Pandora's Risk: Uncertainty at the Core of Finance

"While the rest of us are scrabbling around in the gutters, Kent Osband has set his sights on Mount Olympus." - Paul Wilmott    Pandora's Risk   Uncertainty at the Core of Finance   Kent Osband Order Your Copy Now and Save 30%! We'd like to offer you 30% off orders of Pandora's Risk. To save 30%, add the book to your shopping cart, and enter code PANOS in the "Redeem Coupon" field at check out. Click on the "redeem coupon" button and your savings will be calculated.    Download an e-book version or buy individual chapters via Columbia University Press Online Acess. "With impressive breadth, Pandora's Risk offers a tour through economic history and modern global finance and persuasively argues that the confusion between 'risk' and 'uncertainty' has been a vital feature in risk management failures. Kent Osband's writing is passionate but not doom-laden. His is a fast-paced, lively, and hugely engaging book, full of humor as well as valuable, practical insight." - Mary Hardy , University of Waterloo (Read more reviews) 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, and in the process, markets unite, stretch, and occasionally defy beliefs. Recognizing this truth would make a world of difference in investing. Belittling uncertainty has created a rift between financial theory and practice and within finance theory itself, misguiding regulation and stoking huge financial imbalances. Sparking 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 promote 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. Columbia Business School Publishing ORDER THE BOOK   $49.95 $34.97 (with discount code PANOS) / £34.50   cloth   304 pages  For more titles in: Business  Economics

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