Acts of God and Man

Ruminations on Risk and Insurance

Business & Finance, Industries & Professions, Insurance, Finance & Investing, Finance
Cover of the book Acts of God and Man by Michael Powers, Columbia University Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Michael Powers ISBN: 9780231527057
Publisher: Columbia University Press Publication: December 30, 2011
Imprint: Columbia University Press Language: English
Author: Michael Powers
ISBN: 9780231527057
Publisher: Columbia University Press
Publication: December 30, 2011
Imprint: Columbia University Press
Language: English

Much has been written about the ups and downs of financial markets, from the lure of prosperity to the despair of crises. Yet a more fundamental and pernicious source of uncertainty exists in today's world: the traditional "insurance" risks of earthquakes, storms, terrorist attacks, and other disasters. Insightfully exploring these "acts of God and man," Michael R. Powers guides readers through the methods available for identifying and measuring such risks, financing their consequences, and forecasting their future behavior within the limits of science.

A distinctive characteristic of earthquakes, hurricanes, bombings, and other insurance risks is that they impact the values of stocks, bonds, commodities, and other market-based financial products, while remaining largely unaffected by or "aloof" from the behavior of markets. Quantifying such risks given limited data is difficult yet crucial for achieving the financing objectives of insurance. Powers begins with a discussion of how risk impacts our lives, health, and possessions and proceeds to introduce the statistical techniques necessary for analyzing these uncertainties. He then considers the experience of risk from the perspectives of both policyholders and insurance companies, and compares their respective responses.

The risks inherent in the private insurance industry lead naturally to a discussion of the government's role as both market regulator and potential "insurer of last resort." Following a thoughtful and balanced analysis of these issues, Powers concludes with an interdisciplinary investigation into the nature of uncertainty, incorporating ideas from physics, philosophy, and game theory to assess science's limitations in predicting the ramifications of risk.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Much has been written about the ups and downs of financial markets, from the lure of prosperity to the despair of crises. Yet a more fundamental and pernicious source of uncertainty exists in today's world: the traditional "insurance" risks of earthquakes, storms, terrorist attacks, and other disasters. Insightfully exploring these "acts of God and man," Michael R. Powers guides readers through the methods available for identifying and measuring such risks, financing their consequences, and forecasting their future behavior within the limits of science.

A distinctive characteristic of earthquakes, hurricanes, bombings, and other insurance risks is that they impact the values of stocks, bonds, commodities, and other market-based financial products, while remaining largely unaffected by or "aloof" from the behavior of markets. Quantifying such risks given limited data is difficult yet crucial for achieving the financing objectives of insurance. Powers begins with a discussion of how risk impacts our lives, health, and possessions and proceeds to introduce the statistical techniques necessary for analyzing these uncertainties. He then considers the experience of risk from the perspectives of both policyholders and insurance companies, and compares their respective responses.

The risks inherent in the private insurance industry lead naturally to a discussion of the government's role as both market regulator and potential "insurer of last resort." Following a thoughtful and balanced analysis of these issues, Powers concludes with an interdisciplinary investigation into the nature of uncertainty, incorporating ideas from physics, philosophy, and game theory to assess science's limitations in predicting the ramifications of risk.

More books from Columbia University Press

Cover of the book Speaking for Buddhas by Michael Powers
Cover of the book The Analects of Confucius by Michael Powers
Cover of the book Doubting the Devout by Michael Powers
Cover of the book Eye of the Century by Michael Powers
Cover of the book A Possible Peace Between Israel and Palestine by Michael Powers
Cover of the book Winged Faith by Michael Powers
Cover of the book Serious Play by Michael Powers
Cover of the book Home in Hollywood by Michael Powers
Cover of the book Genuine Pretending by Michael Powers
Cover of the book Mankind Beyond Earth by Michael Powers
Cover of the book Psychosocial Capacity Building in Response to Disasters by Michael Powers
Cover of the book Nuclear Nightmares by Michael Powers
Cover of the book Alan Brinkley by Michael Powers
Cover of the book Melancholy Order by Michael Powers
Cover of the book The Welfare State Revisited by Michael Powers
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy