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Daniel Kahneman, who last year won the Nobel Prize in economics, will be the featured speaker at McIntire’s fourth annual spring symposium, “Judgment in an Uncertain World: Theoretical Advances, Applied Realities—Conversations with Master Decision Makers.”
Kahneman, a psychologist by training and one of the founders of the new field of behavioral finance, is counted among the most influential thinkers in 20th century economics. Taking issue with the idea of man as a rational consumer, his research suggests that man is irrational but in ways that can be predicted.
“We are pleased that Daniel Kahneman could join us for this exciting program,” says Dean Carl Zeithaml. “His non-traditional thinking both transforms and transcends the field of economics and illustrates what can happen when people approach problems from a new perspective and without preconceived notions of what they will find.”
The daylong symposium, which is free and open to the public, will be held Friday, April 25, 2003, from 8:30 a.m. to 3 p.m., in the University of Virginia’s Old Cabell Hall auditorium.
Kahneman shared the 2002 Nobel Memorial Prize in Economic Sciences with Vernon L. Smith, a professor of economics and law at George Mason University. Kahneman’s longtime collaborator Amos Tversky, who died in 1996, was cited by the prize committee but could not be awarded the Nobel Prize posthumously.
After Kahneman’s presentation, the morning panelists will explore the impact of theoretical advances in applied settings; in particular, they will use Kahneman’s work to illuminate the behavioral influences on decision making for managers of investment funds, corporations, and independent enterprises.
The afternoon program will extend the discussion of behavioral influences on decision making to foreign policy decisions and will feature a talk by Philip Zelikow, White Burkett Miller Professor of History and Director of the U.Va. Miller Center of Public Affairs, who will draw on his experience as Executive Director of the National Commission on Terrorist Attacks
Upon the United States, known as the “9/11 Commission.”
The afternoon program will explore the theory and practice of foreign policy decision making and the difficulties inherent in understanding and forecasting outcomes of crucial foreign policy decisions.
A program schedule follows:
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The McIntire Center for Financial Innovation
McIntire Center for Growth Enterprises
McIntire Center for the Management of Information Technology
and
Miller Center of Public Affairs
Present the Fourth Annual Spring Symposium
“Judgment in an Uncertain World: Theoretical Advances,
Applied Realities—Conversations with Master Decision Makers”
Sponsored by Blue Ridge Capital
Old Cabell Hall Auditorium at the University of Virginia
8:30 – 8:45 a.m. Welcome Remarks
Carl Zeithaml, F.S. Cornell Professor in Free Enterprise and Dean, McIntire School of Commerce
Introduction of Program
• John Griffin (McIntire ’85), President and Founder, Blue Ridge Capital, and Visiting Scholar of Finance, McIntire School of Commerce
• Jeffrey C. Walker (McIntire ’77), Managing Partner, JPMorgan Partners, and Vice Chairman, JPMorgan Chase
8:45 – 9:30 a.m. Keynote Presentation: “Choice under Uncertainty: The Psychology of the Individual Investor”
Introduction of Speaker: Leonard W. Sandridge, Executive Vice President and Chief Operating Officer, University of Virginia
Daniel Kahneman, Eugene Higgins Professor of Psychology and Professor of Public Affairs at the Woodrow Wilson School of Public and International Affairs, Princeton University
9:30 – 9:45 a.m. Audience Questions
9:45 – 10 a.m. Break
10 – 10:45 a.m. “Behavioral Finance, Market Efficiency and Decision Making: Lessons from Master Investors”
Moderator: John Griffin (McIntire ’85), President and Founder, Blue Ridge Capital, and Visiting Scholar of Finance, McIntire School of Commerce
Participants:
• Paul Tudor Jones (A&S ’76), Founder and Chairman, Tudor Group of Companies
• Daniel Kahneman, Eugene Higgins Professor of Psychology and Professor of Public Affairs at the Woodrow Wilson School of Public and International Affairs, Princeton University
• Julian H. Robertson Jr., Founder and Chairman, Tiger Management
10:45 – 11 a.m. Audience Questions
11 – 11:45 a.m. “Corporate Strategy and Governance: Balancing Intuitive and Analytic Approaches to Decision Making”
Moderator: Bill Shenkir, William Stamps Farish Professor of Free Enterprise, McIntire School of Commerce
Participants:
• David B. Patteson, President and CEO, Biotage Inc., and Executive Vice President, Dyax Corp.
• Charles H. Turner (McIntire ’79), Senior Vice President and CFO, Pier 1 Imports
• Jeffrey C. Walker (McIntire ’77), Managing Partner, JPMorgan Partners, and Vice Chairman, JPMorgan Chase
11:45 – Noon Audience Questions
1:15 – 1:45 p.m. Presentation: “The Essence of Decision: Foreign Policy Choices under Uncertainty”
Philip Zelikow, White Burkett Miller Professor of History and
Director, Miller Center of Public Affairs, University of Virginia
1:45 – 2:30 p.m. “Foreign Policy Choices, Information, and Crisis Situations: Making Sense of Complex Realities”
Moderator: Philip Zelikow, White Burkett Miller Professor of History and
Director, Miller Center of Public Affairs, University of Virginia
Participants:
• Richard Betts, Leo A. Shifrin Professor of War and Peace Studies and Director of the Programs in International Security Policy and the Institute of War and Peace Studies, Columbia University
• Douglas McEachin, CIA Deputy Director for Intelligence, retired
• William B. Quandt, Edward R. Stettinius, Jr. Professor of Politics and Vice Provost for International Affairs, University of Virginia
2:30 – 3 p.m. Audience Questions
3 – 3:10 p.m. Special Presentations and Adjournment
Carl Zeithaml, F.S. Cornell Professor in Free Enterprise and Dean, McIntire School of Commerce
3:15 – 4 p.m. Reception at the Colonnade Club (Pavilion VII), on the Lawn
Program Notes: Signed copies of books by participating authors will be available at the University of Virginia Bookstore during the symposium, during lunch, and at the reception at the Colonnade Club after the symposium.
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