Christian Hugo Hoffmann undermines the citadel of risk assessment
and management, arguing that classical probability theory is not an
adequate foundation for modeling systemic and extreme risk in
complex financial systems. He proposes a new class of models which
focus on the knowledge dimension by precisely describing market
participants' own positions and their propensity to react to
outside changes. The author closes his thesis by a synthetical
reflection on methods and elaborates on the meaning of
decision-making competency in a risk management context in banking.
By choosing this poly-dimensional approach, the purpose of his work
is to explore shortcomings of risk management approaches of
financial institutions and to point out how they might be overcome.
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