The art of asking the right question, not the science of giving the right answer
Duration: 10 mins 10 secs
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| Description: | Has risk modelling and risk management lost its way? Professor Stefan Scholtes argues that contrary to popular belief, the risk management models in use today are not too simple - they are in fact far too complex. The goal of risk modelling, he says, is not and should never be to replicate a complex reality in a complex model. The fundamental flaw in using risk modelling in this way has been clearly revealed by the banking crisis. What we need, he argues, is a complementary balance between modelling and intuition; models that relate to and enforce our mental abilities, not replace them. |
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| Created: | 2010-06-15 16:30 | ||||
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| Collection: | Cambridge Judge Business School Discussions on Risk | ||||
| Publisher: | Cambridge Judge Business School, University of Cambridge | ||||
| Copyright: | Cambridge Judge Business School, University of Cambridge | ||||
| Language: | eng (English) | ||||
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