Knowledge@HEC - Special Issue - Compilation of Research Articles - (Page 15)
METHODOLOGY
Andrea Masini and Emanuela Menichetti developed a conceptual model that examines the impact of non-financial factors on renewable energy
investments. The model was empirically tested using primary data collected in 2009 through about 100 questionnaires filled out by several groups
of European investors, including hedge funds, banks, private equity firms, and insurance companies. Andrea Masini points out that the results may
be difficult to generalize because the study was restricted to a specific empirical and geographical context (Europe).
How the
P RACTICAL
A PPLICATIONS
information is
In the two contexts of uncertainty studied by Abdellaoui and his co-authors,
individual behavior diverges from the predictions of the standard model of
rationality, or the expected utility model. When individuals make decisions
communicated
based on experience (rather than known options), their behavior also differs
from predictions of prospect theory, causing them to underestimate or
ignore rare events. Awareness of these phenomena and understanding
influences people's
their causes can help improve and modernize practices in risk management.
In particular, it would be possible to take into account the fact that even well-
perceptions.
trained decision makers are not immune to statistical or behavioral bias.
Based on an interview with Mohammed Abdellaoui and the
article "Experienced vs. Described Uncertainty: Do We Need
Two Prospect Theory Specifications?" by Mohammed Abdellaoui, Olivier L'Haridon, and Corina Paraschiv published in
Management Science in June 2011.
The black swan theory was developed by the scholar
Nassim Nicholas Taleb to describe unforeseeable, low
probability events with significant consequences.
Knowledge HEC
12
Table of Contents for the Digital Edition of Knowledge@HEC - Special Issue - Compilation of Research Articles
Cover
Partner companies
Table of Content
公司治理 (David Thesmar)
Corporate governance
欧洲的可再生能源 (Andrea Masini)
Renewable energies in Europe
决策 (Mohammed Abdellaoui)
Why do decision makers underestimate rare events?
建立信任 (Michel Lander)
Building trust for successful mergers and acquisitions
产品线质量的高低端延伸 (Timothy Heath)
Extending product lines up and down in quality
制度变革 (Carlos Ramirez)
Institutional change
奢侈品市场 (Anne Michaut-Denizeau)
The luxury market
创业 (Anisa Shyti)
Entrepreneurship
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