Abstract
Identifying and quantifying risk are two of the most important activities in which risk managers engage. Research in psychology over the last four decades has taught us that these activities are extremely vulnerable to judgmental biases. People overestimate some risks and underestimate, if not overlook, others. What are the major biases that risk managers need to understand in order to exhibit expertise? And what can be done to help mitigate these biases?
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Notes
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© 2016 Hersh Shefrin
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Shefrin, H. (2016). Biases and Risk. In: Behavioral Risk Management. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137445629_4
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DOI: https://doi.org/10.1057/9781137445629_4
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-349-55420-1
Online ISBN: 978-1-137-44562-9
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