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Mitigating Disaster Risks in the Age of Climate Change

Hong, Harrison G.; Wang, Neng; Yang, Jinqiang - 2022

regional-level mitigation or adaptation, which reduces disaster risks to capital in the interim. Mitigation depends on belief … regarding the adverse consequences of global warming. Pessimism jumps with a disaster and slowly reverts in the absence of … increasing cyclone frequency. For a typical country exposed to cyclones, a disaster arrival not only damages its capital stock …

Persistent link: https://www.econbiz.de/10013311024

Managing Catastrophic Risk

Kunreuther, Howard - 2012

A principal reason that losses from catastrophic risks have been increasing over time is that more individuals and firms are locating in harm's way while not taking appropriate protective measures. Several behavioural biases lead decision-makers not to invest in adaptation measures until after...

Persistent link: https://www.econbiz.de/10013104996

The Welfare Gains from Macro-Insurance Against Natural Disasters

Borensztein, Eduardo - 2015

This paper uses a dynamic optimization model to estimate the welfare gains that a small open economy can derive from insuring against natural disasters with catastrophe (CAT) bonds. We calibrate the model by reference to the risk of earthquakes, floods and storms in developing countries. We find...

Persistent link: https://www.econbiz.de/10013013167

The Evolving Market for Catastrophic Event Risk

Froot, Kenneth - 2012

This paper discusses the recent changes in the market for catastrophe risk. These risks have traditionally been distributed through the insurance and reinsurance systems. However, because insurance companies tend to share relatively small amounts of their cat exposures and because insurance...

Persistent link: https://www.econbiz.de/10012756006

Corporate Demand for Insurance : an Empirical Analysis of the U.S. Market for Catastrophe and Non-Catastrophe Risks

Michel-Kerjan, Erwann - 2011

Using a unique dataset of insurance decisions by over 1,800 large U.S. corporations, this study provides the first empirical analysis of firm behavior that compares corporate demand for property and catastrophe insurance (here, terrorism). We combine demand and supply data and apply a...

Persistent link: https://www.econbiz.de/10013120307

Reinsurance for Catastrophes and Cataclysms

Cutler, David M. - 2010

This paper examines the optimal design of insurance and reinsurance policies. We first consider reinsurance for catastrophes: risks which are large for any one insurer but not for the reinsurance market as a whole. Reinsurance for catastrophes is complicated by adverse selection. Optimal...

Persistent link: https://www.econbiz.de/10012763666

Do Disaster Experience and Knowledge Affect Insurance Take-Up Decisions?

Cai, Jing - 2016

on take-up than does the disaster experience …

Persistent link: https://www.econbiz.de/10012987122

Reflections on U.S. Disaster Insurance Policy for the 21st Century

Kunreuther, Howard - 2012

which a disaster insurance program should be based. Section 3 then focuses on the second question by analyzing the …. Section 4 turns to the third question and delineates the opportunities and challenges of a comprehensive disaster insurance … program. Section 5 poses a set of open issues that are currently being addressed by a research project on disaster insurance …

Persistent link: https://www.econbiz.de/10012755475

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

Bolton, Patrick; Chen, Hui; Wang, Neng - 2022

This paper proposes a simple homogeneous dynamic model of investment and corporate risk management for a financially constrained firm. Following Froot, Scharfstein, and Stein (1993), we define a corporation's risk management as the coordination of investment and financing decisions. In our...

Persistent link: https://www.econbiz.de/10014209333

Which Social Cost of Carbon? A Theoretical Perspective

Kotchen, Matthew J. - 2016

This paper develops a theoretical foundation for the social cost of carbon (SCC). The model highlights the source of debate over whether countries should use the global or domestic SCC for regulatory impact analysis. I identify conditions under which a country's decision to internalize the...

Persistent link: https://www.econbiz.de/10012992145

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