Pandora’s Risk: Uncertainty at the Core of Finance

Kent Osband

eISBN: 9780231525411

2011 (304 pages 40 line drawings, 5 tables)

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(pages 1-304)
Complete Book Download (pages 1-304)

Download Table of Contents
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Table of Contents (pages 7-8)

Download Preface
(pages 9-14)
Preface (pages 9-14)

Download Acknowledgments
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Acknowledgments (pages 15-16)

Download List of Abbreviations
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List of Abbreviations (pages 17-20)

Download 1. Introduction
(pages 21-33)
1. Introduction (pages 21-33)

Download 2. The Ultimate Confidence Game
(pages 34-47)
2. The Ultimate Confidence Game (pages 34-47)

Download 3. Great Expectations
(pages 48-59)
3. Great Expectations (pages 48-59)

Download 4. Sustainable Debt
(pages 60-72)
4. Sustainable Debt (pages 60-72)

Download 5. The Midas Touch
(pages 73-85)
5. The Midas Touch (pages 73-85)

Download 6. Safety in Numbers
(pages 86-98)
6. Safety in Numbers (pages 86-98)

Download 7. When God Changes Dice
(pages 99-111)
7. When God Changes Dice (pages 99-111)

Download 8. Credit-ability
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8. Credit-ability (pages 112-124)

Download 9. Insecuritization
(pages 125-138)
9. Insecuritization (pages 125-138)

Download 10. Risks in Value-at-Risk
(pages 139-151)
10. Risks in Value-at-Risk (pages 139-151)

Download 11. Resizing Risks
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11. Resizing Risks (pages 152-164)

Download 12. Conclusions
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12. Conclusions (pages 165-176)

Download Appendix
(pages 177-282)
Appendix (pages 177-282)

Download References
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References (pages 283-294)

Download Index
(pages 295-304)
Index (pages 295-304)

Pandora’s Risk: Uncertainty at the Core of Finance

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 beliefs about 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.

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