On Conceptualizing Risk: A Comment on Hoffmann
|Titre||On Conceptualizing Risk: A Comment on Hoffmann|
|Type de publication||Article|
|Année de publication||2018|
|Titre de la revue||Quarterly Journal of Austrian Economics|
|Mots-clés||Austrian economics, Complexity, probability, risk, uncertainty|
Hoffmann (2018) attempts to reconstruct a typology of risks deemed more accurate and useful to both economists and risk managers than currently received views on the subject within mainstream economics/finance and Austrian economics. This comment argues that his criticisms of the Misesian approach and his case for an alternative are unconvincing. We explain weaknesses in his criticisms of the Misesian approach and outline some problems with his constructive task of building up the alternative.