Against the Gods: the Remarkable Story of Risk

Authors: Peter L. Bernstein

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“Bernstein @page { margin-bottom: 5.000000pt; margin-top: 5.000000pt; } e have just witnessed Frank Knight's determination to elevate uncertainty to a central role in the analysis of risk and decision-making and the energy and eloquence with which Keynes mounted his attack on the assumptions of the classical economists. Yet faith in the reality of rational behavior and in the power of measurement in risk management persisted throughout all the turmoil of the Depression and the Second World War. ...Theories on these matters now began to move along sharply divergent paths, one traveled by the followers of Keynes ("We simply do not know") and the other by the followers of Jevons ("Pleasure, pain, labour, utility, value, wealth, money, capital, etc. are all notions admitting of quantity.")During the quarter-century that followed the publication of Keynes's General Theory, an important advance in the understanding of risk and uncertainty appeared in the guise of the theory of games of strategy.MoreLess Read More Read Less