Modeling Section: Cognitive Bias – “It ain’t what you don’t know that gets you into trouble…”

<p>“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” – Mark Twain. This podcast, featuring Kevin Durand and Randall Stevenson, focuses on Cognitive Bias and Behavioral Economics. Randall conveys many examples of cognitive bias and discusses applicability to the insurance industry. </p> <p><span style="text-decoration: underline;"><strong>Show Notes</strong></span></p> <p>Contact Information, Kevin Durand: kevin.durand@americo.com</p> <p>Contact Information, Randall Stevenson: randalls@hauseactuarial.com</p> <p>For further information, Randall has authored an SOA Report in April 2019 titled “Actuarial Utility and Preference Functions.” He has also written an article for Contingencies January/February 2020 called “Predictably Irrational.”</p> <p>If interested in learning more about behavioral economics, the University of Toronto has a free online course through EdX.</p>