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

Author

Listed:
  • Vahid Mojtahed

    (Department of Economics, University Of Venice C� Foscari)

  • Carlo Giupponi

    (Department of Economics, University Of Venice C� Foscari)

  • Claudio Biscaro

    (Department of Management, University Of Venice C� Foscari)

  • Animesh K. Gain

    (Department of Economics, University Of Venice C� 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.

Suggested Citation

  • Vahid Mojtahed & Carlo Giupponi & Claudio Biscaro & Animesh K. Gain & Stefano Balbi, 2013. "Integrated Assessment of Natural Hazards and Climate-Change Adaptation: II. The SERRA Methodology," Working Papers 2013:07, Department of Economics, University of Venice "Ca' Foscari".
    • Handle: RePEc:ven:wpaper:2013:07
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    1. Animesh Gain & Vahid Mojtahed & Claudio Biscaro & Stefano Balbi & Carlo Giupponi, 2015. "An integrated approach of flood risk assessment in the eastern part of Dhaka City," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 79(3), pages 1499-1530, December.

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    More about this item

    Keywords

    Adaptive/coping capacities; Indirect costs; Intangible costs; Vulnerability; Total Cost Matrix;
    All these keywords.

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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