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Behavioral Risk Management : Managing the Psychology That Drives Decisions and Influences Operational Risk

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The psychological dimension of managing risk is of crucial importance, and its study has led to the identification of specific do's and don'ts. Those with an understanding of the psychology underlying risk and the skills to recognize its manifestation in practice, have the opportunity to develop frameworks that embody the do's and don'ts, thereby producing sound judgments and good decisions. Those lacking the understanding and the skills are destined to be more hit and miss in their approach to risk management, doing the don'ts and not doing the do's. Virtually every major risk management catastrophe in the last fifteen years has psychological pitfalls at its root. The list of catastrophes includes the 2008 bankruptcy of Lehman Brothers and subsequent global financial crisis, the 2010 explosion at BP's Macondo well in the Gulf of Mexico and the 2011 nuclear meltdown at the Fukushima Daiichi power plant.

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Detail Information

Series Title

-

Call Number

658.155

Publisher

: ., 2016

Collation

XXI, 518

Language

English

ISBN/ISSN

978-1-137-44562-9

Classification

658.155

Content Type

text

Media Type

computer

Carrier Type

online resource

Edition

-

Subject(s)

Risk Management

Specific Detail Info

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Statement of Responsibility

Hersh Shefrin

Other Information

Cataloger

ratna

Source

https://link.springer.com/book/10.1057/9781137445629

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