The science behind risk management

Douglas E. Johnston; Petar M. Djurič

doi:10.1109/MSP.2011.941549

The science behind risk management

Douglas E. Johnston
, Petar M. Djurič

Electrical Engineering

Stony Brook University

Research output: Contribution to journal › Review article › peer-review

12 Scopus citations

Abstract

Risk management (RM) has a long and storied history in both engineering and finance. As far back as 1800 BC, inscribed in the Code of Hammurabi in ancient Babylon, there is evidence that insurance premiums were paid by farmers to cover the risk of a crop failure [7]. This was essentially an insurance policy, or a way to manage risk, which became a growth industry in Europe during the 1600s with the advent of global trade and the need to mitigate shipping risks [36].

Original language	English
Article number	5999578
Pages (from-to)	26-36
Number of pages	11
Journal	IEEE Signal Processing Magazine
Volume	28
Issue number	5
DOIs	https://doi.org/10.1109/MSP.2011.941549
State	Published - Sep 2011

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10.1109/MSP.2011.941549

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title = "The science behind risk management",

abstract = "Risk management (RM) has a long and storied history in both engineering and finance. As far back as 1800 BC, inscribed in the Code of Hammurabi in ancient Babylon, there is evidence that insurance premiums were paid by farmers to cover the risk of a crop failure [7]. This was essentially an insurance policy, or a way to manage risk, which became a growth industry in Europe during the 1600s with the advent of global trade and the need to mitigate shipping risks [36].",

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AB - Risk management (RM) has a long and storied history in both engineering and finance. As far back as 1800 BC, inscribed in the Code of Hammurabi in ancient Babylon, there is evidence that insurance premiums were paid by farmers to cover the risk of a crop failure [7]. This was essentially an insurance policy, or a way to manage risk, which became a growth industry in Europe during the 1600s with the advent of global trade and the need to mitigate shipping risks [36].

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DO - 10.1109/MSP.2011.941549

M3 - Review article

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The science behind risk management

Abstract

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