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Planning for natural disasters in a stochastic world

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Author Info

  • Lester Lave

    ()

  • Jay Apt

    ()

Abstract

We examine the risks and management of natural disasters. A benefit-cost framework focuses attention on (1) designing control structures, such as dams and levees, and mitigation policies, such as construction standards, to protect lives and property against small and medium, rather than large sized natural disasters; and (2) warning and evacuation to save lives for large natural disasters. Providing information rather than command solutions generally enhances social benefits, if people understand the risks and bear the expected costs. Requiring actuarially fair insurance simultaneously provides information and has individuals bear the expected costs. Copyright Springer Science + Business Media, LLC 2006

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File URL: http://hdl.handle.net/10.1007/s11166-006-0174-9
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Bibliographic Info

Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 33 (2006)
Issue (Month): 1 (September)
Pages: 117-130

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Handle: RePEc:kap:jrisku:v:33:y:2006:i:1:p:117-130

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Web page: http://www.springerlink.com/link.asp?id=100299

Related research

Keywords: Natural disasters; Externalities; Equity; Decision making under risk and uncertainty; Climate; Benefit-cost analysis;

References

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  1. Kunreuther, Howard, 1996. "Mitigating Disaster Losses through Insurance," Journal of Risk and Uncertainty, Springer, Springer, vol. 12(2-3), pages 171-87, May.
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Cited by:
  1. repec:pdn:wpaper:77 is not listed on IDEAS
  2. Adam Pel & Michiel Bliemer & Serge Hoogendoorn, 2012. "A review on travel behaviour modelling in dynamic traffic simulation models for evacuations," Transportation, Springer, Springer, vol. 39(1), pages 97-123, January.
  3. Thomas Gries & Natasa Bilkic, 2014. "Investment under Threat of Disaster," Working Papers CIE 77, University of Paderborn, CIE Center for International Economics.
  4. Iris Grossmann & M. Morgan, 2011. "Tropical cyclones, climate change, and scientific uncertainty: what do we know, what does it mean, and what should be done?," Climatic Change, Springer, Springer, vol. 108(3), pages 543-579, October.
  5. Raghav Gaiha & Kenneth Hill & Ganesh Thapa & Varsha S. Kulkarni, 2013. "Have natural disasters become deadlier?," Brooks World Poverty Institute Working Paper Series 18113, BWPI, The University of Manchester.
  6. Raghav Gaiha1 & Kenneth Hill & Ganesh Thapa, 2012. "Have Natural Disasters Become Deadlier?," ASARC Working Papers, The Australian National University, Australia South Asia Research Centre 2012-03, The Australian National University, Australia South Asia Research Centre.

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