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Risk perception, corporate prestige, psychological factors, alibi and denial.

Risk perception, corporate prestige, psychological factors are important sources of irrational decisions. Roughly ten years ago we were invited by a very famous and prestigious European Railways company to give a seminar to top management. NB: the company name is covered by confidentiality and we have also slightly altered the story to further protect the identities of the implied parties. European Railways companies are “state owned” enterprises. Thus their Boards generally have c-suite who either are administration veterans or politicians.…

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