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Analyzing Disaster Loss Trends: A Comparison of Normalization Methodologies in South Korea

Author

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  • Donghyun Choi
  • David Oliver Kasdan
  • D. K. Yoon

Abstract

Increasing concern for climate change adaptation and disaster risk reduction is driving the need for more accurate and sophisticated tools of analysis to protect populations. Standards of analysis that can normalize measurements under various contexts are particularly valuable in the global arena of disaster management. One concern that may benefit from normalizing is the analysis of disaster loss trends. Previous studies have used a combination of inflation, wealth, and societal factors in their normalization of disaster loss methodologies. This study examines the various normalization methods in previous research and applies a selection of eight formulae to 50 years of disaster data in South Korea. The results show both decreasing and increasing trends in disaster damage losses based on the methods, but there are curious biases under the results that may be artifacts of Korea's unique experiences in economic development. The conclusion discusses how the case of Korea may help to clarify the optimal normalization methodology for other countries.

Suggested Citation

  • Donghyun Choi & David Oliver Kasdan & D. K. Yoon, 2019. "Analyzing Disaster Loss Trends: A Comparison of Normalization Methodologies in South Korea," Risk Analysis, John Wiley & Sons, vol. 39(4), pages 859-870, April.
    • Handle: RePEc:wly:riskan:v:39:y:2019:i:4:p:859-870
    DOI: 10.1111/risa.13208
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    References listed on IDEAS

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    1. Heejun Chang & Jon Franczyk & Changhwan Kim, 2009. "What is responsible for increasing flood risks? The case of Gangwon Province, Korea," 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. 48(3), pages 339-354, March.
    2. Fabian Barthel & Eric Neumayer, 2012. "A trend analysis of normalized insured damage from natural disasters," Climatic Change, Springer, vol. 113(2), pages 215-237, July.
    3. Matthew D. Shapiro & David W. Wilcox, 1996. "Mismeasurement in the Consumer Price Index: An Evaluation," NBER Chapters, in: NBER Macroeconomics Annual 1996, Volume 11, pages 93-154, National Bureau of Economic Research, Inc.
    4. Eric Neumayer & Fabian Barthel, 2010. "Normalizing economic loss from natural disasters: a global analysis," GRI Working Papers 31, Grantham Research Institute on Climate Change and the Environment.
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