Catastrophe Risk Models for Evaluating Disaster Risk Reduction Investments in Developing Countries

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dc.contributor.authorMichel-Kerjan, Erwann
dc.contributor.authorHochrainer-Stigler, Stefan
dc.contributor.authorKunreuther, Howard
dc.contributor.authorLinnerooth-Bayer, Joanne
dc.contributor.authorMechler, Reinhard
dc.contributor.authorMuir-Wood, Robert
dc.contributor.authorRanger, Nicola
dc.contributor.authorVaziri, Pantea
dc.contributor.authorYoung, Michael
dc.date2023-05-17T15:29:19.000
dc.date.accessioned2023-05-23T00:16:49Z
dc.date.available2023-05-23T00:16:49Z
dc.date.issued2013-06-01
dc.date.submitted2016-09-06T09:26:31-07:00
dc.description.abstractMajor natural disasters in recent years have had high human and economic costs, and triggered record high postdisaster relief from governments and international donors. Given the current economic situation worldwide, selecting the most effective disaster risk reduction (DRR) measures is critical. This is especially the case for low- and middle-income countries, which have suffered disproportionally more economic and human losses from disasters. This article discusses a methodology that makes use of advanced probabilistic catastrophe models to estimate benefits of DRR measures. We apply such newly developed models to generate estimates for hurricane risk on residential structures on the island of St. Lucia, and earthquake risk on residential structures in Istanbul, Turkey, as two illustrative case studies. The costs and economic benefits for selected risk reduction measures are estimated taking account of hazard, exposure, and vulnerability. We conclude by emphasizing the advantages and challenges of catastrophe model-based cost-benefit analyses for DRR in developing countries.
dc.identifier.urihttps://repository.upenn.edu/handle/20.500.14332/42245
dc.legacy.articleid1258
dc.legacy.fields10.1111/j.1539-6924.2012.01928.x
dc.legacy.fulltexturlhttps://repository.upenn.edu/cgi/viewcontent.cgi?article=1258&context=oid_papers&unstamped=1
dc.rights<p>This is the peer reviewed version of the following article: Michel‐Kerjan, E., Hochrainer‐Stigler, S., Kunreuther, H., Linnerooth‐Bayer, J., Mechler, R., Muir‐Wood, R., ... & Young, M. (2013). Catastrophe risk models for evaluating disaster risk reduction investments in developing countries. <em>Risk Analysis</em>, <em>33</em>(6), 984-999., which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1111/j.1539-6924.2012.01928.x/abstract. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving [link to http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms].</p>
dc.source.beginpage984
dc.source.endpage999
dc.source.issue55
dc.source.issue6
dc.source.journalOperations, Information and Decisions Papers
dc.source.journaltitleRisk Analysis
dc.source.peerreviewedtrue
dc.source.statuspublished
dc.source.volume33
dc.subject.otherCatastrophe modeling
dc.subject.othercost-benefit analysis
dc.subject.otherdisaster risk reduction
dc.subject.otherEmergency and Disaster Management
dc.subject.otherOther International and Area Studies
dc.subject.otherPhysical and Environmental Geography
dc.titleCatastrophe Risk Models for Evaluating Disaster Risk Reduction Investments in Developing Countries
dc.typeArticle
digcom.contributor.authorMichel-Kerjan, Erwann
digcom.contributor.authorHochrainer-Stigler, Stefan
digcom.contributor.authorKunreuther, Howard
digcom.contributor.authorLinnerooth-Bayer, Joanne
digcom.contributor.authorMechler, Reinhard
digcom.contributor.authorMuir-Wood, Robert
digcom.contributor.authorRanger, Nicola
digcom.contributor.authorVaziri, Pantea
digcom.contributor.authorYoung, Michael
digcom.identifieroid_papers/55
digcom.identifier.contextkey9078942
digcom.identifier.submissionpathoid_papers/55
digcom.typearticle
dspace.entity.typePublication
upenn.schoolDepartmentCenterOperations, Information and Decisions Papers
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