Risk

Abstract

The phenomenon of risk plays a pervasive role in economics. Without it, financial and capital markets would consist of the exchange of a single instrument each period, the communications industry would cease to exist, and the profession of investment banking would reduce to simple accounting. One need but consult the contents of any recent economics journal to see how the recognition of risk has influenced current research in the discipline. This article presents an overview of the modern economic theory of the characterization of risk and the modelling of economic agents’ responses to it.

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