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Books > Business & Economics > Business & management > Management & management techniques > Management decision making
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Risk Analysis in Theory and Practice (Hardcover)
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Risk Analysis in Theory and Practice (Hardcover)
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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.
* Balanced treatment of conceptual models and applied analysis
* Considers both private and public decisions under uncertainty
* Website presents application exercises in EXCEL
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