Plight of the Fortune Tellers: Why We Need to Manage Financial Risk Differently

Today's top financial-risk 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 it puts us all at risk. This is the case that Riccardo Rebonato makes in Plight of the Fortune Tellers--and coming from someone who is both an experienced market professional and an academic, this heresy is worth listening to. Rebonato forcefully argues that we must restore genuine decision making to our financial planning, and he shows us how to do it using probability, experimental psychology, and decision theory. This is the only way to effectively manage financial risk in a manner congruent with how human beings actually react to chance. Rebonato challenges us to rethink the standard wisdom about probability in financial-risk management. Risk managers have become obsessed with measuring risk and believe that these quantitative results by themselves can guide sound financial choices--but they can't. In this book, Rebonato offers a radical yet surprisingly commonsense solution, one that seeks to remind us that managing risk comes down to real people making decisions under uncertainty.Plight of the Fortune Tellers is not only a book for the decision makers of Wall Street, it's a must-read for anyone concerned about how today's financial markets are run. The stakes have never been higher--can you risk it?

Product details

Hardcover : 199 pages
Title : Plight of the Fortune Tellers: Why We Need to Manage Financial Risk Differently
Language : English
ISBN-10 : 691133611
Ranting : 3.8

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Plight of the Fortune Tellers: Why We Need to Manage
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.
Plight of the Fortune Tellers: Why We Need to Manage Risk
grave errors. This is one of the main messages in Riccardo Rebonato’s Plight of the Fortune Tellers, which argues that approximately speci?ed probabilities are intrinsic to ?nance, and that it is dangerous to pretend otherwise. The implications are substantial, given the size of the market for securities with payo?s that depend on future events.
Plight of the Fortune Tellers: Why We Need to Manage
This is the case that Riccardo Rebonato makes in Plight of the Fortune Tellers and coming from someone who is both an. Today's top financial risk professionals have come to rely on ever more sophisticated mathematics in their attempts to come to grips with financial risk.
?Plight of the Fortune Tellers on Apple Books
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.
Plight of the Fortune Tellers (Riccardo Rebonato) review
Plight of the Fortune Tellers looks at problems with the management of financial risk. It explores a number of ways of getting a handle on risks, of representing and managing them, but its focus is on the unavoidable problems faced in dealing with extreme, low frequency events.
Plight Of The Fortune Tellers | Download eBook PDF EPUB
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 ...
Plight of the Fortune Tellers Why We Need to Manage
Buy Plight of the Fortune Tellers Why We Need to Manage Financial Risk Differently from Kogan . 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.
Plight of the Fortune Tellers: Why We Need to Manage
Plight of the Fortune Tellers: Why We Need to Manage Financial Risk Differently. RebonatoRiccardo. Princeton University Press, 2007, ISBN 978 0 691 13361 4, 304 pages.
Plight of the Fortune Tellers (??)
But this excessive reliance on quantitative precision is misleading and it puts us all at risk. This is the case that Riccardo Rebonato makes in "Plight of the Fortune Tellers" and coming from someone who is both an experienced market professional and an academic, this heresy is worth listening to.
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Plight of the Fortune Tellers Why We Need to Manage Financial Risk Differently Riccardo Rebonato PRINCETON UNIVERSITY PRESS PRINCETON AND OXFORD