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Plight Of The Fortune Tellers: Why We Need To Manage Financial Risk Differently,Used
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Today's top financialrisk professionals have come to rely on evermore sophisticated mathematics in their attempts to come to grips with financial risk. But this excessive reliance on quantitative precision is misleadingand it puts us all at risk. This is the case that Riccardo Rebonato makes in Plight of the Fortune Tellersand 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 financialrisk management. Risk managers have become obsessed with measuring risk and believe that these quantitative results by themselves can guide sound financial choicesbut 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 mustread for anyone concerned about how today's financial markets are run. The stakes have never been highercan you risk it?
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This product may contain chemicals known to the State of California to cause cancer, birth defects, or other reproductive harm.
For more information, please visit www.P65Warnings.ca.gov.