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Risk, Uncertainty And Expectation

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Chapter Summary

In any environment which allows for individual and group enterprise, some degree of risk, as well as some elements of uncertainty and expectation, will be features of virtually every human endeavor. Analysis of risk, uncertainty and expectation is also a feature of talmudic literature, and in this chapter the author explores that analysis in the light of modern economics. It examines each of the three categories first with reference to modern understandings of what they imply, and then with reference to the talmudic treatments of the same phenomenon. The chapter mainly concerns the economic implications of the talmudic analysis of the problem of Kethubah evaluation. It discusses that the talmudic Rabbis displayed profound insight and very considerable sophistication regarding the manifestation of the ?risk" factor called Zeyoona. The chapter emphasizes the rabbinic treatment of 'uncertainty', the contribution of Rashi, in particular.

Keywords: expectation; Kethubah ; modern economics; Rabbis; Rashi; risk; talmudic literature; uncertainty; Zeyoona

10.1163/ej.9789004174627.i-234.45
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