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The illusion of control

why financial crises happen, and what we can (and can't) do about it
Author: Search for this author Daníelsson, Jón, 1963- (author)
Statement of Responsibility: Jón Daníelsson
Year: 2022
Publisher: New Haven ; London, Yale University Press
Media group: eBook/eResource
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Content

A challenge to the conventional wisdom surrounding financial risk, providing insight into why easy solutions to control the financial system are doomed to fail
 
Finance brings prosperity and danger. We use measurements of risk to try and control the dangers of investments while maximizing our growth. Current strategies rely on mathematical techniques and historical data to predict future risk, but ignore the human component, failing to take into account the nature of risk inherent in the system.0 Jon Danielsson argues that critical risk is generated from within, through the interactions of individuals and perpetuated by their beliefs, objectives, abilities, and prejudices. He asserts that the widespread belief that risk originates outside the financial system frustrates our ability to measure and manage it, and the likely consequences of new regulations will help alleviate small-scale risks but, perversely, encourage excessive risk taking. Danielsson uses lessons from past and recent crises to show that diversity is the best way to safeguard our financial system

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Author: Search for this author Daníelsson, Jón, 1963- (author)
Statement of Responsibility: Jón Daníelsson
Year: 2022
Publisher: New Haven ; London, Yale University Press
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ISBN: 9780300265095
ISBN (2nd): 9780300234817
Description: vii, 276 Seiten, Illustrationen
Tags: Financial Risk, Risk, Crisis, Financial Crisis, Risk Management, Finanzrisiko, Risiko, Krise, Economic Crisis, Wirtschaftskrise, Risikomanagement, Finanzkrise
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Language: eng
Media group: eBook/eResource