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Michael R. Powers is the Zurich Group Professor of Risk Mathematics at Tsinghua University’s School of Economics and Management, and a 2011 recipient of China’s Qian Ren Ji Hua award.  His recent book, Acts of God and Man: Ruminations on Risk and Insurance (2012, Columbia University Press) proposes a novel science of risk based upon:

  • a fundamentalist Bayesian (i.e., subjective/judgmental) approach to modeling uncertainty and assessing probabilities;
  • a formal distinction between the aloof risks of insurance and the non-aloof risks of other financial markets; and
  • a personalized scientific method emphasizing the importance of randomized controlled studies, mathematical and game-theoretic modeling, and statistical simulation.

Toward a Science of Risk . . .


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Author Photo:  Bill Cramer/Wonderful Machine (Copyright held by Michael R. Powers; permission granted for all educational uses.)