This paper develops a systematic approach to quantifying the effect of judgmental biases on aggregate risk measures. Starting with the standard risk management process, we derive the areas that require expert judgment as input in order to aggregate risk into risk measures such as Earnings at...

Many still view simulation models as a black box. This paper argues that perceptions could change if the systematic design of experiments (DOE) for simulation research was fully realized. DOE can increase (1) the transparency of simulation model behavior and (2) the effectiveness of reporting...