How Is This Book to Be Understood and What Kind of Society Does It Wish to Create?
When we change risk from “Risk = Probability × Consequence” into “Risk = (Probability × Consequence) + Structure”, we are introducing a fundamental change to the understanding that has formed the basis of much of our economic theory apparatus, the formati
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Redefining Risk & Return
Jesper Lyng Jensen • Susanne Sublett
Redefining Risk & Return The Economic Red Phone Explained
Jesper Lyng Jensen Kirke Hyllinge, Denmark
Susanne Sublett Hørve, Denmark
ISBN 978-3-319-41368-6 ISBN 978-3-319-41369-3 (eBook) DOI 10.1007/978-3-319-41369-3 Library of Congress Control Number: 2016962052 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover Design by Paileen Currie Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
It is extremely advantageous to be able to bring a number of investigations under the formula of a single problem. For in this manner, we not only facilitate our own labour, inasmuch as we define it clearly to ourselves, but also make it easier for others to decide whether we have done justice to our undertaking. Emmanuel Kant, 1781, Critique of Pure Reason
Preface
The journey from experiment to book has taken nine years. It has been an interesting journey, and it has been a privilege to receive the assistance of a great many fantastic people in the process. Claus Due Ponsaing and Jens B. A. Winther have been invaluable partners in the work of writing this book and the scientific publications. I owe both of you my deepest gratitude. Special thanks go to Niels Thygesen and Mogens Lykketoft for having admirably furthered the work of writing this book. You have opened many doors, participated in discussions, and frequently given your professional input. Many people have contributed to the writing of this book. During the five years I have taken to write the book, friends, family, and people from my network have helped with proofreading, commented
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