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Catastrophe risk models for evaluating disaster risk reduction investments in developing countries

Michel-Kerjan, Erwann, Hochrainer-Stigler, Stefan, Kunreuther, Howard, Linnerooth-Bayer, Joanne, Mechler, R., Muir-Wood, Robert, Ranger, Nicola, Vaziri, P. and Young, M. (2012) Catastrophe risk models for evaluating disaster risk reduction investments in developing countries. Risk Analysis, 33 (6). pp. 984-999. ISSN 0272-4332

Full text not available from this repository.
Identification Number: 10.1111/j.1539-6924.2012.01928.x

Abstract

Major 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.

Item Type: Article
Official URL: http://www.springer.com/environment/environmental+...
Additional Information: © 2013 Society for Risk Analysis.
Divisions: Grantham Research Institute
Subjects: H Social Sciences > HB Economic Theory
Sets: Research centres and groups > Grantham Research Institute on Climate Change and the Environment
Date Deposited: 04 Jul 2013 16:02
Last Modified: 19 Nov 2019 10:48
URI: http://eprints.lse.ac.uk/id/eprint/51007

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