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Author: Frank H. Knight
Publisher: Courier Corporation
ISBN: 0486147932
Category : Business & Economics
Languages : en
Pages : 450
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Book Description
DIVThis enduring economics text provided the theoretical basis of the entrepreneurial American economy during the post-industrial era. A revolutionary work, it taught the world how to systematically distinguish between risk and uncertainty. /div
Author: Frank H. Knight
Publisher: Courier Corporation
ISBN: 0486147932
Category : Business & Economics
Languages : en
Pages : 450
Get Book Here
Book Description
DIVThis enduring economics text provided the theoretical basis of the entrepreneurial American economy during the post-industrial era. A revolutionary work, it taught the world how to systematically distinguish between risk and uncertainty. /div
Author: Yasuhiro Sakai
Publisher: Springer
ISBN: 9811380007
Category : Business & Economics
Languages : en
Pages : 164
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Book Description
This book critically discusses and systematically compares J.M. Keynes and F. H. Knight, two giants in the history of economic thought. In 1921 they both published apparently similar books on risk, probability, and uncertainty. However, while Knight's contribution on risk and uncertainty is now well recognized, Keynes's work on probability and uncertainty has been somewhat ignored in the shadow of his more famous The General Theory of Employment, Interest and Money (1936). Focusing on an earlier yet equally important volume by Keynes, A Treatise on Probability (1921), this book sheds a light on his outstanding ideas and the lasting influence on his later works, including The General Theory. There are few books that systematically discuss Keynes and Knight, although there are remarkable comparisons between Keynes's concept of probability and uncertainty and Knight's distinction between a measurable risk and a non-measurable uncertainty. This timely book unifies Keynes and Knight into a new, comprehensive approach to a very complex human behavior
Author: Alex J. Pollock
Publisher: Paul Dry Books
ISBN: 1589881303
Category : Business & Economics
Languages : en
Pages : 191
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Book Description
Taking the 2008 financial crisis as his jumping off point, Alex Pollock deftly illustrates how private firms and governments alike have failed to understand the shifting risks that financial systems create. With candor, clarity, and wit, he uncovers the persistent uncertainties inherent in banking, central banking, and economics. “At the height of the 2008 financial panic, Queen Elizabeth plaintively asked why nobody saw it coming. In the winning pages of Finance and Philosophy, Her Majesty can find the answer. With a lightness of touch that belies the complexity of his subject, Alex Pollock shows why the financial future is now, why it has been and always must be a closed book. A successful banker and gifted writer, Pollock tells us all we need to know about money and banking, risk and uncertainty, debt and temptation, and science and economics. He delights as he instructs.”—James Grant, founder and editor, Grant’s Interest Rate Observer “Why can’t human beings take the lessons of boom and bust, bubbles and crashes that are clearly described in history books—and learn from experience? That’s where Mr. Pollock’s wry humor and philosophic bent help understand the hubris that makes every generation believe that not only can it predict the markets, but control them . . . [Finance and Philosophy] should be required reading in economics classes, or before opening an investment account—and by every member of Congress.”—The Washington Times Alex J. Pollock is a distinguished senior fellow at the R Street Institute in Washington, DC. He was a resident fellow at the American Enterprise Institute from 2004 to 2015, and President and Chief Executive Officer of the Federal Home Loan Bank of Chicago from 1991 to 2004.
Author: George G. Szpiro
Publisher: Columbia University Press
ISBN: 0231550979
Category : Business & Economics
Languages : en
Pages : 413
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Book Description
At its core, economics is about making decisions. In the history of economic thought, great intellectual prowess has been exerted toward devising exquisite theories of optimal decision making in situations of constraint, risk, and scarcity. Yet not all of our choices are purely logical, and so there is a longstanding tension between those emphasizing the rational and irrational sides of human behavior. One strand develops formal models of rational utility maximizing while the other draws on what behavioral science has shown about our tendency to act irrationally. In Risk, Choice, and Uncertainty, George G. Szpiro offers a new narrative of the three-century history of the study of decision making, tracing how crucial ideas have evolved and telling the stories of the thinkers who shaped the field. Szpiro examines economics from the early days of theories spun from anecdotal evidence to the rise of a discipline built around elegant mathematics through the past half century’s interest in describing how people actually behave. Considering the work of Locke, Bentham, Jevons, Walras, Friedman, Tversky and Kahneman, Thaler, and a range of other thinkers, he sheds light on the vast scope of discovery since Bernoulli first proposed a solution to the St. Petersburg Paradox. Presenting fundamental mathematical theories in easy-to-understand language, Risk, Choice, and Uncertainty is a revelatory history for readers seeking to grasp the grand sweep of economic thought.
Author: Gary S. Lynch
Publisher: Archway Publishing
ISBN: 1480839388
Category : Business & Economics
Languages : en
Pages : 176
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Book Description
Risk and uncertainty may sound scary, but todays best business leaders are navigating both to gain strategic advantage over competitorsand you can, too. This guide for business leaders examines risk and opportunity through the lens of some of the worlds most respected visionaries, including Howard Schultz, Andy Grove, Peter Huntsman, John Krafcik, Peter Leibinger, Doug Hepper, and many more. These visionaries looked beyond financial performance to see opportunitiesand they did so by understanding uncertainty. Then, they decisively acted to create measurable results that coincided with the future they envisioned. Find out how they did it, and learn how to: identify, define, and convert uncertainty into value; become more opportunistic when facing uncertainty; develop the skill to spot where advantages are likely to emerge; and create an environment where managers and leaders complement each other. Filled with case studies on companies such as Hyundai, Starbucks, Roche, and Intel, this guide delivers proven ways to create value and leverage uncertainty. It is the culmination of a decade of research and interaction with dozens of companies and growth leaders who prove that pursuing a market driven strategy to navigating uncertainty will gain measurable market advantage.
Author: Ian C. MacMillan
Publisher: Pearson Prentice Hall
ISBN: 0132716011
Category : Business & Economics
Languages : en
Pages : 177
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Book Description
“This book is a must for any Business Development Manager, Corporate Strategist, R&D Director, and anyone else who is accountable for growth in a corporation. It is an easy read that is practical and not fraught with useless academic theories.” Ron Pierantozzi, Ph.D., CEO of PPT Research and Former Director, Business Development, Air Products & Chemicals, Inc. A Breakthrough Approach to Investing in Business Innovation Most companies analyze investments using tools that bias them against real innovation and lead them to avoid their best opportunities. This book introduces a breakthrough alternative: Opportunity Engineering. Drawing upon recent advances in financial analysis, but without requiring a lot of math, the authors show how to engineer the risk out of uncertain opportunities so you can pursue more high-payoff innovations. You’ll learn how to escape from the “go/no-go vise” and implement more flexible decision-making that considers all the business alternatives, models, and opportunities associated with each project. You’ll learn how to systematically structure high-potential projects to limit downside exposure and boost your potential upside. The authors show how to define the scope of investment opportunities, identify key drivers of potential profits, document assumptions, design out major risks, and tease out key challenges and vulnerabilities. Using these techniques, you can escape the mindset that limits you to low-impact innovations and begin pursuing serious growth opportunities--and make business uncertainty work for you, not against you. Why companies avoid their best opportunities for innovation Getting past risk-averse analysis that snuffs out experimentation and innovation Systematically engineering your opportunities Capturing the upside, slicing out the downside Beyond rigid “go/no-go” decisions How flexible, staged innovation creates more opportunities for delivering value Constructing an engineered growth portfolio of innovation investments Optimizing your mix of core-enhancing investments and high potential “long shots”
Author: Gerard Debreu
Publisher: Springer Science & Business Media
ISBN: 3662046237
Category : Business & Economics
Languages : en
Pages : 363
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Book Description
Back in the good old days on the fourth floor of the Altbau of Bonn's Ju ridicum, Werner Hildenbrand put an end to a debate about a festschrift in honor of an economist on the occasion of his turning 60 with a laconic: "Much too early." Remembering his position five years ago, we did not dare to think about one for him. But now he has turned 65. If consulted, he would most likely still answer: "Much too early." However, he has to take his official re tirement, and we believe that this is the right moment for such an endeavor. No doubt Werner Hildenbrand will not really retire. As professor emeritus, free from the constraints of a rigid teaching schedule and the burden of com mittee meetings, he will be able to indulge his passions. We expect him to pursue, with undiminished enthusiasm, his research, travel, golfing, the arts, and culinary pleasures - escaping real retirement.
Author: Ross B. Emmett
Publisher: Routledge
ISBN: 1135974411
Category : Business & Economics
Languages : en
Pages : 446
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Book Description
Over the last twenty years, Ross B. Emmett has explored the work of Frank H. Knight, the philosopher of the Chicago School of economics. Knight occupies a paradoxical place in the history of Chicago economics: vital to the tradition’s teaching of price theory and the twentieth-century re-articulation of the defense of free enterprise and liberal democracy, yet a critic (in advance) of the empirical and methodological orientation that has characterized Chicago economics and the rest of the discipline in the post-war period, and skeptical of liberalism’s prospects. In the course of his investigation of Knight’s work, Emmett has written not only about Knight’s economics and philosophy, the nature of Chicago economics, and Knight’s place in the Chicago tradition, but also about the application of hermeneutic theory to the history of economics, the relation of the history of economic thought to the discipline of economics, and the relation between economics and religion. His eight-volume collection of primary-source material on The Chicago Tradition in Economics, 1892-1945 was published by Routledge in 2001.
Author: Nicolai J. Foss
Publisher: Cambridge University Press
ISBN: 1107377307
Category : Business & Economics
Languages : en
Pages :
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Book Description
Entrepreneurship, long neglected by economists and management scholars, has made a dramatic comeback in the last two decades, not only among academic economists and management scholars, but also among policymakers, educators and practitioners. Likewise, the economic theory of the firm, building on Ronald Coase's (1937) seminal analysis, has become an increasingly important field in economics and management. Despite this resurgence, there is still little connection between the entrepreneurship literature and the literature on the firm, both in academia and in management practice. This book fills this gap by proposing and developing an entrepreneurial theory of the firm that focuses on the connections between entrepreneurship and management. Drawing on insights from Austrian economics, it describes entrepreneurship as judgmental decision made under uncertainty, showing how judgment is the driving force of the market economy and the key to understanding firm performance and organization.
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
