Herding behavior is widely observed in auctions. There are rational reasons for herding but herding can also be counterproductive. We found evidence of herding behavior and sub-optimal outcome in a multi-winner auction setting. This study adds to the knowledge of herding by looking at herding in an auction setting where there is extra incentive to herd (multi-winner auction). Our findings recon...

A new class of risk measures called cash sub-additive risk measures is introduced to assess the risk of future financial, nonfinancial and insurance positions. The debated cash additive axiom is relaxed into the cash sub-additive axiom to preserve the original difference between the numéraire of the current reserve amounts and future positions. Consequently, cash subadditive risk measures can m...

A typical shortcoming of most current credit portfolio models is the lack of a stochastic modeling of risk factors, such as interest rates or credit spreads, during the revaluation process at the risk horizon. Within the simple credit risk model underlying the Internal Ratings-based approach of Basel II with incorporated correlated interest rate risk the effect which results from neglecting the...

Public response to risk is socially shaped in a way that often severely overor under-estimates expert risk assessments. One of the main theoretical tools to examine public risk responses of this kind is the social amplification of risk framework. An important finding is that social amplification is strongly influenced by the conduct of those managing a risk. This study models social risk amplif...

Effective stakeholder engagement is fundamental to water management, yet there are as many approaches to consultation as there are efforts. This paper provides an evaluation of, and lessons learned from three water management engagement processes, and uses this assessment to offer a framework for stakeholder engagement. The Stakeholder Engagement Wheel framework is centered on a bridging organi...