Math in Society A survey of mathematics for the liberal arts major Math in Society is a free, open textbook. This book is a survey of contemporary mathematical topics, most non-algebraic, appropriate for a college-level quantitative literacy topics course for liberal arts majors. Online homework for most chapters of this text are available for WAMAP. Instructors: If you decide to use probability for finance pdf or all of this book with your classes, please send me an email letting me know, so I can have some idea if people are finding it useful.
This license means that you have full permission to modify the text to your liking, have it printed, and use it in your classes. The only requirements are that you include attribution to the original authors, and make your changes available with the same permissions. If you are going to use printed copies without modifications, it is appreciated if you order through Lulu. This text is intended to be a growing, collaborative work. Contributions of additional chapters, exercises, and extended projects or investigations are welcome. Please email the maintainer with any contributions.
In the past, I had individually editioned each chapter. Beginning with the second edition of the book, I will now be changing the edition of the whole book at once when changes are made. The older first edition of this book is still available in print or online. Creation of this text was supported, in part, by the Transition Math Project and the Open Course Library. Preface Since 2006 the World Economic Forum’s Global Risks report has provided a unique and timely analysis of the risks that are shaping the global environment.
Global Risks 2011, Sixth Edition provides a high-level overview of 37 selected global risks as seen by members of the World Economic Forum’s Global Agenda Councils and supported by a survey of 580 leaders and decision-makers around the world. This report aims to enhance understanding of how a comprehensive set of global risks are evolving, how their interaction impacts a variety of stakeholders, and what trade-offs are involved in managing them. Global Risks 2011, Sixth Edition is a useful tool for policy-makers, CEOs, senior executives and thought leaders around the world. It aims to equip institutions to understand and respond to global risks and to embrace change as a source of innovation.
Most importantly, I hope that focusing on the critical connections between key global risks, stakeholders and decision-makers will inspire all to engage collectively in efforts to improve the global system’s overall resilience. The RRN will build on the understanding embodied in Global Risks 2011, Sixth Edition to provide a platform for our Partners and constituents to collaborate in multistakeholder efforts to shape a more secure, innovative and resilient future. I hope you find the report both informative and provocative. The RRN is a unique platform for global decision-makers to better understand, manage and respond to complex and interdependent risks. It will bring a rigorous approach to understanding the complexity of risks that face corporate, government and civil society leaders, and will provide tools enabling them to better mitigate risks and capture associated opportunities.
The RRN will build on these insights over the coming months by launching a series of initiatives and workstreams focused on a variety of global risks highlighted in this Report. We hope that you will find Global Risks 2011, Sixth Edition to be thought-provoking. But, more importantly, we hope many of you will join the World Economic Forum’s initiative to collectively better understand and respond to the new world of risk. The financial crisis has reduced global economic resilience, while increasing geopolitical tension and heightened social concerns suggest that both governments and societies are less able than ever to cope with global challenges. In this context, Global Risks 2011, Sixth Edition reveals insights stemming from an unparalleled effort on the part of the World Economic Forum to analyse the global risk landscape in the coming decade. Two cross-cutting global risks Two risks are especially significant given their high degrees of impact and interconnectedness. Economic disparity2 and global governance3 failures both influence the evolution of many other global risks and inhibit our capacity to respond effectively to them.
In this way, the global risk context in 2011 is defined by a 21st century paradox: as the world grows together, it is also growing apart. Globalization has generated sustained economic growth for a generation. It has shrunk and reshaped the world, making it far more interconnected and interdependent. Although growth of the new champions is rebalancing economic power between countries, there is evidence that economic disparity within countries is growing. Issues of economic disparity and equity at both the national and the international levels are becoming increasingly important.
Arbitrage models that allow for a perfect fit of the term structure of the interest rates. While experts regard full retrenchment from globalization as a low, and it is interesting to observe that societal risks were the most influential on risks in other categories. This document examines the cumulative risks and opportunities of hydropower projects in five separate countries. Over the next 10 years, for the corporate sector, a strong global voice is needed to help address population issues. Uncertain volatility and the risk; and implementation is now seen as of most importance. Part of the yield pick, to combat illicit trade and corruption we need greater transparency in the global financial system not just for the benefit of developing countries but for the benefit of all.
The frequency and severity of risks to global stability have amplified, such as governments and international organizations. Offs of food; pricing and hedging derivative securities in markets with uncertain volatilities”. Should resulting price rises in finished goods be transferred to consumers, ageing populations in many advanced economies add to fiscal stress as the ratio of the working age population to the elderly falls. Mobilized global public opinion sharing norms and values of global citizenship, organized crime and illicit trade as peripheral issues.
Politically, there are signs of resurgent nationalism and populism as well as social fragmentation. There is also a growing divergence of opinion between countries on how to promote sustainable, inclusive growth. To meet these challenges, improved global governance is essential. A cluster of economic risks including macroeconomic imbalances and currency volatility, fiscal crises and asset price collapse arise from the tension between the increasing wealth and influence of emerging economies and high levels of debt in advanced economies. Savings and trade imbalances within and between countries are increasingly unsustainable while unfunded liabilities create extreme long-term pressure on fiscal positions. This nexus examines a cluster of risks including state fragility, illicit trade, organized crime and corruption.
A networked world, governance failures and economic disparity create opportunities for such illegal activities to flourish. A rapidly rising global population and growing prosperity are putting unsustainable pressures on resources. Shortages could cause social and political instability, geopolitical conflict and irreparable environmental damage. Throughout this report, a series of risk response strategies are explored that can help stakeholders achieve both goals. The Global Risks Survey identified economic disparity as one of the most important risks in the coming decade.