Risk Management: History, Definition, and Critique

  title={Risk Management: History, Definition, and Critique},
  author={Georges Dionne},
  journal={ERN: Other Microeconomics: Decision-Making under Risk \& Uncertainty (Topic)},
  • G. Dionne
  • Published 1 September 2013
  • Business
  • ERN: Other Microeconomics: Decision-Making under Risk & Uncertainty (Topic)
The study of risk management began after World War II. Risk management has long been associated with the use of market insurance to protect individuals and companies from various losses associated with accidents. Other forms of risk management, alternatives to market insurance, surfaced during the 1950s when market insurance was perceived as very costly and incomplete for protection against pure risk. The use of derivatives as risk management instruments arose during the 1970s, and expanded… 
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