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Risk management is an integral part of financial market management. The dynamic nature of the financial market, and financial variables in particular, is evidenced by the empirical data which demonstrates that financial variables typically have a non-normal distribution. The contention of this book is to demonstrate whether the normality assumption inherent in the value at risk (VaR) measurement leads to flawed risk measurement outcomes. To help determine this, a comparative analysis between the conventional VaR method and a moment corrections method (MCM) was undertaken to assess the...

Measures of progress serve as a crucial link between
the economy and the nations policymaking
establishment. Given that the idea of efficient
allocation of resources is such a powerful influence
in economics, a progress measure needs to account
for most aspects of progress so it can serve as a
basis for decisions to improve resource allocation.

However, the conceptualisation of progress is
fraught with difficulties, misconceptions and
contradictions. Primarily, the contested nature of
the concept leads to a general lack of agreement on
a number of issues, such as adopting an...