Countering Biases in Risk Analysis

Stefan Hunziker ()

Chapter Chapter 2 in Enterprise Risk Management, 2019, pp 17-48 from Springer

Abstract: Abstract Many risk management programmes in companies are not as effective as they could or should be. This is due to a number of frequently overlooked factors, such as motivational and cognitive biases. The topic of biases, although much theoretical and empirical literature exists, is still rarely addressed in relation to enterprise risk management. Many studies explicitly show that mistakes made in risk identification and risk assessment significantly distort results and decisions drawn from the risk management process. In the following, some of the most important biases in risk analysis and corresponding debiasing strategies are discussed.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-658-25357-8_2

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DOI: 10.1007/978-3-658-25357-8_2

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