of perspectives. Reflecting the broad scope of risk assess ment and risk management research, the papers include contributions from safety engineers, epidemiologists, toxicologists, chemists, biostatisticians, biologists, decision analysts, economists, psychologists, political scien tists, sociologists, ethicists, and lawyers.
Risk Uncertainty And Profit
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Author : Frank H. Knight
language : en
Publisher: Courier Corporation
Release Date : 2012-03-09
Risk Uncertainty And Profit written by Frank H. Knight and has been published by Courier Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-09 with Business & Economics categories.
DIVThis enduring economics text provided the theoretical basis of the entrepreneurial American economy during the post-industrial era. A revolutionary work, it taught the world how to systematically distinguish between risk and uncertainty. /div
Uncertainty In Risk Assessment
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Author : Terje Aven
language : en
Publisher: John Wiley & Sons
Release Date : 2013-12-17
Uncertainty In Risk Assessment written by Terje Aven and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-17 with Mathematics categories.
Explores methods for the representation and treatment of uncertainty in risk assessment In providing guidance for practical decision-making situations concerning high-consequence technologies (e.g., nuclear, oil and gas, transport, etc.), the theories and methods studied in Uncertainty in Risk Assessment have wide-ranging applications from engineering and medicine to environmental impacts and natural disasters, security, and financial risk management. The main focus, however, is on engineering applications. While requiring some fundamental background in risk assessment, as well as a basic knowledge of probability theory and statistics, Uncertainty in Risk Assessment can be read profitably by a broad audience of professionals in the field, including researchers and graduate students on courses within risk analysis, statistics, engineering, and the physical sciences. Uncertainty in Risk Assessment: Illustrates the need for seeing beyond probability to represent uncertainties in risk assessment contexts. Provides simple explanations (supported by straightforward numerical examples) of the meaning of different types of probabilities, including interval probabilities, and the fundamentals of possibility theory and evidence theory. Offers guidance on when to use probability and when to use an alternative representation of uncertainty. Presents and discusses methods for the representation and characterization of uncertainty in risk assessment. Uses examples to clearly illustrate ideas and concepts.
Risk And Uncertainty In A Post Truth Society
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Author : Sander van der Linden
language : en
Publisher: Routledge
Release Date : 2019-06-10
Risk And Uncertainty In A Post Truth Society written by Sander van der Linden and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-10 with Business & Economics categories.
This edited volume looks at whether it is possible to be more transparent about uncertainty in scientific evidence without undermining public understanding and trust. With contributions from leading experts in the field, this book explores the communication of risk and decision-making in an increasingly post-truth world. Drawing on case studies from climate change to genetic testing, the authors argue for better quality evidence synthesis to cut through the noise and highlight the need for more structured public dialogue. For uncertainty in scientific evidence to be communicated effectively, they conclude that trustworthiness is vital: the data and methods underlying statistics must be transparent, valid, and sound, and the numbers need to demonstrate practical utility and add social value to people’s lives. Presenting a conceptual framework to help navigate the reader through the key social and scientific challenges of a post-truth era, this book will be of great relevance to students, scholars, and policy makers with an interest in risk analysis and communication.
Uncertainty
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Author : Millett Granger Morgan
language : en
Publisher: Cambridge University Press
Release Date : 1990
Uncertainty written by Millett Granger Morgan and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
A risk analysis textbook which is intended as a basic text for students as well as a reference for practitioners and researchers. It provides a basis for policy analysis and draws upon a variety of case studies.
Science And Judgment In Risk Assessment
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Author : National Research Council
language : en
Publisher: National Academies Press
Release Date : 1994-01-01
Science And Judgment In Risk Assessment written by National Research Council and has been published by National Academies Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-01 with Science categories.
The public depends on competent risk assessment from the federal government and the scientific community to grapple with the threat of pollution. When risk reports turn out to be overblownâ€"or when risks are overlookedâ€"public skepticism abounds. This comprehensive and readable book explores how the U.S. Environmental Protection Agency (EPA) can improve its risk assessment practices, with a focus on implementation of the 1990 Clean Air Act Amendments. With a wealth of detailed information, pertinent examples, and revealing analysis, the volume explores the "default option" and other basic concepts. It offers two views of EPA operations: The first examines how EPA currently assesses exposure to hazardous air pollutants, evaluates the toxicity of a substance, and characterizes the risk to the public. The second, more holistic, view explores how EPA can improve in several critical areas of risk assessment by focusing on cross-cutting themes and incorporating more scientific judgment. This comprehensive volume will be important to the EPA and other agencies, risk managers, environmental advocates, scientists, faculty, students, and concerned individuals.
Risk Uncertainty And Profit
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Author : Frank Hyneman Knight
language : en
Publisher: Beard Books
Release Date : 2002
Risk Uncertainty And Profit written by Frank Hyneman Knight and has been published by Beard Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
Role of the entrepreneur in a distinct role of profit.
Taking Risks
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Author : Kenneth R. MacCrimmon
language : en
Publisher: New York : Free Press ; London : Collier Macmillan Publishers
Release Date : 1986
Taking Risks written by Kenneth R. MacCrimmon and has been published by New York : Free Press ; London : Collier Macmillan Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Business & Economics categories.
Based on 12 years of research with more than 500 top-level executives, this seminal work reveals how age, education, income, industry, firm size, and other factors affect a manager's willingness to take risks.