Wharton professor Howard Kunreuther looks at the bankruptcies of Barings Bank and Arthur Andersen, and the severe losses incurred by Union Carbide and Lloyd’s of London after a series of disasters, and he sees a common thread: How the actions of one division or plant severely damaged the whole company. In a recent paper, Kunreuther analyzes the challenges organizations face in dealing with low-probability events that have large-scale consequences, looking specifically at how to encourage divisions within firms to invest in protective measures when other divisions don’t.
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