Countering Biases in Risk Analysis

Stefan Hunziker ()

Chapter Chapter 2 in Enterprise Risk Management, 2021, pp 17-51 from Springer

Abstract: Abstract Many risk management programmes in companies are not as effective as they could or should be. This is due to many overlooked factors, such as motivational and cognitive biases. The topic of biases, although much theoretical and empirical literature exists, is rarely addressed in ERM. Many studies show that mistakes made in risk identification and risk assessment distort results. Also, decisions drawn from the risk management process may be suboptimal. In the following, we discuss some of the most important biases in risk analysis. We introduce corresponding debiasing strategies.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-658-33523-6_2

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DOI: 10.1007/978-3-658-33523-6_2

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