The Investment Professional - BICS, the PPIP, and Expectations-Based Risk Management

The Investment Professional - BICS, the PPIP, and Expectations-Based Risk Management: "Smoke and Mirrors
BICS, the PPIP, and the Fallacies of
Expectations-Based Risk Management"

http://www.theinvestmentprofessional.com/vol_2_no_3/abstract-bics.html

Check this out. I'll just update with the following comment:

"With signs of impending economic peril dissipating, the PPIP looks to become one of the greatest government programs that never were.Yet the structural tools used in the analysis here and the core criticisms they lead to makes it a Gedankenexperiment whose lessons are still very worth learning."