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The theory of Value at Risk (VaR), which quantifies the probability of large losses in financial transactions, won the Nobel Prize in economics for Robert Merton. As trading systems have become more complex, however, the dangers of very large losses have become more acute. The near collapse of the hedge fund Long-Term Capital Management, based on the VaR theory, is perhaps the most spectacular example: it was not stable against large and sudden fluctuations in the financial markets. This collection of papers by leading researchers addresses the weaknesses of VaR and how it might be possible...

Here Partha Dasgupta, an internationally recognized authority in economics, presents readers with a solid introduction to its basic concepts, including efficiency, equity, sustainability, dynamic equilibrium, property rights, markets, and public goods. Throughout, he highlights the relevance of economics to everyday life, providing a very human exploration of a technical subject. Dasgupta covers enduring issues such as population growth, the environment, and poverty. For example, he explores how the world's looming population problems affect us at the local, national, and international level....