KOPS - Das Institutionelle Repositorium der Universität Konstanz

Homo heuristicus in the financial world : from risk management to managing uncertainty

Homo heuristicus in the financial world : from risk management to managing uncertainty

Zitieren

Dateien zu dieser Ressource

Dateien Größe Format Anzeige

Zu diesem Dokument gibt es keine Dateien.

NETH, Hansjörg, Björn MEDER, Amit KOTHIYAL, Gerd GIGERENZER, 2014. Homo heuristicus in the financial world : from risk management to managing uncertainty. In: Journal of Risk Management in Financial Institutions. 7(2), pp. 134-144. ISSN 1752-8887. eISSN 1752-8895

@article{Neth2014heuri-27770, title={Homo heuristicus in the financial world : from risk management to managing uncertainty}, year={2014}, number={2}, volume={7}, issn={1752-8887}, journal={Journal of Risk Management in Financial Institutions}, pages={134--144}, author={Neth, Hansjörg and Meder, Björn and Kothiyal, Amit and Gigerenzer, Gerd} }

<rdf:RDF xmlns:dcterms="http://purl.org/dc/terms/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:bibo="http://purl.org/ontology/bibo/" xmlns:dspace="http://digital-repositories.org/ontologies/dspace/0.1.0#" xmlns:foaf="http://xmlns.com/foaf/0.1/" xmlns:void="http://rdfs.org/ns/void#" xmlns:xsd="http://www.w3.org/2001/XMLSchema#" > <rdf:Description rdf:about="https://kops.uni-konstanz.de/rdf/resource/123456789/27770"> <dc:rights>deposit-license</dc:rights> <dc:contributor>Kothiyal, Amit</dc:contributor> <dcterms:isPartOf rdf:resource="https://kops.uni-konstanz.de/rdf/resource/123456789/43"/> <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/> <dcterms:abstract xml:lang="eng">What - if anything - can psychology and decision science contribute to risk management in financial institutions? The turmoils of recent economic crises undermine the assumptions of classical economic models and threaten to dethrone Homo oeconomicus, who aims to make decisions by weighing and integrating all available information. But rather than proposing to replace the rational actor model with some notion of biased, fundamentally flawed and irrational agents, we advocate the alternative notion of Homo heuristicus, who uses simple, but ecologically rational strategies to make sound and robust decisions. Based on the conceptual distinction between risky and uncertain environments this paper presents theoretical and empirical evidence that boundedly rational agents prefer simple heuristics over more flexible models. We provide examples of successful heuristics, explain when and why heuristics work well, and illustrate these insights with a fast and frugal decision tree that helps to identify fragile banks. We conclude that all members of the financial community will benefit from simpler and more transparent products and regulations.</dcterms:abstract> <dcterms:issued>2014</dcterms:issued> <bibo:uri rdf:resource="http://kops.uni-konstanz.de/handle/123456789/27770"/> <dc:contributor>Gigerenzer, Gerd</dc:contributor> <dcterms:rights rdf:resource="http://nbn-resolving.org/urn:nbn:de:bsz:352-20140905103605204-4002607-1"/> <dc:contributor>Meder, Björn</dc:contributor> <dc:creator>Neth, Hansjörg</dc:creator> <dc:contributor>Neth, Hansjörg</dc:contributor> <dcterms:title>Homo heuristicus in the financial world : from risk management to managing uncertainty</dcterms:title> <dc:language>eng</dc:language> <dcterms:available rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2014-06-04T10:06:40Z</dcterms:available> <foaf:homepage rdf:resource="http://localhost:8080/jspui"/> <dc:creator>Meder, Björn</dc:creator> <dc:date rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2014-06-04T10:06:40Z</dc:date> <dspace:isPartOfCollection rdf:resource="https://kops.uni-konstanz.de/rdf/resource/123456789/43"/> <dc:creator>Kothiyal, Amit</dc:creator> <dc:creator>Gigerenzer, Gerd</dc:creator> <dcterms:bibliographicCitation>Journal of Risk Management in Financial Institutions ; 7 (2014), 2. - S. 134-144</dcterms:bibliographicCitation> </rdf:Description> </rdf:RDF>

Das Dokument erscheint in:

KOPS Suche


Stöbern

Mein Benutzerkonto