Plight of the fortune tellers : why we need to manage financial risk differently
著者
書誌事項
Plight of the fortune tellers : why we need to manage financial risk differently
Princeton University Press, 2011 printing, c2007
[Pbk. ed.]
- : pbk
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注記
"Fourth printing, and first paperback printing, 2011"--T.p. verso
Edition statement based on pref
Bibliography: p. xxix
Includes index
内容説明・目次
内容説明
Today's top financial professionals have come to rely on ever-more sophisticated mathematics in their attempts to come to grips with financial risk. But this excessive reliance on quantitative precision is misleading--and puts everyone at risk. In Plight of the Fortune Tellers, Riccardo Rebonato forcefully argues that we must restore genuine decision making to our financial planning. Presenting a financial model that uses probability, experimental psychology, and decision theory, Rebonato challenges us to rethink the standard wisdom about risk management. He offers a radical yet surprisingly commonsense solution: managing risk comes down to real people making decisions under uncertainty. Plight of the Fortune Tellers is a must-read for anyone concerned about how today's financial markets are run. In a new preface, Rebonato explains how the ideas presented in this book fit into the context of the global financial crisis that followed its original publication. He argues that risk managers are still stuck in a probabilistic rut, and need to engage with the structural causes of real events.
目次
Preface to the Paperback Edition ix Preface xxxi Acknowledgments xlix Chapter 1: Why This Book Matters 1 Chapter 2: Thinking about Risk 22 Chapter 3: Thinking about Probabilities 40 Chapter 4: Making Choices 67 Chapter 5: What Is Risk Management For? 107 Chapter 6: VaR & Co: How It All Started 117 Chapter 7: Looking Beneath the Surface: Hidden Problems 139 Chapter 8: Which Type of Probability Matters in Risk Management? 182 Chapter 9: The Promise of Economic Capital 199 Chapter 10: What Can We Do Instead? 223 Endnotes 259 Index 267
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