risk analysis in theory and practice

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The purpose of this book is to introduce this analytical framework and explain how it can be used to investigate economic decisions under risk. In a sense, risk economics is a problem: it involves understanding people's decisions without perfect information. How do we make decisions when we don't know about some of the events that affect us? The uncertainty of our world and the complexity of how humans acquire and process information make this difficult. Despite these difficulties, great progress has been made. First, probability theory is the cornerstone of risk assessment. This allows us to measure risk in ways that policymakers or researchers can communicate with. Second, risk appetite can now be better understood. This provides useful insights into the economic rationality of decision making in uncertain situations. Third, in the past few decades, good opinions on the value of information have been developed. This helps to better understand the role of information in human decision making. This book systematically deals with these issues in the context of private and public decision making under conditions of uncertainty.
* Balanced processing of conceptual models and applied analysis
* Considering private and public decision making under uncertainty
* Web site introducing application practice in EXCEL

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