The problem with many catastrophic risks isn’t just that their impacts, when they hit, are so massive. It’s also that their odds of occurring in any given short time frame are very small, so that planning for them has to be handled as a long-term priority while the proverbial sun is shining. And neither companies nor individuals are particularly apt at taking serious, long-term action to prepare for low probability, high consequence events.
Enter the Wharton Risk Management and Decision Processes Center, which was created 30 years ago to help individuals, businesses, governments and global organizations to be better prepared for those longer range, more unpredictable dangers.
Knowledge@Wharton spoke with Howard Kunreuther and Robert Meyer, co-directors of the Wharton Risk Management and Decision Processes Center, and executive director Erwann Michel-Kerjan about the center’s research and how managing risk has changed over the past few decades.
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