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All on the same train, but heading in different directions

Abstract

Insurance company managers are surveyed to discern their alignment with four risk attitudes predicted by Plural Rationality Theory. Each company management team is shown to contain a mix of beliefs, but not always the same mix. Since each belief is tied to a different expectation for appropriate risk management, there are inherent conflicts with a risk management culture that is tied to a single belief. The paper concludes with descriptions of hybrid risk management cultures that would have some appeal to various pairs of the four beliefs

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