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Risk of catastrophic terrorism: an extreme value approach

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Author Info

  • Hamid Mohtadi
  • Antu Panini Murshid

    (Department of Economics, University of Wisconsin-Milwaukee, Milwaukee, WI, USA)

Abstract

This paper models the stochastic behavior of large-scale terrorism using extreme value methods. We utilize a unique dataset composed of roughly 26,000 observations. These data provide a rich description of domestic and international terrorism between 1968 and 2006. Currently, a credible worst-case scenario would involve losses of about 5000 to 10,000 lives. Also, the return time for events of such magnitude is shortening every year. Today, the primary threat is from conventional weapons, rather than from chemical, biological and|or radionuclear weapons. However, pronounced tails in the distribution of these incidents suggest that this threat cannot be dismissed. Copyright © 2009 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jae.1066
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File URL: http://qed.econ.queensu.ca:80/jae/2009-v24.4/
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 24 (2009)
Issue (Month): 4 ()
Pages: 537-559

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Handle: RePEc:jae:japmet:v:24:y:2009:i:4:p:537-559

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  1. Enders, Walter & Sandler, Todd, 1996. "Terrorism and Foreign Direct Investment in Spain and Greece," Kyklos, Wiley Blackwell, vol. 49(3), pages 331-52.
  2. Enders, Walter & Sandler, Todd, 2000. "Is Transnational Terrorism Becoming More Threatening? A Time-Series Investigation," Staff General Research Papers 1823, Iowa State University, Department of Economics.
  3. Alberto Abadie & Javier Gardeazabal, 2003. "The Economic Costs of Conflict: A Case Study of the Basque Country," American Economic Review, American Economic Association, vol. 93(1), pages 113-132, March.
  4. Kunreuther, Howard & Meszaros, Jacqueline & Hogarth, Robin M. & Spranca, Mark, 1995. "Ambiguity and underwriter decision processes," Journal of Economic Behavior & Organization, Elsevier, vol. 26(3), pages 337-352, May.
  5. S. Brock Blomberg & Gregory D. Hess & Athanasios Orphanides, 2004. "The Macroeconomic Consequences of Terrorism," CESifo Working Paper Series 1151, CESifo Group Munich.
  6. Neil Johnson & Michael Spagat & Jorge A. Restrepo & Nicolás Suárez, 2005. "From old wars to new wars and global terrorism," DOCUMENTOS DE ECONOMÍA 002745, UNIVERSIDAD JAVERIANA - BOGOTÁ.
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Cited by:
  1. Chao Huang & Jin-Guan Lin & Yan-Yan Ren, 2013. "Testing for the shape parameter of generalized extreme value distribution based on the $$L_q$$ -likelihood ratio statistic," Metrika, Springer, vol. 76(5), pages 641-671, July.

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