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Assessing Risk Assessment

Towards Alternative Risk Measures for Complex Financial Systems

Format: Paperback / softback
Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG, Germany
Imprint: Springer Gabler
Published: 6th Dec 2017
Dimensions: w 148mm h 210mm d 20mm
Weight: 468g
ISBN-10: 3658200316
ISBN-13: 9783658200312
Barcode No: 9783658200312
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Synopsis
Christian Hugo Hoffmann undermines the citadel of risk assessment and management, arguing that classical probability theory is not an adequate foundation for modeling systemic and extreme risk in complex financial systems. He proposes a new class of models which focus on the knowledge dimension by precisely describing market participants' own positions and their propensity to react to outside changes. The author closes his thesis by a synthetical reflection on methods and elaborates on the meaning of decision-making competency in a risk management context in banking. By choosing this poly-dimensional approach, the purpose of his work is to explore shortcomings of risk management approaches of financial institutions and to point out how they might be overcome.

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