Howard Kunreuther on Behavioral Economics of Risk

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Howard Kunreuther is the foremost authority on applying behavioral economics to unlikely, high consequence events. I remain astounded that Howard’s teachings are not part of the educational canon for all insurance professionals. This is important stuff!
In this episode we discuss:

  • Cognitive bias and how it impacts society generally and insurance in particular
  • How we might overcome cognitive bias in our decision making
  • Prioritization of risk
  • How politics really is the mediating force for discussing risk
  • Does voter irrationality give us cause for hope?

Why did I do this show?

Howard is the foremost expert on behavioral economics of insurance. I mean… I still can’t get over how it took me 20 years in this business to learn his work exists. I’m embarrassed this wasn’t my first episode!

What did I learn?

Howard has a lot of ideas for ‘hacking’ our lives to overcome cognitive biases and bring about a better world.

What was my favorite part?

Our discussion of hope. Howard’s bet is that we have genuinely learned things about how humans work that can translate into action and ways to improve the world. Very hard!

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