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The Robin Hood Rules for Smart Giving$
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Michael Weinstein and Ralph Bradburd

Print publication date: 2013

Print ISBN-13: 9780231158367

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231158367.001.0001

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Reflections on Risk

Reflections on Risk

Chapter:
(p.110) 12 Reflections on Risk
Source:
The Robin Hood Rules for Smart Giving
Author(s):

Michael M. Weinstein

Ralph M. Bradburd

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231158367.003.0012

This chapter discusses the issue of risk management in Relentless Monetization (RM), the fact that philanthropists cannot know for sure the impact of their interventions. The following broad points are considered: funders, to best fulfill their missions, need to take account of the risks that their decisions impose on the intended beneficiaries—an obligation known as the “good steward” responsibility; when addressing issues of risk, funders might well resort to simple rules of thumb; for large grants that impose sizeable risks for the funder's intended beneficiaries, RM sets out a more elaborate conceptual framework; the notion of “real options valuation,” a fundamental feature of the literature on managing financial risk, can be usefully applied to philanthropic decisions; the notion of game changers—investments that substantially alter the economic landscape of which they are a part—can be usefully applied to philanthropic decisions.

Keywords:   risk management, funders, Relentless Monetization, philanthropists, good steward responsibility, grants, real options valuation, financial risk, philanthropic decisions, game changers

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