Acknowledgements
General Introduction
Financial assets
Risks
Uncertainty and precaution
Problems: new methods and new instruments
Presentation of the book
PART I: INDIVIDUAL vs COLLECTIVE CHOICE Introduction to Part I
1 Risks in a Public Project: The Millau Viaduct
2 Individual Valuations and Economic Rationality
2.1 Preferences on consequences and utilities of decisions
2.2 Decisions, acts and contingent assets
2.3 Criterion and individual valuation: averaging
2.4 A simple decision theoretic model
2.5 A general criterion of individual valuation
2.6 The two main criteria for decision-making in front of a known probability distribution: Paradoxes and limitations
3 Aggregation of Individual Choices
3.1 Public choices
3.2 Market aggregation of individual preferences
4 Individual and Collective Risk Management Instruments
4.1 Decision trees
4.2 Optimisation under constraints: mathematical programming
4.3 Risk and cost–benefit analysis
Concluding comments on Part I
PART II: RISK vs UNCERTAINTY
Introduction to Part II
5 Insurable and Uninsurable Risks
5.1 Insurance of risks with a known probability distribution
5.2 Insurance of risks with uncertainties
5.3 Non-insurable risks
6 Risk Economics
6.1 Laws of large numbers and the principles of insurance
6.2 Risk aversion and applications to the demand for insurance 1
6.3 Background risk
6.4 Risk measures: variance and Value at Risk
6.5 Stochastic dominance
6.6 Aversion to risk increases
6.7 Asymmetric information: moral hazard and adverse selection
7 Marketed Risks
7.1 A general theory of risk measurement
7.2 Applications to risk valuation
8 Management Instruments for Risk and for Uncertainty
8.1 Choosing optimal insurance
8.2 Insurance claims securitisation
8.3 Valuing controversial risks
Concluding comments on Part II
PART III: STATIC vs DYNAMIC
Introduction to Part III
9 Risk Businesses
9.1 Lotteries and the gambling business
9.2 Risks and investments
9.3 Credit risk
10 Valuation without Flexibilities
10.1 The net present value
10.2 Discounting
10.3 Static models of financial market equilibrium pricing
10.4 The value at risk
11 Valuation with Options
11.1 General theory of a dynamic measure of risks
11.2 Applications to risk valuation
12 Static and Dynamic Risk Instruments
12.1 Static risk management instruments
12.2 Managing flexibilities
Concluding comments on Part III
General Conclusion
1 How to deal with controversies
2 Look for market valuation
3 Measuring time
References
Index
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