TY  - BOOK
AU  - Daníelsson,Jón
TI  - The illusion of control: why financial crises happen, and what we can (and can't) do about it 
SN  - 9780300234817 (hbk.)
AV  - HB 615 D186i  2022
U1  - 338.5 
PY  - 2022///
CY  - New Haven
PB  - Yale University Press
KW  - Financial crises
KW  - Crisis financiera
KW  - Financial risk
KW  - Riesgo financiero
KW  - Riesgo (Economía)
N1  - Includes bibliographical references (pages 259-265) and index
N2  - Finance brings prosperity and danger. We use measurements of risk to try and control the dangers of investments while maximizing our growth. Current strategies rely on mathematical techniques and historical data to predict future risk, but ignore the human component, failing to take into account the nature of risk inherent in the system.0 Jon Danielsson argues that critical risk is generated from within, through the interactions of individuals and perpetuated by their beliefs, objectives, abilities, and prejudices. He asserts that the widespread belief that risk originates outside the financial system frustrates our ability to measure and manage it, and the likely consequences of new regulations will help alleviate small-scale risks but, perversely, encourage excessive risk taking. Danielsson uses lessons from past and recent crises to show that diversity is the best way to safeguard our financial system
ER  -