Expert Biases

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Definition

Expert Biases in risk management context denote any of the psychological phenomena associated with the formulation of qualitative and/or quantitative risk estimates of risk.

The list includes the following notable biases identified by Prospect Theory^[1]:

A full list with examples is given in the Risk Management Biases List page

↑ Kahneman, D. & Tversky, A. (1979). Prospect theory: an analysis of decision making under risk, Econometrica 47

[1] Kahneman, D. & Tversky, A. (1979). Prospect theory: an analysis of decision making under risk, Econometrica 47

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