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A major goal of the Center is to develop strong links between theory and practice. To achieve this goal, the Center has created a board of industry partners who provide financial support, have an input in the choice of research problems and serve as a test bed for implementation of specific solutions generated through the Center's research activities. The results of research and the problems of practice are also being integrated into our educational curriculum. In this way, industry partners help to focus the research projects of Wharton faculty and influence the course of research and teaching in the field.
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The Wharton Risk Management and Decision Processes Center is a nexus of people and projects devoted to furthering the practical understanding of how to manage situations of risk involving health, safety, and the environment in both the private and public sectors of our society. For over twenty years, the Center has been at the forefront of research into the management of low-probability/high-consequence events. In addition to working on programs of basic and applied research, Risk Center faculty serveon national and international advisory committees, with partnerships in government, academia, industry, and NGOs. Building on the disciplines of economics, decision sciences, finance, insurance, and marketing, the Center's research program is focused on descriptive and prescriptive analyses. Descriptive research focuses on how individuals and organizations interact and make decisions regarding the management of risk. Prescriptive analyses propose ways that individuals and organizations, both private and governmental, can make better decisions regarding risk. The Center supports and undertakes field and experimental studies of risk and uncertainty to better understand the link between descriptive and prescriptive approaches to decision-making in coping with technological and natural hazards under various regulatory, environmental, and market conditions. Center research investigates the effectiveness of such strategies as incentive systems, insurance, regulation, and the communication of risk information. The Center actively engages multiple viewpoints, including the expertise of top-level representatives from the worlds of insurance, industry, academia, environmental concern, law, and government. This site provides information on ongoing research, current and past publications, and upcoming events.
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