Managing risk and uncertainty: a strategic approach

This text offers a framework for making decisions under risk and uncertainty.

Synthesizing research from economics, finance, decision theory, management, and other fields, the book provides a set of tools and a way of thinking that determines the relative merits of different strategies.

It takes as its premise that we make better decisions if we use the whole toolkit of economics and related fields to inform our decision making.

The text explores the distinction between risk and uncertainty and covers standard models of decision making under risk as well as more recent work on decision making under uncertainty, with a particular focus on strategic interaction.

It also examines the implications of incomplete markets for managing under uncertainty.