HKS Authors

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Book abstract: The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments.


Zeckhauser, Richard. "New Frontiers Beyond Risk and Uncertainty: Ignorance, Group Decision, and Unanticipated Themes, Preface 2." Handbook of the Economics of Risk and Uncertainty. Ed. W. Kip Viscusi and Mark Machina. Elsevier, 2013, xvii-xxix.