&
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Presents
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| | |
| | Dealing with Low Probability- High |
| | Consequence Events: |
| (Embedded image | A Behavioral Economics of Risk Presentation |
| moved to file: | |
| pic12244.jpg) | On this rare occasion, come join Nobel Prize |
| | winner Daniel Kahneman and Wharton Business |
| Daniel Kahneman | School Professor Howard Kunreuther for a |
| | discussion on the behavioral economics of |
| | risk. Part of this discussion includes a |
| (Embedded image | real-time experiment on the |
| moved to file: | audience-in-attendance to elucidate some key |
| pic31063.jpg) | findings of the behavioral economics of risk |
| Howard Kunreuther | as applied to natural disasters. |
| | |
| | |
| | Economics relies on the twin assumptions of |
| | rationality and self-interest in |
| | decision-making. As a social science, its |
| | laboratory is the real world. However, these |
| | assumptions were not tested until the |
| | arrival of Daniel Kahneman and Amos Tversky, |
| | who through a series of pioneering cognitive |
| | experiments, introduced realistic |
| | psychological foundations to economics. |
| | Subsequently, this established the field of |
| | behavioral economics, which is now widely |
| | applied in areas of finance, development, |
| | law, climate change, and many other parts of |
| | our daily lives that involves weighing |
| | uncertain risks and rewards. |
| | |
| | |
| | In the area of natural disasters, an |
| | application of behavioral economics is |
| | especially important. How ?optimally? do we |
| | react to a low probability hazard risk of, |
| | say, a 1-in-100 year tsunami or earthquake? |
| | Why do some people invest in mitigation |
| | measures voluntarily while others do not and |
| | what does the behavioral economics of risk |
| | have to say about public policy? This |
| | discussion will shed light on such |
| | questions. |
| | |
| | |
| | This is a real-time participatory |
| | experiment. Therefore, the electronic |
| | experimental devices will be limited and |
| | made available on a first-come first-serve |
| | basis. Please arrive on time. |
| | |
|-------------------+----------------------------------------------|
Wednesday
September 24, 2008
3:00 - 4:30 PM
Coffee and cookies will be served at 2:45 PM
Eugene Black Auditorium
World Bank H Building
600 19th Street, N.W.
For non Bank staff, please RSVP to infoshopevents@worldbank.org
PRESENTERS
Daniel Kahneman
2002 Nobel Laureate in Economics, Princeton University
Mr. Kahneman is currently a Senior Scholar at the Woodrow Wilson
School of Public and International Affairs at Princeton University.
He is also the Eugene Higgins Professor of Psychology Emeritus at
Princeton University, and a fellow of the Center for Rationality at
the Hebrew University in Jerusalem. In addition to being awarded the
Nobel Prize, he has been the recipient of many other prizes, among
them, the Distinguished Scientific Contribution Award of the
American Psychological Association and the Grawemeyer Prize.
Howard Kunreuther
Cecilia Yen Koo Professor of Decision Sciences and Public Policy,
Wharton School, University of Pennsylvania
Mr. Kunreuther serves as Co-Director of the Wharton Risk Management
and Decision Processes Center. He has a long-standing interest in
ways that society can better manage low probability-high consequence
events, as it relates to technological and natural hazards. He is
currently an Advisory Committee member of the National Earthquake
Hazard Reduction Program (NEHRP), was a member of the NRC Board on
Natural Disasters and chaired the H. John Heinz III Center Panel on
Risk, Vulnerability and True Costs of Coastal Hazards. He is a
Fellow of the American Association for the Advancement of Science
(AAAS), a Distinguished Fellow of the Society for Risk Analysis and
is a recipient of the Society's Distinguished Achievement Award.
OPENING REMARKS
Justin Yifu Lin
Senior Vice President & Chief Economist, World Bank
Mr. Lin is Chief Economist and Senior Vice President at the
WorldBank. He took up this position in 2008 after serving for 15
years as Professor and Founding Director of the China Centre for
Economic Research (CCER) at Peking University. Among his many public
roles in China, Justin Yifu Lin served as a deputy of China?s
People?s Congress and Vice Chairman of the All-China Federation of
Industry and Commerce. He has served on several national and
international committees, leading groups, and councils on
development policy, technology, and environment.
MODERATOR
Apurva Sanghi
Senior Economist, Global Facility for Disaster Reduction and
Recovery, World Bank
Mr. Sanghi is leading the ongoing World Bank?UN Assessment on the
Economics of Disaster Risk Reduction. This event is part of a
distinguished seminar series designed to contribute ideas on
selected themes of the World Bank?UN Assessment by individuals such
as Kenneth Arrow, Freeman Dyson, Daniel Kahneman, Howard Kunreuther,
William Nordhaus, Richard Posner, Thomas Schelling, John Seo, Martin
Weitzman, and others. For more information about the Assessment,
please contact Mr. Sanghi at asanghi@worldbank.org.
________________________________________________________________________________________________________
About The Global Facility for Disaster Reduction and Recovery
(GFDRR)
GFDRR is a partnership of the International Strategy for Disaster
Reduction (ISDR) system to support the implementation of the Hyogo
Framework for Action (HFA). The HFA, endorsed by the United Nations
General Assembly in Resolution 60/195, is the primary international
agreement for disaster reduction. One hundred sixty-eight (168)
countries and multilateral organizations including the World Bank
and the United Nations (UN) system participated in the UN World
Conference on Disaster Reduction in Kobe, Hyogo, Japan in January
2005. The principal strategic goal of the HFA is to effectively
integrate, in a coherent manner, disaster risk considerations into
sustainable development policies, planning, programming, and
financing at all levels of government.
For more information, visit GFDRR.
About The InfoShop
The InfoShop is the public information center of the World Bank and
serves as a forum for substantial debate on international
development. Our extensive events program consists of more than 250
events over the past two years and has hosted many internationally
recognized speakers including Queen Noor, Francis Fukuyama, Jeffrey
Sachs, Amartya Sen, Joseph Stiglitz, Thomas Friedman, Senator Hagel,
and Carly Fiorina. The InfoShop functions as the only publicly
accessible space at headquarters and provides internal and external
audiences with over 10,000 titles published by the World Bank,
international organizations, and other publishers on development
issues.
For more information, visit www.worldbank.org/infoshop
For comments about the events program, visit InfoShop.
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