This book is a product of applying info-gap decision theory to policy formulation and evaluation in monetary economics and related domains. Info-gap theory has been applied to planning and decision problems in many areas, including engineering, biological conservation, project management,...

Purpose – To study the effect of Knightian uncertainty – as opposed to statistical estimation error – in the evaluation of value-at-risk (VaR) of financial investments. To develop methods for augmenting existing VaR estimates to account for Knightian uncertainty....

We consider forecasting in systems whose underlying laws are uncertain, while contextual information suggests that future system properties will differ from the past. We consider linear discrete-time systems, and use a non-probabilistic info-gap model to represent uncertainty in the future...