Acts of God and Man: Ruminations on Risk and Insurance (Columbia Business School Publishing) Review

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Acts of God and Man: Ruminations on Risk and Insurance (Columbia Business School Publishing) ReviewThis book collects Powers' highly idiosyncratic and original thoughts on risk management, statistics, experimental design, and the paranormal. I found the book extremely entertaining and insightful, and would recommend it to the thoughtful reader who enjoys collections of deep thinking a la Deirdre McCloskey (or Michel de Montaigne). The book may also be of special interest to practitioners and executives looking for an understanding of the philosophical issues in insurance. I would not recommend using it as a textbook.
The sheer number of new ideas per page exceeds that of many other comparable popular science books. Powers isn't just summarizing results in his field; he is a man standing up for what he believes.
Powers argues for:
- A Bayesian approach to statistics. This is especially useful given limited data in risk and insurance
- Separating the management of "aloof" and financial risks
- The idea that there is no such thing as "Knightian uncertainty"
- Contemplation of the paranormal as a means of understanding knowledge and uncertainty
- Global warming skepticism
He also touches on his original research including:
- "Tail risk" (see Nassim Taleb's work)
- The "personalized scientific method" based on Bayesianism and game theory.
This is not just another bland serving of pop science (so frustrating!). I regard this as a highly intellectually combative piece summarizing the author's original insights and views on risk and uncertainty. Recommended!Acts of God and Man: Ruminations on Risk and Insurance (Columbia Business School Publishing) Overview

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