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September 15, 2005

Comments

Adina Levin

Perhaps this explains why, in futile protest to the arbitrary and random, Jewish law (halakhah) does not quite have a traditional Hebrew term that translates into ‘risk’.

Hmmmm.... are the Rabbis making a theological point, or simply reflecting the state of the mathematical art at the time? To the best of my fragmentary knowledge, the concept and measurement of risk dates to the Italian renaissance, and relates both to the emerging financial structures for handling business risk, and the emerging mathematical concepts of probability.

This Peter Bernstein essay covers the topic:
http://www.cfapubs.org/faj/issues/v51n1/pdf/f0510007a.pdf

It would be interesting to see if there are Jewish sources from the time covering the subject.

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