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9780231151726

Pandora's Risk

by
  • ISBN13:

    9780231151726

  • ISBN10:

    0231151721

  • Format: Hardcover
  • Copyright: 2011-07-19
  • Publisher: Columbia Univ Pr
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Supplemental Materials

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Summary

Author of the acclaimed work Iceberg Risk: An Adventure in Portfolio Theory, Kent Osband argues that uncertainty is central rather than marginal to finance. Markets don't trade mainly on changes in risk. They trade on changes in beliefsabout risk. In the process, markets unite, stretch, and occasionally defy beliefs. Recognizing this would make a world of difference in investing. Belittling uncertainty has driven a rift between financial theory and practice and within finance theory itself. It has misguided regulation. It has stoked the greatest financial imbalances in world history. Hoping to spark a revolution in the mindset of the investment professional, Osband recasts the market as a learning machine rather than a knowledge machine. The market continually errs, corrects itself, and makes new errors. Respecting that process without idolizing it will lead to wiser investment, trading, and regulation. With uncertainty embedded at its core, Osband's rational approach points to a finance theory worthy of twenty-first-century investing.

Supplemental Materials

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

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