As an accountant and economist I once believed it is natural to guide business operations with management accounting information. I held to that belief until about ten years ago when I began to doubt the efficacy of using targets, scorecards, and other forms of quantitative data to guide, assess, and control operating activities. In this talk I describe briefly the journey that led me to doubt ...

We conducted an experiment to explore the time-consistency of risk preferences in a multi-period betting game. Specifically, subjects planned their contingent betting decisions in advance then played the game dynamically later to determine whether their respective decisions matched. We found that subjects took more risk than planned in their initial bet and after losses. In addition, this incre...