An understanding of risk and how to deal with it is an essential
part of modern economics. Whether liability litigation for
pharmaceutical firms or an individual's having insufficient wealth
to retire, risk is something that can be recognized, quantified,
analyzed, treated--and incorporated into our decision-making
processes. This book represents a concise summary of basic
multiperiod decision-making under risk. Its detailed coverage of a
broad range of topics is ideally suited for use in advanced
undergraduate and introductory graduate courses either as a
self-contained text, or the introductory chapters combined with a
selection of later chapters can represent core reading in courses
on macroeconomics, insurance, portfolio choice, or asset
pricing.
The authors start with the fundamentals of risk measurement and
risk aversion. They then apply these concepts to insurance
decisions and portfolio choice in a one-period model. After
examining these decisions in their one-period setting, they devote
most of the book to a multiperiod context, which adds the long-term
perspective most risk management analyses require. Each chapter
concludes with a discussion of the relevant literature and a set of
problems.
The book presents a thoroughly accessible introduction to risk,
bridging the gap between the traditionally separate economics and
finance literatures.
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