LEADER 03808nam 2200685 a 450 001 9910464484303321 005 20200520144314.0 010 $a1-281-90635-2 010 $a9786613792600 010 $a0-231-52705-5 024 7 $a10.7312/powe15366 035 $a(CKB)3420000000000200 035 $a(EBL)909381 035 $a(OCoLC)818856688 035 $a(SSID)ssj0000570306 035 $a(PQKBManifestationID)11376114 035 $a(PQKBTitleCode)TC0000570306 035 $a(PQKBWorkID)10587574 035 $a(PQKB)10343831 035 $a(StDuBDS)EDZ0000455046 035 $a(MiAaPQ)EBC909381 035 $a(DE-B1597)459227 035 $a(OCoLC)940685321 035 $a(OCoLC)999354170 035 $a(DE-B1597)9780231527057 035 $a(Au-PeEL)EBL909381 035 $a(CaPaEBR)ebr10522100 035 $a(CaONFJC)MIL379260 035 $a(OCoLC)772592983 035 $a(EXLCZ)993420000000000200 100 $a20110912d2012 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aActs of god and man$b[electronic resource] $eruminations on risk and insurance /$fMichael R. Powers 210 $aNew York $cColumbia Business School Pub.$d2012 215 $a1 online resource (303 p.) 225 0 $aColumbia Business School Publishing 300 $aDescription based upon print version of record. 311 $a0-231-15367-8 311 $a0-231-15366-X 320 $aIncludes bibliographical references and index. 327 $apt. 1. Living with risk -- pt. 2. The realm of insurance -- pt. 3. Scientific challenges. 330 $aMuch 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. 606 $aRisk (Insurance) 606 $aRisk management 608 $aElectronic books. 615 0$aRisk (Insurance) 615 0$aRisk management. 676 $a368 700 $aPowers$b Michael R$0278387 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464484303321 996 $aActs of god and man$92490516 997 $aUNINA