BEGIN:VCALENDAR VERSION:2.0 PRODID:-//University of California\, Berkeley//UCB Events Calendar//EN CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VTIMEZONE TZID:America/Los_Angeles BEGIN:STANDARD TZOFFSETFROM:-0700 TZOFFSETTO:-0800 DTSTART:19701029T020000 RRULE:FREQ=YEARLY;BYMONTH=11;BYDAY=1SU END:STANDARD BEGIN:DAYLIGHT DTSTART:19700402T020000 TZOFFSETFROM:-0800 TZOFFSETTO:-0700 RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=2SU END:DAYLIGHT END:VTIMEZONE BEGIN:VEVENT DTSTAMP:20181212T210712Z DTSTART;TZID=America/Los_Angeles:20190305T110000 DTEND;TZID=America/Los_Angeles:20190305T123000 TRANSP:OPAQUE SUMMARY:Seminar 217\, Risk Management: How elementary is diversification? ORGANIZER;CN="UC Berkeley Calendar Network": LOCATION:648 Evans Hall DESCRIPTION:Speakers: Ola Mahmoud\, University of Zurich\n\nDiversification is a fundamental concept in financial economics\, risk management\, and decision theory. From a broad perspective\, it conveys the idea of introducing variety to a set of objects. Today\, there is general consensus that some form of diversification is beneficial in asset allocation\, however its definition is context-dependent and there is no consensus on a widely accepted\, mathematically concise and economically sound notion of diversification. Indeed\, there is an ongoing debate about what the “best” level of diversification should be. There is also a recent trend of evaluating certain diversifying heuristics as being “anomalous” and “irrational”. In this talk\, I shall approach the notion of diversification from a foundational perspective by asking how elementary it really is. I take the view that diversification is a behavioural choice heuristic and an evolutionary cognitive adaptation that is selectively advantageous under many economic and financial circumstances. The talk will dig deeper into the roots of this paradigm\; first\, through an experimental study on children that looks into whether they would diversify in a sequence of gambles aimed at replicating typical portfolio choice scenarios\; then by formulating an evolutionary theory of diversification. URL: SEQUENCE:0 CLASS:PUBLIC CREATED:20181212T210712Z LAST-MODIFIED:20190228T172812Z X-MICROSOFT-CDO-BUSYSTATUS:BUSY X-MICROSOFT-CDO-INSTTYPE:0 X-MICROSOFT-CDO-IMPORTANCE:1 X-MICROSOFT-CDO-OWNERAPPTID:-1 END:VEVENT END:VCALENDAR