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The Backdrop

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Managing Uncertainty, Mitigating Risk

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Abstract

We begin by setting out the historical landscape for the management of risk and uncertainty in banking. Uncertainty has fallen to the wayside despite being acknowledged by many of the leading mathematicians over the years from Bernoulli to Kolmogorov and the founders of all the major schools of economics including Keynes, Hayek and Friedman. In today’s financial risk management, risk is the primary and for the most part only consideration, and probability-based tools dominate models and discourse.

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Notes

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Authors
  1. Nick B. Firoozye
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  2. Fauziah Ariff
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© 2016 Nick B. Firoozye and Fauziah Ariff

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Firoozye, N.B., Ariff, F. (2016). The Backdrop. In: Managing Uncertainty, Mitigating Risk. Palgrave Macmillan, London. https://doi.org/10.1057/9781137334541_2

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