kaal:claim:1558614-012

Hindsight bias exerts a stronger influence on how excessive risk is defined in countries culturally predisposed to dwell on their own past, while countries oriented toward a future unlike the past more easily dismiss earlier financial lessons as irrelevant.

Hindsight bias and other concep- tual approaches rooted in past experience—including valid lessons learned from past experience—may exert a more powerful influence in a country that is otherwise predisposed to be concerned with its past

Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010), III. Cultural Components of Risk Taking and Controlling Risk, p. 17
https://ssrn.com/abstract=1558614 · source PDF

Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614

• applies to the ex post characterization of risk as excessive

mechanismsupport: arguedrisk-and-incentives

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