Risk, Uncertainty and Profit PDF Download
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Author: Frank H. Knight
Publisher: Cosimo, Inc.
ISBN: 1602060053
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Author: Frank H. Knight
Publisher: Cosimo, Inc.
ISBN: 1602060053
Category : Business & Economics
Languages : en
Pages : 401
Get Book Here
Book Description
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Author: Yamini Agarwal
Publisher: John Wiley & Sons
ISBN: 111820316X
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
Inside the risk management and corporate governance issues behind capital structure decisions Practical ways of determining capital structures have always been mysterious and riddled with risks and uncertainties. Dynamic paradigm shifts and the multi-dimensional operations of firms further complicate the situation. Financial leaders are under constant pressure to outdo their competitors, but how to do so is not always clear. Capital Structure Decisions offers an introduction to corporate finance, and provides valuable insights into the decision-making processes that face the CEOs and CFOs of organizations in dynamic multi-objective environments. Exploring the various models and techniques used to understand the capital structure of an organization, as well as the products and means available for financing these structures, the book covers how to develop a goal programming model to enable organization leaders to make better capital structure decisions. Incorporating international case studies to explain various financial models and to illustrate ways that capital structure choices determine their success, Capital Structure Decisions looks at existing models and the development of a new goal-programming model for capital structures that is capable of handling multiple objectives, with an emphasis throughout on mitigating risk. Helps financial leaders understand corporate finance and the decision-making processes involved in understanding and developing capital structure Includes case studies from around the world that explain key financial models Emphasizes ways to minimize risk when it comes to working with capital structures There are a number of criteria that financial leaders need to consider before making any major capital investment decision. Capital Structure Decisions analyzes the various risk management and corporate governance issues to be considered by any diligent CEO/CFO before approving a project.
Author: Don Dayananda
Publisher: Cambridge University Press
ISBN: 9780521520980
Category : Business & Economics
Languages : en
Pages : 346
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Book Description
This book explains the financial appraisal of capital budgeting projects.
Author: Pamela P. Peterson
Publisher: John Wiley & Sons
ISBN: 0471446424
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
Capital investment decisions are a constant challenge to all levels of financial managers. Capital Budgeting: Theory and Practice shows you how to confront them using state-of-the-art techniques. Broken down into four comprehensive sections, Capital Budgeting: Theory and Practice explores and illustrates all aspects of the capital budgeting decision process. Pamela Peterson and Frank Fabozzi examine the critical issues and limitations of capital budgeting techniques with an in-depth analysis of: Classifying capital budgeting proposals Determining the relevant cash flows for capital budgeting proposals Assessing the economic value of a capital budgeting proposal using different techniques Incorporating risk into the capital budgeting decision Evaluating whether to lease or borrow-to-buy Capital Budgeting: Theory and Practice provides the knowledge, insight, and advice that will allow you to handle one of the most important aspects of your firm's financial management. Advanced enough for practitioners yet accessible enough for the novice, Capital Budgeting: Theory and Practice is your complete guide to understanding and benefiting from the essential techniques of capital budgeting.
Author: Piotr Prokopowicz
Publisher: Springer
ISBN: 3319596144
Category : Technology & Engineering
Languages : en
Pages : 330
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Book Description
This book is open access under a CC BY 4.0 license. This open access book offers comprehensive coverage on Ordered Fuzzy Numbers, providing readers with both the basic information and the necessary expertise to use them in a variety of real-world applications. The respective chapters, written by leading researchers, discuss the main techniques and applications, together with the advantages and shortcomings of these tools in comparison to other fuzzy number representation models. Primarily intended for engineers and researchers in the field of fuzzy arithmetic, the book also offers a valuable source of basic information on fuzzy models and an easy-to-understand reference guide to their applications for advanced undergraduate students, operations researchers, modelers and managers alike.
Author: Raj Aggarwal
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 308
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Book Description
Author: Harold E. Marshall
Publisher:
ISBN: 9781410220103
Category : Business & Economics
Languages : en
Pages : 108
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Book Description
The report has two purposes. The first is to describe in depth various techniques for treating uncertainty and risk in project evaluation. The second is to describe advantages and disadvantages of each technique to help the decision maker choose an appropriate one for a given problem. Although the focus is on buildings and building components, the techniques described in this report are equally applicable to non-building investments. These same principles apply in the evaluation of any capital budget expenditure whose future stream of benefits, revenues, savings, or costs is uncertain. Investments in long-lived projects such as buildings are characterized by uncertainties regarding project life, operation and maintenance costs, revenues, and other factors that affect project economics. Since future values of these variable factors are generally not known, it is difficult to make reliable economic evaluations. The traditional approach to project investment analysis is to apply economic methods of project evaluation to "best estimates" of project input variables as if they were certain estimates and then to present results in single-value, deterministic terms. When projects are evaluated without regard to uncertainty of inputs to the analysis, decision makers have insufficient information to measure and evaluate the risk of investing in a project having a different outcome from what is expected. Although the technical literature treats uncertainty and risk analysis extensively, a recent survey shows that applications are still far behind theoretical capabilities. Several reasons might be hypothesized for this lag in implementation. First, practicing analysts anticipate high costs and time-consuming analyses in evaluating risk. Yet computers reduce considerably the costs and time for risk analysis. Second, analysts are concerned about the lack of data. The more uncertain the input data, however, the more helpful it would be to account for the uncertainty and to evaluate the associated risk. Third, decision makers, particularly top managers in corporations or government agencies, are reluctant to accept these techniques because they are not confident that the techniques will help them make better decisions. This reluctance may stem in part from a lack of understanding of the techniques. A comprehensive examination of the different approaches to treating uncertainty and risk in project evaluation would show how the application of risk analysis techniques to uncertain data can improve management decision making. This report is intended as the basis for a new ASTM standard on how to account for uncertainty and risk in economic evaluations of buildings and building components. The approach is tutorial and relatively comprehensive to build understanding of the appropriate concepts and techniques among engineers, architects, and economists of the American Society for Testing and Materials (ASTM) Subcommittee who will develop the new standard. The report is also intended for professionals, educators, students, and managers who are interested in applying these techniques to the economic evaluation of buildings.
Author: Francis X. Diebold
Publisher: Princeton University Press
ISBN: 0691128839
Category : Business & Economics
Languages : en
Pages : 392
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Book Description
A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators. This book introduces a more realistic and holistic framework called KuU --the K nown, the u nknown, and the U nknowable--that enables one to conceptualize the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, this book pushes toward robustifying policies, portfolios, contracts, and organizations to a wide variety of KuU risks. Along the way, the strengths and limitations of "quantitative" risk management are revealed. In addition to the editors, the contributors are Ashok Bardhan, Dan Borge, Charles N. Bralver, Riccardo Colacito, Robert H. Edelstein, Robert F. Engle, Charles A. E. Goodhart, Clive W. J. Granger, Paul R. Kleindorfer, Donald L. Kohn, Howard Kunreuther, Andrew Kuritzkes, Robert H. Litzenberger, Benoit B. Mandelbrot, David M. Modest, Alex Muermann, Mark V. Pauly, Til Schuermann, Kenneth E. Scott, Nassim Nicholas Taleb, and Richard J. Zeckhauser. Introduces a new risk-management paradigm Features contributions by leaders in finance and economics Demonstrates how "killer risks" are often more economic than statistical, and crucially linked to incentives Shows how to invest and design policies amid financial uncertainty
Author:
Publisher: Lulu.com
ISBN: 9291316695
Category : Bank capital
Languages : en
Pages : 294
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Book Description
Author: Don Dayananda
Publisher: Cambridge University Press
ISBN: 113943487X
Category : Business & Economics
Languages : en
Pages : 290
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Book Description
This book explains the financial appraisal of capital budgeting projects. The coverage extends from the development of basic concepts, principles and techniques to the application of them in increasingly complex and real-world situations. Identification and estimation (including forecasting) of cash flows, project appraisal formulae, and the application of net present value (NPV), internal rate of return (IRR) and other project evaluation criteria are illustrated with a variety of calculation examples. Risk analysis is extensively covered by the use of risk adjusted discount rate, certainty equivalent, sensitivity, simulation and Monte Carlo analysis. The NPV and IRR models are further applied to forestry, property and international investments. Resource constraints are introduced to the capital budgeting decisions with a variety of worked examples using linear programming technique. All calculations are extensively supported by Excel workbooks on the Web, and each chapter is well reviewed by end of chapter questions.
