AXA-Bocconi Chair in Risk
Chair Holder: Massimo Marinacci
Full Professor in the Department of Decision Sciences. He has held the AXA-Bocconi Chair in Risk since 2011. He started his academic career in 1996 as Assistant Professor in the Department of Economics of the University of Toronto. He is a fellow of the Econometric Society and Collegio Carlo Alberto (Turin) and is currently fellow of the IGIER Research Center at Bocconi. He is the recipient of two Advanced Research Grants (2009-2013, and 2016-2020) from the European Research Council. He earned a degree in Economics from Bocconi University in 1989 and a PhD in Economics from Northwestern University.
Joint Purpose
Bocconi University and AXA have been collaborating successfully since 2011. That was the year in which the AXA-Bocconi Chair in Risk was established, which aims to study the advancement and dissemination of modelling techniques to capture and manage various categories of risk. The endowed Chair has been assigned to Massimo Marinacci, Professor in the Department of Decision Sciences and a leader in the field of decision theory, who interacts with the representatives of AXA Italia and the AXA Research Fund. The Chair’s research aims to overcome the traditional assumption of economic theory that economic agents are able to formulate precise probabilistic assessments when called upon to choose between actions with an uncertain outcome. This assumption began in the study of games of chance, but is implausible in the study of economic reality, where it leads to questionable conclusions.
Core Activities
Research
The AXA-Bocconi Chair in Risk’s research has focused on various areas throughout the years. Recently, Marinacci has investigated when uncertainty is large enough to incorporate models as approximations, aiming to provide an axiomatic foundation for decision criteria that incorporate model misspecification concerns. Another research area has focused on trying to provide an in-depth understanding of soft-maximization in terms of internal causes (neurophysiological mechanisms) and external effects (testable implications), through axiomatic-behavioral and neuro-computational approaches. Lastly, during a time influenced by the Covid-19 pandemic, during which decisions must be made in a highly uncertain environment, Professor Mariancci has explored how the use of ideas and constructs of modern decision theory can make decision-making more responsible and transparent.
Students
Over the years of the partnership, activities have been carried out to involve Bocconi students through the AXA Challenges. These are projects that engage students in the Technology and Innovation Strategy course in a competition. Students work in teams for three months writing a business plan that covers key areas for AXA Italia's strategy, such as customer journeys and Inclusive Insurance. Students have an entrepreneurial work experience and become an active part of the change that is revolutionizing the insurance sector, being called upon to propose concrete and innovative ideas to design the insurance of the future.
Communication and Dissemination
The Chair’s activities have been enriched over the years by the dissemination of Professor Marinacci’s research results, thanks to his participation in seminars and conferences organized by prestigious academic and institutional entities. An important annual event is the AXA-Bocconi Talks, public debates with students, academics and opinion leaders on new emerging risks for the insurance sector and society (e.g. climate change, the data revolution, and the sharing economy and insurers). Furthermore, Bocconi academics and professors regularly contribute to AXA Italia’s events, research and publications (Italian AXA Forum, series of Italian AXA papers).