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Mandated vs. Voluntary Adaptation to Natural Disasters : The Case of U.S. Wildfires

Baylis, Patrick W.; Boomhower, Judson - National Bureau of Economic Research - 2021

Despite escalating disaster losses and predicted increases in weather-related catastrophes, takeup of protective technologies and behaviors appears limited by myopia, externalities, and other factors. One response to such frictions is to mandate adaptive investment. We measure the effect of...

Persistent link: https://www.econbiz.de/10012794648

Mitigating Disaster Risks to Sustain Growth

Hong, Harrison - 2020

arrival rates and spend to mitigate future damages. Mitigation cannot be decentralized due to positive externalities from … curtailing aggregate risks. First-best can be implemented by capital taxes and mitigation subsidies. Willingness-to-pay, toward … public health for pandemics or environmental protection for climate disasters, depends on mitigation efficacy. Efficacy can …

Persistent link: https://www.econbiz.de/10012482023

Averting Catastrophes that Kill

Martin, Ian - 2017

We face a variety of potential catastrophes; nuclear or bioterrorism, a climate catastrophe, and a "mega-virus" are examples. Martin and Pindyck (AER 2015) showed that decisions to avert such catastrophes are interdependent, so that simple cost-benefit analysis breaks down. They assumed that...

Persistent link: https://www.econbiz.de/10012455335

Averting Catastrophes : The Strange Economics of Scylla and Charybdis

Martin, Ian W.R. - 2014

How should we evaluate public policies or projects to avert, or reduce the likelihood of, a catastrophic event? Examples might include inspection and surveillance programs to avert nuclear terrorism, investments in vaccine technologies to help respond to a "mega-virus," or the construction of...

Persistent link: https://www.econbiz.de/10012458451

The Social Value of Hurricane Forecasts

Molina, Renato; Rudik, Ivan - National Bureau of Economic Research - 2024

What is the impact and value of hurricane forecasts? We study this question using newly-collected forecast data for major US hurricanes since 2005. We find higher wind speed forecasts increase pre-landfall protective spending, but erroneous under-forecasts increase post-landfall damage and...

Persistent link: https://www.econbiz.de/10014576576