Archivio per 6 giugno 2014

06
Giu
14

Why We’re Awful at Assessing Risk

See on Scoop.itBounded Rationality and Beyond

Blinded by the real risks in front of you. – Morgan Housel – Financials- 

Paul Slovic runs the Decision Research Institute in Oregon. He’s spent his career studying how people judge risk. Slovic’s research shows that people overestimate risk when a danger has a handful of qualities, including:

Catastrophic potential: Lots of people affected at once, rather than in small numbers over time.Familiarity: A risk that isn’t common knowledge.Understanding: A sense that something isn’t well understood by experts.Personal control: A sense that danger is outside your control.Voluntariness: Something can do harm even when you don’t voluntarily put yourself in danger.Children: Mention the word children, and panic multiplies.Victim identity: As Joseph Stalin said: “One death is a tragedy; one million deaths is a statistic.”Origin: Man-made risks are viewed as more dangerous than natural disasters.

You can imagine how these fit into finance.

See on www.fool.com

Annunci
06
Giu
14

Why We’re Awful at Assessing Risk

See on Scoop.itBounded Rationality and Beyond

Blinded by the real risks in front of you. – Morgan Housel – Financials- 

Paul Slovic runs the Decision Research Institute in Oregon. He’s spent his career studying how people judge risk. Slovic’s research shows that people overestimate risk when a danger has a handful of qualities, including:

Catastrophic potential: Lots of people affected at once, rather than in small numbers over time.Familiarity: A risk that isn’t common knowledge.Understanding: A sense that something isn’t well understood by experts.Personal control: A sense that danger is outside your control.Voluntariness: Something can do harm even when you don’t voluntarily put yourself in danger.Children: Mention the word children, and panic multiplies.Victim identity: As Joseph Stalin said: “One death is a tragedy; one million deaths is a statistic."Origin: Man-made risks are viewed as more dangerous than natural disasters.

You can imagine how these fit into finance.

See on fool.com




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