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Michael R. Powers is the Zurich Insurance Group Chair Professor at Tsinghua University’s School of Economics and Management.  He also holds a dual appointment as professor of economics and business at Tsinghua’s Schwarzman College.  In 2013, he won the Kulp-Wright Book Award for Acts of God and Man: Ruminations on Risk and Insurance (2012, Columbia University Press), in which he proposes a 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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