Search Books:

Join our mailing list:

Bookmark and Share

New Articles

The Mystery Murder Case of the Century
by Robert Tanenbaum


Which Brass Ring for You: Popularity or Success?
by JV Venable


Autistic Students: Are We Asking Them to Do Their Best While They Feel Their Worst?
by Janet Lintala


The Enemy Within
by Jason Riley


Prologue
by Anna Godbersen


view more>>


Recent Placements


Ross W. Greene
Boston Globe
How to raise human beings who are ready for the real world

Paul Smith
Leadership-Tools.com
Sell With A Story review

Paul Smith
Read to Lead
How to Capture Attention, Build Trust & Close the Sale

Ross W. Greene
Washington Post
Child psychologist: This is how to raise human beings who are ready for the real world

Leland Faust
ValueWalk
A Capitalist's Lament: How Wall Street Is Fleecing You and Ruining America


view more>>



Bookmark and Share

Acts of God and Man: Ruminations on Risk and Insurance
by Michael R. Powers

Published by Columbia Business School Publishing

 Read Reviews


Amazon.comBarnes & NobleIndieBound


Much has been written about the ups and downs of financial markets, from the lure of prosperity to the despair of crisis. However, there exists a more fundamental and pernicious source of uncertainty in today's world: the traditional "insurance" risks of earthquakes, storms, terrorist attacks, and other disasters. Insightfully exploring these "acts of God and man," Michael R. Powers guides readers through the methods available for identifying and measuring such risks, financing their consequences, and forecasting their future behavior within the limits of science.

A distinctive characteristic of earthquakes, hurricanes, bombings, and other insurĀ­ ance risks is that they impact the values of stocks, bonds, commodities, and other human-made financial products, while themselves remaining largely unaffected by or "aloof" from the behavior of markets. Quantifying such risks given limited data is tricky yet crucial for achieving the financing objectives of insurance. Powers begins with an analysis of how risk impacts our lives, health, and possessions, and then introduces the statistical techniques necessary for analyzing these uncertainties. He then considers the experience of risk from the perspectives of both policyholders and insurance companies and compares their respective responses.

The risks inherent in the private insurance industry lead naturally to discussions of government's role as both market regulator and potential "insurer of last resort." Powers concludes with an interdisciplinary investigation into the nature of uncertainty, incorporating ideas from physics, philosophy, and game theory to assess science's limitations in predicting the ramifications of risk.



pub date: 2011-12-30 | Hardcover | 9780231153669