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The Price of Fish: A New Approach to Wicked Economics and Better Decisions by Ian Harris, Michael Mainelli

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9 FINANCE IN MOTION OREVAPORATION? VOLATILITY AND LIQUIDITY

In this chapter we look at some slippery ideas that affect the dynamics of markets, in particular volatility and liquidity. These are slightly difficult concepts but they are ever-present in real commerce, as the examples in this chapter illustrate.

UNCERTAINTIES GALORE

An abiding theme for the last couple of chapters has been uncertainty. Prediction, measurement, and feedforward are all subjects relevant to understanding real commerce because they help us to comprehend the systemic uncertainties with which we need to grapple. Trading on markets, managing organizations, and controlling personal finances all involve coping with uncertainty. Real commerce is essentially about making decisions ...

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