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Integrated Assessment of Natural Hazards and Climate-Change Adaptation: II. The SERRA Methodology

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  • Vahid Mojtahed

    ()
    (Department of Economics, University Of Venice Cà Foscari)

  • Carlo Giupponi

    (Department of Economics, University Of Venice Cà Foscari)

  • Claudio Biscaro

    (Department of Management, University Of Venice Cà Foscari)

  • Animesh K. Gain

    (Department of Economics, University Of Venice Cà Foscari)

  • Stefano Balbi

    (Basque Centre for Climate Change (BC3))

Abstract

We propose an integrated methodology to evaluate the four possible socio-economic costs namely direct/indirect and tangible/intangible costs due to adverse consequences of flood. Although SERRA is based on full monetization of costs and benefits of risk, it can allow for other methods of economic appraisal such as cost-effectiveness when controversial or unethical. By considering social aspect of vulnerability, meaning adaptive and coping capacities of the affected society, we arrive at a more accurate estimation of risk. This further allows us to evaluate the set of risk reduction measures with a focus on non-structural ones, which consequently helps the decision-maker to select the optimal measure given her constraints. Our methodology attempts to be comprehensive with respect to the set of receptors that is an enhancement compared to Regional Risk Assessment that is the mainstream method in the literature.

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File URL: http://www.unive.it/media/allegato/DIP/Economia/Working_papers/Working_papers_2013/WP_DSE_mojtahed_giupponi_biscaro_gain_balbi_07_13.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2013:07.

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Length: 35
Date of creation: 2013
Date of revision:
Handle: RePEc:ven:wpaper:2013:07

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Keywords: Adaptive/coping capacities; Indirect costs; Intangible costs; Vulnerability; Total Cost Matrix;

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  1. Kalle Seip & Jon Strand, 1992. "Willingness to pay for environmental goods in Norway: A contingent valuation study with real payment," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 2(1), pages 91-106, January.
  2. Michela Nardo & Michaela Saisana & Andrea Saltelli & Stefano Tarantola & Anders Hoffman & Enrico Giovannini, 2005. "Handbook on Constructing Composite Indicators: Methodology and User Guide," OECD Statistics Working Papers 2005/3, OECD Publishing.
  3. Zahra Ganji & Alireza Shokoohi & Jamal Samani, 2012. "Developing an agricultural flood loss estimation function (case study: rice)," Natural Hazards, International Society for the Prevention and Mitigation of Natural Hazards, vol. 64(1), pages 405-419, October.
  4. Carlo Giupponi & Vahid Mojtahed & Animesh K. Gain & Stefano Balbi, 2013. "Integrated Assessment of Natural Hazards and Climate Change Adaptation: I. The KULTURisk Methodological Framework," Working Papers 2013:06, Department of Economics, University of Venice "Ca' Foscari".
  5. R. Kinney & P. Crucitti & R. Albert & V. Latora, 2005. "Modeling cascading failures in the North American power grid," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 46(1), pages 101-107, 07.
  6. Stéphane Hallegatte & Fanny Henriet & Anand Patwardhan & K. Narayanan & Subimal Ghosh & Subhankar Karmakar & Unmesh Patnaik & Abhijat Abhayankar & Sanjib Pohit & Jan Corfee-Morlot & Celine Herweijer , 2010. "Flood Risks, Climate Change Impacts and Adaptation Benefits in Mumbai: An Initial Assessment of Socio-Economic Consequences of Present and Climate Change Induced Flood Risks and of Possible Adaptation," OECD Environment Working Papers 27, OECD Publishing.
  7. Mihaela IACOB & Felicia ALEXANDRU & Meral KAGITCI & Georgiana Camelia CREŢAN & Filip IORGULESCU, 2012. "Cultural heritage evaluation: a reappraisal of some critical concepts involved," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(12(577)), pages 61-72, December.
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