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Resource Management Under Catastrophic Threats

Author

Listed:
  • Yacov Tsur

    (Department of Environmental Economics and Management, The Hebrew University of Jerusalem, Rehovot 7610001, Israel)

  • Amos Zemel

    (Department of Solar Energy and Environmental Physics, The Jacob Blaustein Institutes for Desert Research, Ben Gurion University of the Negev, Beer Sheva 8410501, Israel)

Abstract

We survey the rapidly growing economic literature on environmental catastrophes and the various approaches developed to address the hovering threats. Various theoretical descriptions of catastrophic occurrences are classified with respect to the uncertain conditions that trigger the events, the postoccurrence dynamic regime, and the form of the inflicted damage. We show that variations in each of these characteristics strongly affect the ensuing optimal response to the threats. The basic setup is then extended in several dimensions, allowing the modeler to consider more realistic formulations of catastrophic scenarios. Recent efforts to incorporate catastrophic events within large-scale numerical schemes to study the global climate change problem are reviewed. The number of publications in this vein increases in tandem with the growing number of disasters reported globally and their scale of damage, reflecting the growing concern that this phenomenon portends environmental collapse.

Suggested Citation

  • Yacov Tsur & Amos Zemel, 2021. "Resource Management Under Catastrophic Threats," Annual Review of Resource Economics, Annual Reviews, vol. 13(1), pages 403-425, October.
    • Handle: RePEc:anr:reseco:v:13:y:2021:p:403-425
    DOI: 10.1146/annurev-resource-100920-020522
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    Citations

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    Cited by:

    1. Nkuiya, Bruno & Diekert, Florian, 2023. "Stochastic growth and regime shift risk in renewable resource management," Ecological Economics, Elsevier, vol. 208(C).
    2. Cees Withagen, 2022. "On Simple Rules for the Social Cost of Carbon," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 82(2), pages 461-481, June.
    3. Ilan Noy & Shakked Noy, 2022. "The Short-Termism of 'Hard' Economics," CESifo Working Paper Series 10160, CESifo.

    More about this item

    Keywords

    environmental disasters; uncertainty; intertemporal trade-offs; natural resources;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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