Uncertainty Risk And Incentives
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Uncertainty Risk And Incentives
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Author :
language : en
Publisher:
Release Date : 2013
Uncertainty Risk And Incentives written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Risk categories.
"Uncertainty has qualitatively different implications than risk in studying executive incentives. The authors study the interplay between profitability uncertainty and moral hazard, where profitability is multiplicative with managerial effort. Investors who face greater uncertainty desire faster learning, and consequently offer higher managerial incentives to induce higher effort from the manager. In contrast to the standard negative risk-incentive trade-off this 'learning-by-doing' effect generates a positive relation between probability uncertainty and incentives. They document empirical support for this prediction."--Abstract.
The Known The Unknown And The Unknowable In Financial Risk Management
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Author : Francis X. Diebold
language : en
Publisher: Princeton University Press
Release Date : 2010-04-19
The Known The Unknown And The Unknowable In Financial Risk Management written by Francis X. Diebold and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-19 with Business & Economics categories.
A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators. This book introduces a more realistic and holistic framework called KuU --the K nown, the u nknown, and the U nknowable--that enables one to conceptualize the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, this book pushes toward robustifying policies, portfolios, contracts, and organizations to a wide variety of KuU risks. Along the way, the strengths and limitations of "quantitative" risk management are revealed. In addition to the editors, the contributors 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 new risk-management paradigm Features contributions by leaders in finance and economics Demonstrates how "killer risks" are often more economic than statistical, and crucially linked to incentives Shows how to invest and design policies amid financial uncertainty
Income Uncertainty Risk Aversion And Incentive Effects
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Author : M. K. Block
language : en
Publisher:
Release Date : 1971
Income Uncertainty Risk Aversion And Incentive Effects written by M. K. Block and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1971 with Incentive awards categories.
Framing And Incentive Effects On Risk Attitudes When Facing Uncertain Losses
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Author : John Fountain
language : en
Publisher:
Release Date : 1995
Framing And Incentive Effects On Risk Attitudes When Facing Uncertain Losses written by John Fountain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Risk management categories.
Financial Economics Risk And Information
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Author : Marcelo Bianconi
language : en
Publisher: World Scientific
Release Date : 2011-08-23
Financial Economics Risk And Information written by Marcelo Bianconi and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-23 with Business & Economics categories.
Financial Economics, Risk and Information presents the fundamentals of finance in static and dynamic frameworks with focus on risk and information. The objective of this book is to introduce undergraduate and first-year graduate students to the methods and solutions of the main problems in finance theory relating to the economics of uncertainty and information. The main goal of the second edition is to make the materials more accessible to a wider audience of students and finance professionals. The focus is on developing a core body of theory that will provide the student with a solid intellectual foundation for more advanced topics and methods. The new edition has streamlined chapters and topics, with new sections on portfolio choice under alternative information structures. The starting point is the traditional mean-variance approach, followed by portfolio choice from first principles. The topics are extended to alternative market structures, alternative contractual arrangements and agency, dynamic stochastic general equilibrium in discrete and continuous time, attitudes towards risk and towards inter-temporal substitution in discrete and continuous time; and option pricing. In general, the book presents a balanced introduction to the use of stochastic methods in discrete and continuous time in the field of financial economics.
Handbook Of The Economics Of Risk And Uncertainty
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Author : Mark Machina
language : en
Publisher: Newnes
Release Date : 2013-11-14
Handbook Of The Economics Of Risk And Uncertainty written by Mark Machina and has been published by Newnes this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-14 with Business & Economics categories.
The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics
The Structure Of Incentives For Decentralization Under Uncertainty
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Author : Robert B. Wilson
language : en
Publisher:
Release Date : 1967
The Structure Of Incentives For Decentralization Under Uncertainty written by Robert B. Wilson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1967 with categories.
Financial Economics Risk And Information 2nd Edition
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Author : Bianconi Marcelo
language : en
Publisher: World Scientific Publishing Company
Release Date : 2011-11-29
Financial Economics Risk And Information 2nd Edition written by Bianconi Marcelo and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-29 with Business & Economics categories.
Financial Economics, Risk and Information presents the fundamentals of finance in static and dynamic frameworks with focus on risk and information. The objective of this book is to introduce undergraduate and first-year graduate students to the methods and solutions of the main problems in finance theory relating to the economics of uncertainty and information. The main goal of the second edition is to make the materials more accessible to a wider audience of students and finance professionals. The focus is on developing a core body of theory that will provide the student with a solid intellectual foundation for more advanced topics and methods. The new edition has streamlined chapters and topics, with new sections on portfolio choice under alternative information structures. The starting point is the traditional mean-variance approach, followed by portfolio choice from first principles. The topics are extended to alternative market structures, alternative contractual arrangements and agency, dynamic stochastic general equilibrium in discrete and continuous time, attitudes towards risk and towards inter-temporal substitution in discrete and continuous time; and option pricing. In general, the book presents a balanced introduction to the use of stochastic methods in discrete and continuous time in the field of financial economics.
Risk Uncertainty And Profit
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Author : Frank Hyneman Knight
language : en
Publisher:
Release Date : 1921
Risk Uncertainty And Profit written by Frank Hyneman Knight and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1921 with Competition categories.
Pt. 1. Introductory.--pt. 2. Perfect competition.--pt. 3. Imperfect competition through risk and uncertainty.
Risk Uncertainty And Profit
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Author : Frank H. Knight
language : en
Publisher:
Release Date : 2022-02-10
Risk Uncertainty And Profit written by Frank H. Knight and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-10 with Business & Economics categories.
Risk, Uncertainty, and Profit is a groundbreaking work of economic theory, distinguishing between risk, which is by nature measurable and quantifiable, and uncertainty, which can be neither be measured nor quantified. We begin with an analysis of the functions of profit, risk and uncertainty in the economy. Frank H. Knight introduces his work with a discussion on profit and how there are conflicts about its nature between various economic theorists. As the title implies, the author's chief concern is the interplay between making a profit, incurring risk, and determining if there is uncertainty. Risks are different from uncertainty in that they can be measured and protected against. For example a location chosen for a factory or farm may have a measured risk of flooding in a given year. Businesses, insurers and investors alike can be made aware of this, and behave according to the quantified risk. For Knight, the larger business is able to mitigate the inherent uncertainties of, for example, launching a new product. Their financial resources are superior, and they can invest in market research and advertising, that a product may avoid failure and go on to deliver a profit for the company. Smaller companies and individual entrepreneurs therefore bear greater risks, but may reap proportionally greater rewards if their business eventually profits. Knight goes on to make the stunning observation that entrepreneurs and businesses receive monetary compensation not necessarily for innovating, but for bearing with uncertainties inherent to running a business. He also discusses the existence of the state: taxation policies, regulations and political instability can result in an uncertain environment that makes business both large and small harder to conduct. The author demonstrates an immense and disciplined knowledge and economic theory. He steadfastly presents his ideas with care not to deviate or contradict himself, that the reader may distinguish the interaction between the profit motive, quantifiable risk, and various uncertainties.