On Conceptualizing Risk: A Comment on Hoffmann
Quarterly Journal of Austrian Economics Vol. 21, N°3 (Fall 2018), 246-255
10 Pages Posted: 5 Apr 2019
Date Written: September 23, 2018
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.
Keywords: risk, uncertainty
JEL Classification: D80, D81
Suggested Citation: Suggested Citation