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2006 | OriginalPaper | Chapter

Introduction

Authors : Bruce T. Porteous, Pradip Tapadar

Published in: Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates

Publisher: Palgrave Macmillan UK

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Our strong conviction is that mathematical statistics is at the very heart of understanding and measuring risk. In other words, to really get a handle on how a risk might behave in future, and the consequences of this, a stochastic approach that acknowledges the range of possible future values that the risk may take is a prerequisite. In particular, this is the case for the risk’s extreme values, and the probabilities of occurrence of these values. The book by Bernstein (1998) gives an excellent introduction to risk.

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