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Engineering Risk and Finance (Paperback, 2013 ed.)
Loot Price: R5,692
Discovery Miles 56 920
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Engineering Risk and Finance (Paperback, 2013 ed.)
Series: International Series in Operations Research & Management Science, 188
Expected to ship within 10 - 15 working days
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Risk models are models of uncertainty, engineered for some
purposes. They are "educated guesses and hypotheses" assessed and
valued in terms of well-defined future states and their
consequences. They are engineered to predict, to manage countable
and accountable futures and to provide a frame of reference within
which we may believe that "uncertainty is tamed".
Quantitative-statistical tools are used to reconcile our
information, experience and other knowledge with hypotheses that
both serve as the foundation of risk models and also value and
price risk. Risk models are therefore common to most professions,
each with its own methods and techniques based on their needs,
experience and a wisdom accrued over long periods of time. This
book provides a broad and interdisciplinary foundation to
engineering risks and to their financial valuation and pricing.
Risk models applied in industry and business, heath care, safety,
the environment and regulation are used to highlight their variety
while financial valuation techniques are used to assess their
financial consequences. This book is technically accessible to all
readers and students with a basic background in probability and
statistics (with 3 chapters devoted to introduce their elements).
Principles of risk measurement, valuation and financial pricing as
well as the economics of uncertainty are outlined in 5 chapters
with numerous examples and applications. New results, extending
classical models such as the CCAPM are presented providing insights
to assess the risks and their price in an interconnected, dependent
and strategic economic environment. In an environment departing
from the fundamental assumptions we make regarding financial
markets, the book provides a strategic/game-like approach to assess
the risk and the opportunities that such an environment implies. To
control these risks, a strategic-control approach is developed that
recognizes that many risks resulting by "what we do" as well as
"what others do". In particular we address the strategic and
statistical control of compliance in large financial institutions
confronted increasingly with a complex and far more extensive
regulation.
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