International Series in Operations Research & Management Science

Engineering Risk and Finance

Authors: Tapiero, Charles S.

  • ​​Focus on developing an interdisciplinary approach that unifies the methodology and terminology of risk so it can be applied in virtually any context
  • Uses both a narrative (for non quantitative readers) and mathematical techniques (with basic introduction to these techniques in mathematical appendices), making the book accessible
  • Charles S. Tapiero is an internationally renowned researcher and consultant who has both the breadth and depth of knowledge in this area​
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eBook $179.00
price for USA (gross)
  • ISBN 978-1-4614-6234-7
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $229.00
price for USA
  • ISBN 978-1-4614-6233-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $229.00
price for USA
  • ISBN 978-1-4899-8848-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

Risk models are models of uncertainty, engineered for some purposes.  They are “educated guesses and hypotheses” assessed and valued in terms of well-defined future states and their consequences.  They are engineered to predict, to manage countable and accountable futures and to provide a frame of reference within which we may believe that “uncertainty is tamed”.  Quantitative-statistical tools are used to reconcile our information, experience and other knowledge with hypotheses that both serve as the foundation of risk models and also value and price risk. Risk models are therefore common to most professions, each with its own methods and techniques based on their needs, experience and a wisdom accrued over long periods of time.

This book provides a broad and interdisciplinary foundation to engineering risks and to their financial valuation and pricing.   Risk models applied in industry and business, heath care, safety, the environment and regulation are used to highlight their variety while financial valuation techniques are used to assess their financial consequences.

This book is technically accessible to all readers and students with a basic background in probability and statistics (with 3 chapters devoted to introduce their elements).  Principles of risk measurement, valuation and financial pricing as well as the economics of uncertainty are outlined in 5 chapters with numerous examples and applications.  New results, extending classical models such as the CCAPM are presented providing insights to assess the risks and their price in an interconnected, dependent and strategic economic environment.  In an environment departing from the fundamental assumptions we make regarding financial markets, the book provides a strategic/game-like approach to assess the risk and the opportunities that such an environment implies.  To control these risks, a strategic-control approach is developed that recognizes that many risks resulting by “what we do” as well as “what others do”.  In particular we address the strategic and statistical control of compliance in large financial institutions confronted increasingly with a complex and far more extensive regulation.

Reviews

From the book reviews:

“This is an encyclopedic book on risk management in finance. Intended as a background text for undergraduate and graduate courses in risk finance and in risk engineering and management, yet unlike many textbooks, this book uses an interdisciplinary approach in the sense that it attempts to view risks as faced by many disciplines. As such, it can be used as a reference book for professionals and practitioners with diverse backgrounds.” (Youngna Choi, Mathematical Reviews, May, 2014)

“The book is recommended as an undergraduate and graduate text in risk finance, risk engineering and management, as well as for professionals that are both concerned and experienced in risk assessment and management techniques.” (George Stoica, zbMATH, Vol. 1272, 2013)

Table of contents (12 chapters)

  • Engineering Risk

    Tapiero, Charles S.

    Pages 1-31

  • Risk Management Everywhere

    Tapiero, Charles S.

    Pages 33-55

  • Probability Elements: An Applied Refresher

    Tapiero, Charles S.

    Pages 57-107

  • Multivariate Probability Distributions: Applications and Risk Models

    Tapiero, Charles S.

    Pages 109-138

  • Temporal Risk Processes

    Tapiero, Charles S.

    Pages 139-193

Buy this book

eBook $179.00
price for USA (gross)
  • ISBN 978-1-4614-6234-7
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $229.00
price for USA
  • ISBN 978-1-4614-6233-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $229.00
price for USA
  • ISBN 978-1-4899-8848-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Engineering Risk and Finance
Authors
Series Title
International Series in Operations Research & Management Science
Series Volume
188
Copyright
2013
Publisher
Springer US
Copyright Holder
Charles S. Tapiero
eBook ISBN
978-1-4614-6234-7
DOI
10.1007/978-1-4614-6234-7
Hardcover ISBN
978-1-4614-6233-0
Softcover ISBN
978-1-4899-8848-5
Series ISSN
0884-8289
Edition Number
1
Number of Pages
XVIII, 508
Number of Illustrations and Tables
11 b/w illustrations, 30 illustrations in colour
Topics