What We Know, And What We Don't

Panning, William H.
January 2011
Best's Review;Jan2011, Vol. 111 Issue 9, p74
Trade Publication
The article presents the views of former U.S. Secretary of Defense Donald Rumsfeld on the questions concerning protection against extreme events, which impose potentially severe financial losses. He reveals that the more extreme the event is, the more uncertain the estimation of its frequency and severity because extreme events are rare. He also examines that there is a need to consider the possibility that the frequency of particular rare event has changed over time.


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