Foreword to the special issue on 'Robustness, Knightian uncertainty, and games in finance'

摘要

In recent years, the related issues of Knightian uncertainty and robustness have emerged as major themes in financial economics and decision theory. A rich theory of decision making under Knightian uncertainty has been developed in decision theory, complemented by a rich literature on risk measures in mathematics and finance. Both research strands emphasize the need to deal with foundational modeling assumptions. At the same time, due in part to the financial crisis starting in 2007, the need for "robust finance" became clear both in practice and in theory, and since then robust finance has become one of the main problems in the field.