Probability Distributions in Risk Management Operations

✍ Scribed by Constantinos Artikis, Panagiotis Artikis (auth.)

• Publisher: Springer International Publishing
• Year: 2015
• Tongue: English
• Leaves: 329
• Series: Intelligent Systems Reference Library 83
• Edition: 1
• Category: Library

✦ Synopsis

This book is about the formulations, theoretical investigations, and practical applications of new stochastic models for fundamental concepts and operations of the discipline of risk management. It also examines how these models can be useful in the descriptions, measurements, evaluations, and treatments of risks threatening various modern organizations. Moreover, the book makes clear that such stochastic models constitute very strong analytical tools which substantially facilitate strategic thinking and strategic decision making in many significant areas of risk management. In particular the incorporation of fundamental probabilistic concepts such as the sum, minimum, and maximum of a random number of continuous, positive, independent, and identically distributed random variables in the mathematical structure of stochastic models significantly supports the suitability of these models in the developments, investigations, selections, and implementations of proactive and reactive risk management operations. The book makes extensive use of integral and differential equations of characteristic functions, mainly corresponding to important classes of mixtures of probability distributions, as powerful analytical tools for investigating the behavior of new stochastic models suitable for the descriptions and implementations of fundamental risk control and risk financing operations. These risk treatment operations very often arise in a wide variety of scientific disciplines of extreme practical importance.

✦ Table of Contents

Front Matter....Pages i-xiii
Fundamental Concepts of Risk Management....Pages 1-58
Stochastic Models of Risk Management Concepts....Pages 59-130
Stochastic Models of Risk Management Operations....Pages 131-229
Stochastic Discounting Modeling for Concepts and Operations of Risk Management....Pages 231-311
Back Matter....Pages 313-317

✦ Subjects

Computational Intelligence; Business/Management Science, general; Quality Control, Reliability, Safety and Risk