Sugata Sen
Panskura Banamali College, Economics, Faculty Member
- Stood first class first in Economics from University of North Bengal. Completed M.Phil in Ecpnomics from Jadavpur Uni... moreStood first class first in Economics from University of North Bengal. Completed M.Phil in Ecpnomics from Jadavpur University. Done Ph.D in Economics from Vidyasagar University. Visited twenty six countries to deliver lectures at international conferences. Published many research articles in many reputed journals and books. Doing research in Computational Economics, social exclusion and vulnerability.edit
Over time it has been observed that decentralized planning is an improvement over the traditional planning procedures due to its participatory nature. Participation of the beneficiaries in the planning procedure is the backbone of this... more
Over time it has been observed that decentralized planning is an improvement over the traditional planning procedures due to its participatory nature. Participation of the beneficiaries in the planning procedure is the backbone of this type of planning. But the experiences of different countries have shown that the beneficiaries are not becoming interested to attach themselves with the process of planning. One of the main reasons behind this non-participation may be attributed to the existence of incentive incompatibility. It is observed that due to the presence of incentive incompatibility the decentralized planning procedure is becoming futile in delivering the expected output. Here the Big Data Analytics can play an important role. The network architecture of Big Data Analytics is very much similar to the decentralized planning structure. The client server relationship under the Big Data Analytics can be used to explain the planner beneficiary relationship. At the same time the processing technique under the Big Data Analytic is also very much similar with the decentralized planning. Thus this work wants to show how the use of Big Data Analytics can successfully implement the participation of beneficiaries into the planning system and reduce the problem of incentive incompatibility. This work uses the tenets of Big Data Analytics to decompose the beneficiary planner relationship. Such that it takes into consideration HADOOP frame work to execute this decomposition. More specifically here the use of HDFS has been substantiated. It is observed that Big Data Analytics not only matches the structure of the decentralized planning, it also helps to draw the optimum output easily. So the use of Big Data Analytics will usher a new era in the field of participatory planning. I.
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Using of Euclidean distance to measure the relative importance of causal variables can play an important role in the analysis of well-being. The use of Cartesian algebra along with machine learning can help to strengthen the traditional... more
Using of Euclidean distance to measure the relative importance of causal variables can play an important role in the analysis of well-being. The use of Cartesian algebra along with machine learning can help to strengthen the traditional well-being measurement procedure. If the preferences of the domains are considered as a database, the frameworks developed by the big data can measure well-being for each individual. I.
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The well accepted multi-dimensional measures have failed to properly project the vulnerability of human-beings towards poverty. Some of the reasons behind this inability may be the failure of the existing measures to consider the... more
The well accepted multi-dimensional measures have failed to properly project the vulnerability of human-beings towards poverty. Some of the reasons behind this inability may be the failure of the existing measures to consider the graduality within the concept of poverty and the disparities within the household in wealth distribution. So, this work wants to develop a measure to estimate the vulnerability of households in becoming poor through incorporating the intra-household disparities through the factors which suffer from graduality. The decomposition of the grade of vulnerability on the causal factors is also under the purview of this work. To that respect the idea of fuzzy logic and decomposition through artificial intelligence has been used to develop a mathematical framework. So, the idea of Shapley Value Decomposition method has been used extensively. This decomposition is implemented here with the help of Shapley Machine Learning. This decomposition will help the planners to locate the role of different dimensions behind the vulnerability of human beings to become poor more efficiently.
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Social exclusion is one of the greatest threats of our contemporary world. It is a process that revolves around societal institutions to exclude, discriminate against, isolate and deprive groups or individuals on the basis of identities... more
Social exclusion is one of the greatest threats of our contemporary world. It is a process that revolves around societal institutions to exclude, discriminate against, isolate and deprive groups or individuals on the basis of identities such as caste, ethnicity, religion, gender, location of residence, academic status, income etc. in various spheres of society, polity, and economy. This work evolves a measure to quantify the extent of social exclusion in the sphere of development programmes and develops an index of social exclusion from development programmes. Constructed scale is tested over a sample of households to examine its reliability and to find the nature of exclusion. Different statistical and mathematical tools have been used to construct the measure. The constructed measure is tested on a sample of 320 households chosen through multi-stage stratified random sampling. Sample data are used to find the level of exclusion of each household within the sample on the basis of this measure. With the help of different statistical and econometric tools the scale is also used to examine the nature of social exclusion from development programmes in India. This scale can be used in a greater spectrum to quantify the qualitative concept of social exclusion.
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Ensuring a sustainable livelihood to the larger counts of the population is the most challenging agenda of any developing economy. So this work wants to quantify the level of under achievements of different economies in the field of... more
Ensuring a sustainable livelihood to the larger counts of the population is the most challenging agenda of any developing economy. So this work wants to quantify the level of under achievements of different economies in the field of sustainable livelihood. The contribution of influencing variables of underachievement and contributing variables to achievement in the construction of under achievement livelihood space is also determined under this work. The interaction between these two types of variables and their juxtaposed effects are evaluated through the use of artificial neural network. Finally this method of artificial intelligence is used to achieve a self-sustained monotonic high rate of development. The whole work is presented through a set theoretic approach which is followed by the testing of the same. It is expected that the application of neural network in the process of self-sustained growth of sustainable livelihood is unique in academic discourses.
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Rural-urban structural duality is one of the main reasons behind the systematic backwardness of the rural areas in West Bengal. One of the major mechanisms to address the problem of dual economy is the bottom-up decentralised development... more
Rural-urban structural duality is one of the main reasons behind the systematic backwardness of the rural areas in West Bengal. One of the major mechanisms to address the problem of dual economy is the bottom-up decentralised development planning. But decentralised planning has failed to deliver desired result due to the existence of centralised components inside the method and incentive incompatibility. This failure is compared here with the non-existence of abstract relationship between the urban and rural. Abstract relationship as described here fails to deliver desired outcome when the methods declared at the urban class fail to find proper agent for execution at the derived rural class. This mismatch between the method and the agent is described here as the failure of the development program or failure of runtime polymorphism. Thus, this work wants to explain this structural phenomenon through Object Oriented Paradigm. It is concluded here that this backwardness arises due to the non-existence of abstract relationship between the urban and rural areas. This impediment can be corrected through development of interface using the concept of successive approximation. Ultimately this technique is tested over West Bengal for statistical significance of the model on policy planning.
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Lack of cohesion among human beings is a major problem in modern India. This absence of cohesion appeared due to many historical, geographical and economic factors. It has ultimately culminated in differentiated development outcomes in... more
Lack of cohesion among human beings is a major problem in modern India. This absence of cohesion appeared due to many historical, geographical and economic factors. It has ultimately culminated in differentiated development outcomes in India. This work wants to evaluate the effect of social cohesion on the development achievements. To that respect Graph theory, Markov chain analysis and Artificial Intelligence have been used. Here society has been conceived as a network of n agents. To initiate the Markov process the idea of Genetic Algorithm is used. On the other hand this work tries to measure the Cohesion Density Index for the concerned network and correlation with the time and apace complexity of that very network. This work actually compares the stationary states through Artificial Intelligence to find the most acceptable or optimum. It is concluded that the level of cohesion among different social groups can largely influence the expected outcome of any inclusionary development programme. This lack of cohesiveness within the Indian society due to some strong religio-philosophical reasons is one of the greatest challenges to India in achieving desired inclusive growth. In this paper it is shown that increasing the connectedness of the society can improve the efficiency of the development programs.
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Ensuring a decent livelihood is one of the greatest challenges being faced by the human society. Even after multifaceted efforts, the outcome to sustain livelihood throughout the world is not uniform. This work wants to find the actual... more
Ensuring a decent livelihood is one of the greatest challenges being faced by the human society. Even after multifaceted efforts, the outcome to sustain livelihood throughout the world is not uniform. This work wants to find the actual scenario of sustainable livelihood in our global village. To that respect an index of under-achievement is constructed here. The concepts of mathematical topology, artificial intelligence and quantum computing have been used for that construction. The created index is tested to find the significant influencing factors. On the basis of the existing literature it appears that the outcomes on delivering sustainable livelihood are distinctly different in different economies. Incidentally the research on sustainable livelihood has failed to deliver desired answers to this diverse result due to the absence of proper research methods. This problem in the academic discourses can well be solved through the ideas of artificial intelligence. Artificial intelligence techniques can properly optimize the decisions about sustainable livelihood in a multi dimensional framework. This decision optimization operation in a multi dimensional framework can best be achieved through the platform of quantum computing. Thus the specific objectives of this study are. • Firstly, to construct an under-achievement index in the sustainable livelihood space with the help of mathematical topology. • Secondly, to cluster the economies on the basis of their under-achievements to find the underlying histro-geographical patterns of economy wise under-achievements. • Thirdly, to locate the direct as well as indirect effects of influencing factors on the composite under achievement with the help of artificial intelligence in the platform of quantum computing. This work is based on secondary data published by World Bank. Sustainable livelihood is determined through the concepts published by Department of Foreign and International Development, UK. The ideas of mathematical topology and artificial intelligence have been used to come to the conclusion. The whole work is executed in the platform of quantum
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Aim: COVID 19 pandemic has exposed the vulnerability of the human societies in the absence of pharmaceutical interventions. It is found that this vulnerability depends upon various socio-economic factors. The varying levels of these... more
Aim: COVID 19 pandemic has exposed the vulnerability of the human societies in the absence of pharmaceutical interventions. It is found that this vulnerability depends upon various socio-economic factors. The varying levels of these factors in different countries have made the economies differently resilient in preventing the menace. So this work wants to estimate the vulnerability status and levels of resilience of different economies in the face of pandemic. Finding the socio-economic reasons behind the variation in resilience is also within the aim of this paper.
Methods: Here the growth rate of fatality has been used as an estimate of vulnerability while the efficacy of the community measures has been accepted as the level of resilience. To that respect this work has extensively used time series and cross section econometric tools. Level of vulnerability is assessed through measuring the daily average growth rate of incidence of fatality due to COVID 19. To judge the effectiveness of different social interventions multiple endogenous structural breaks in the country-wise growth rates of COVID 19 induced fatality rates have been determined. The estimated country-wise sub-period growth rates are regressed over corresponding institutional and socio-economic variables.
Result: Wide variation in country level growth in fatality rates has been observed. The efficacy of the stringency measures to control the growth of fatality also varied widely among different countries. Observed that the variations in vulnerability and resilience appeared due to variations in the country-wise socio-economic and institutional factors.
Conclusion: It is observed that affluence and modernization of human societies cannot minimize the vulnerability of human societies to unforeseen disasters. But possibly greater public spending on human resources, reduction in social inequality and more sustainable development policies can improve the resilience of the societies.
Methods: Here the growth rate of fatality has been used as an estimate of vulnerability while the efficacy of the community measures has been accepted as the level of resilience. To that respect this work has extensively used time series and cross section econometric tools. Level of vulnerability is assessed through measuring the daily average growth rate of incidence of fatality due to COVID 19. To judge the effectiveness of different social interventions multiple endogenous structural breaks in the country-wise growth rates of COVID 19 induced fatality rates have been determined. The estimated country-wise sub-period growth rates are regressed over corresponding institutional and socio-economic variables.
Result: Wide variation in country level growth in fatality rates has been observed. The efficacy of the stringency measures to control the growth of fatality also varied widely among different countries. Observed that the variations in vulnerability and resilience appeared due to variations in the country-wise socio-economic and institutional factors.
Conclusion: It is observed that affluence and modernization of human societies cannot minimize the vulnerability of human societies to unforeseen disasters. But possibly greater public spending on human resources, reduction in social inequality and more sustainable development policies can improve the resilience of the societies.
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Research Interests:
Indian society is characterized by multiple forms of exclusion associated with group identities. This work wants to examine the nature and dimensions of social exclusion from development programmes in the Indian state of West Bengal on... more
Indian society is characterized by multiple forms of exclusion associated with group identities. This work wants to examine the nature and dimensions of social exclusion from development programmes in the Indian state of West Bengal on the basis of various castes and to analyze the factors behind. It is tested here whether there exists any relationship between different castes and level of social exclusion, and that between intra-group heterogeneity and group social exclusion values. Both secondary and primary data have been used. Sample of 320 households was chosen through multi-stage stratified random sampling. In a three dimension exclusion space of health, education and income the household level social exclusion is measured by Normalized Euclidean Distance. Calculated value is regressed on caste characteristics of the sample households. Tukey Post Hoc study is undertaken to judge the inter-group differences. Generalized Entropy Index is used to study the intra-group concentrati...
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Exclusion arising out of caste is one of the major instances of social exclusion in India. Historical facts have shown that caste has appeared as a tool of political economy to deprive a large section of the Indian society from their due... more
Exclusion arising out of caste is one of the major instances of social exclusion in India. Historical facts have shown that caste has appeared as a tool of political economy to deprive a large section of the Indian society from their due returns. This study wants to know the historical sequence of political economy to develop caste as a major tool of exploitation. Determining the nature of caste-based exclusion in India is another aim of this work. This study also wants to develop the optimum policy measures to eradicate the menace of caste based exclusion. Examining the feasibility of the development path towards inclusive growth under neo-liberal globalization is also under the purview of this study. Sample has been chosen from 16 Indian villages through multistage stratified sampling. As exclusion can be explained as capability deprivation this study has taken into consideration health, education and income as the domains of exclusion. The idea of Genetic Algorithm has been appli...
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The traditional multi-dimensional measures have failed to properly project the vulnerability of human-beings towards poverty. Some of the reasons behind this inability may be the failure of the existing measures to recognise the... more
The traditional multi-dimensional measures have failed to properly project the vulnerability of human-beings towards poverty. Some of the reasons behind this inability may be the failure of the existing measures to recognise the graduality inside the concept of poverty and the disparities within the household in wealth distribution. So this work wants to develop a measure to estimate the vulnerability of households in becoming poor in a multidimensional perspective through incorporating the intra-household disparities and graduality within the causal factors. Dimensional decomposition of the developed vulnerability measure is also under the purview of this work. To estimate the vulnerability and dimensional influences with the help of artificial intelligence an integrated mathematical framework is developed.
Research Interests:
The traditional multi-dimensional measures have failed to properly estimate the vulnerability of households towards poverty. The reasons behind this inability are the failure of the existing measures to recognise the graduality inside the... more
The traditional multi-dimensional measures have failed to properly estimate the vulnerability of households towards poverty. The reasons behind this inability are the failure of the existing measures to recognise the graduality inside the concept of poverty and the ex-post consideration of the idea of poverty. So this work wants to develop a measure to estimate the vulnerability in an ex-ante multidimensional perspective with the help of fuzzy logic and artificial intelligence. To estimate and to decompose the vulnerability an integrated mathematical framework is developed. The constructed index is tested and the dimensional influences are compared under different socio-economic clusters.
ABSTRACT This work wants to define the forms of social exclusion from development programmes in West Bengal. We have tried to concentrate on the development programmes related to the fields of income generation, health and education. This... more
ABSTRACT This work wants to define the forms of social exclusion from development programmes in West Bengal. We have tried to concentrate on the development programmes related to the fields of income generation, health and education. This study is based on secondary level information published by reputed agencies. At the state level our discussion has found steep deprivation on the grounds of geographical location, income earning status, gender, literacy level, religion and caste. Overlapping of these grounds was creating some snowballing effects with the consequences of greater degrees of deprivation.
Like many developing countries in India too joining household informal production is an important livelihood strategy. To maintain competitiveness this informality depends upon non-monetisation of inputs and intra-household division of... more
Like many developing countries in India too joining household informal production is an important livelihood strategy. To maintain competitiveness this informality depends upon non-monetisation of inputs and intra-household division of labour. This division of labour is not horizontal but hierarchical where some members of the family enjoy net benefits and some others face extreme drudgery. This hierarchy helps to shift the burden of competiveness to the unobserved household labour. Informality of production through uncounted labour ensures the sustainability of the profession through family-based exploitation. This work wants to locate the process through which the informality of household production ensures the sustenance of the profession and intra-family exploitation. Current study is purely based on primary data collected through questionnaire based household survey. It is found that in the face of adverse markets and occupational immobility the household entrepreneurs subsidise the cost of production through unpaid family labour. It is mainly the unpaid female labour which helps to sustain the activity. So deprivation of the female workers is a deliberate policy towards a sustainable livelihood. The marginalization of women is a necessity to fight severe poverty.
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Indian society is characterized by multiple forms of exclusion associated with group identities. This work wants to examine the nature and dimensions of social exclusion from development programmes in West Bengal on the basis of various... more
Indian society is characterized by multiple forms of exclusion associated with group identities. This work wants to examine the nature and dimensions of social exclusion from development programmes in West Bengal on the basis of various castes and to analyze the factors behind. It is tested here whether there exists any relationship between different castes and level of social exclusion, and that between intra-group heterogeneity and group social exclusion values.
Both secondary and primary data have been used. Sample of 320 households was chosen through multi-stage stratified random sampling. In a three dimension exclusion space of health, education and income the household level social exclusion is measured by Normalized Euclidean Distance. Calculated value is regressed on caste characteristics of the sample households. Tukey Post Hoc study is undertaken to judge the inter-group differences. Generalized Entropy Index is used to study the intra-group concentration of the households with respect to social exclusion level within different castes.
It is observed that social exclusion becomes significant for scheduled tribe (ST) community. The intensity of social exclusion of ST is significantly different from others. Among all the castes ST has the highest within group concentration with respect to household level social exclusion values. The concentration of household level social exclusion values within any caste increases with the rise in corresponding group mean social exclusion values.
In India social exclusion on the basis of caste arises out of some strong historical informal norms. Indigenous culture of different communities is also one of the major reasons behind their exclusion. The inverse relationship between group social exclusion value and within group heterogeneity and its implications on policy measures are unique in the discourses on social exclusion.
Both secondary and primary data have been used. Sample of 320 households was chosen through multi-stage stratified random sampling. In a three dimension exclusion space of health, education and income the household level social exclusion is measured by Normalized Euclidean Distance. Calculated value is regressed on caste characteristics of the sample households. Tukey Post Hoc study is undertaken to judge the inter-group differences. Generalized Entropy Index is used to study the intra-group concentration of the households with respect to social exclusion level within different castes.
It is observed that social exclusion becomes significant for scheduled tribe (ST) community. The intensity of social exclusion of ST is significantly different from others. Among all the castes ST has the highest within group concentration with respect to household level social exclusion values. The concentration of household level social exclusion values within any caste increases with the rise in corresponding group mean social exclusion values.
In India social exclusion on the basis of caste arises out of some strong historical informal norms. Indigenous culture of different communities is also one of the major reasons behind their exclusion. The inverse relationship between group social exclusion value and within group heterogeneity and its implications on policy measures are unique in the discourses on social exclusion.
Research Interests:
The traditional multi-dimensional measures have failed to properly estimate the vulnerability of households towards poverty. The reasons behind this inability are the failure of the existing measures to recognise the graduality inside... more
The traditional multi-dimensional measures have failed to properly estimate the vulnerability of households towards poverty. The reasons behind this inability are the failure of the existing measures to recognise the graduality inside the concept of poverty and the ex-post consideration of the idea of poverty. So this work wants to develop a measure to estimate the vulnerability in an ex-ante multidimensional perspective with the help of fuzzy logic and artificial intelligence. To estimate and to decompose the vulnerability an integrated mathematical framework is developed. The constructed index is tested and the dimensional influences are compared under different socio-economic clusters.
Research Interests:
Ensuring a decent livelihood is one of the greatest challenges being faced by the human society. Even after multifaceted efforts, the outcome to sustain livelihood throughout the world is not uniform. This work wants to find the actual... more
Ensuring a decent livelihood is one of the greatest challenges being faced by the human society. Even after multifaceted efforts, the outcome to sustain livelihood throughout the world is not uniform. This work wants to find the actual scenario of sustainable livelihood in our global village. To that respect an index of under-achievement is constructed here. The concepts of mathematical topology, artificial intelligence and quantum computing have been used for that construction. The created index is tested to find the significant influencing factors. On the basis of the existing literature it appears that the outcomes on delivering sustainable livelihood are distinctly different in different economies. Incidentally the research on sustainable livelihood has failed to deliver desired answers to this diverse result due to the absence of proper research methods. This problem in the academic discourses can well be solved through the ideas of artificial intelligence. Artificial intelligence techniques can properly optimize the decisions about sustainable livelihood in a multi dimensional framework. This decision optimization operation in a multi dimensional framework can best be achieved through the platform of quantum computing. Thus the specific objectives of this study are. • Firstly, to construct an under-achievement index in the sustainable livelihood space with the help of mathematical topology. • Secondly, to cluster the economies on the basis of their under-achievements to find the underlying histro-geographical patterns of economy wise under-achievements. • Thirdly, to locate the direct as well as indirect effects of influencing factors on the composite under achievement with the help of artificial intelligence in the platform of quantum computing. This work is based on secondary data published by World Bank. Sustainable livelihood is determined through the concepts published by Department of Foreign and International Development, UK. The ideas of mathematical topology and artificial intelligence have been used to come to the conclusion. The whole work is executed in the platform of quantum
Research Interests:
The traditional multi-dimensional measures have failed to properly project the vulnerability of human-beings towards poverty. Some of the reasons behind this inability may be the failure of the existing measures to recognise the... more
The traditional multi-dimensional measures have failed to properly project the vulnerability of human-beings towards poverty. Some of the reasons behind this inability may be the failure of the existing measures to recognise the graduality inside the concept of poverty and the disparities within the household in wealth distribution. So this work wants to develop a measure to estimate the vulnerability of households in becoming poor in a multidimensional perspective through incorporating the intra-household disparities and graduality within the causal factors. Dimensional decomposition of the developed vulnerability measure is also under the purview of this work. To estimate the vulnerability and dimensional influences with the help of artificial intelligence an integrated mathematical framework is developed.
Research Interests:
Research Interests:
Dispersion is the state of data getting dispersed, stretched, or spread out. Dispersion is the degree to which a distribution is stretched or squeezed in distribution is stretched or squeezed in statistics. The central tendency measures... more
Dispersion is the state of data getting dispersed, stretched, or spread out. Dispersion is the degree to which a distribution is stretched or squeezed in distribution is stretched or squeezed in statistics. The central tendency measures are insufficient to describe data. The mean of two data sets can be the same, but those data sets can be completely different. To describe data, one must understand the degree of dispersion.
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Time is an important factor when thinking about a worker's supply curve for labor. Our income is determined by our wage rate and the number of hours we work. The price that we pay for an hour of leisure is the wage lost from not working... more
Time is an important factor when thinking about a worker's supply curve for labor. Our income is determined by our wage rate and the number of hours we work. The price that we pay for an hour of leisure is the wage lost from not working that hour. We need time to enjoy the goods and services that we purchased, so it follows that as our income increases we demand more leisure. If we assume that both income and leisure are normal goods in which more is preferred to less, the average worker faces the decision of how many work hours to supply. We'll call this the income-leisure choice of the worker. In the following diagram The budget line shows the worker's combinations of income and leisure. Point E is the worker's optimum. But at point E, the worker does not maximize his income.
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Alternative measures of development The following measures of development will be discussed here.
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Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. Insurance is a hedge against unforeseen losses. Insurance is a means of protection from financial loss in... more
Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. Insurance is a hedge against unforeseen losses. Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer-a premium, in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. The insured receives a contract, which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry. Insurance involves pooling funds from many insured entities-known as exposures, to pay for the losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Some communities prefer to create virtual insurance among themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of groups depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work.
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What is risk? Everyone is exposed to some type of risk every day-whether it's from driving, walking down the street, investing, capital planning, or something else. Risk is defined in financial terms as the chance that an outcome or... more
What is risk? Everyone is exposed to some type of risk every day-whether it's from driving, walking down the street, investing, capital planning, or something else. Risk is defined in financial terms as the chance that an outcome or investment's actual gains will differ from an expected outcome. But an exact definition for risk is hard to find and its measurement is controversial as well. Most of the definitions of risk are focused on the probability or likelihood of the event. For example, the OECD defines risk as the probability that the actual outcome will deviate from the expected outcome.