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The Centre for Decision-Making and Risk Analysis (CDMRA) is created with three main goals:
First, the centre will provide a platform for furthering research activities in the general area of decision-making under risk and uncertainty.
The objective is to strive for a continuous stream of leading research in this area. Some of the more recent research has focused on issues such as:
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- How do people intuitively think about data, and how can intuitive theories of data lead people astray in collecting and combining information from multiple sources?
- What is the role of subjective information in forecasting?
- What is the impact of incentive schemes on the risk behaviour of participants such as fund managers, the sales force and general mangers? How can one best design incentive schemes that will lead to risk behaviour that is compatible with the overall objectives of the firm?
- How can one deal with imperfect information, especially when it might have objective and subjective elements?
- How can one uncover a person's preferences, given that stated preferences are highly sensitive to the procedures that are used to elicit them?
Second, the centre will seek to develop a portfolio of leading-edge management education programmes in the area of decision-making and risk management for MBA, executive and Ph.D participants.
Third, the centre will organise regular forums between researchers and practitioners for exchange and dissemination of ideas.
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