Integrated Assessment of Natural Hazards and Climate-Change Adaptation: II. The SERRA Methodology
AbstractWe 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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Bibliographic InfoPaper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2013:07.
Date of creation: 2013
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Adaptive/coping capacities; Indirect costs; Intangible costs; Vulnerability; Total Cost Matrix;
Find related papers by 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
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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