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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
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Assessing, Managing, and Financing Extreme Events : Dealing with Terrorism
Kunreuther, Howard - 2012
This paper discusses new challenges we face with terrorism as a catastrophic risk by focusing on risk assessment, risk management as well as risk financing issues. The special characteristics of terrorism compared with major natural hazards call for the development of public-private...
Persistent link: https://www.econbiz.de/10012755813
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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
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Public Contracting for Private Innovation : Government Expertise, Decision Rights, and Performance Outcomes
Bruce, Joshua R. - 2018
We examine how the U.S. Federal Government governs R&D contracts with private-sector firms. The government chooses between two contractual forms: grants and cooperative agreements. The latter provides the government substantially greater discretion over, and monitoring of, project progress....
Persistent link: https://www.econbiz.de/10012916603
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Economic Analysis and Infrastructure Investment
Glaeser, Edward L.; Poterba, James M. - 2021
This paper summarizes economic research on investment in public infrastructure and introduces the findings of several new studies on this topic. It begins with a review of several potential justifications for the public sector’s involvement in building, financing, and operating infrastructure,...
Persistent link: https://www.econbiz.de/10013248702
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Highway Franchising and Real Estate Values
Engel, Eduardo M. R. A.; Galetovic, Alexander; Fischer, … - 2021
It has become increasingly common to allocate highway franchises to the bidder that offers to charge the lowest toll. Often, building a highway increases the value of land held by a small group of developers, an effect that is more pronounced with lower tolls. We study the welfare implications...
Persistent link: https://www.econbiz.de/10013218705
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The Pricing of Event Risks with Parameter Uncertainty
Froot, Kenneth - 2010
Financial instruments whose payoffs are linked to exogenous events, such as the occurrence of a natural catastrophe or an unusual weather pattern depend crucially on actuarial models for determining event (e.g., default) probabilities. In many instances, investors appear to receive premiums far...
Persistent link: https://www.econbiz.de/10012763236
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The Market for Catastrophe Risk : A Clinical Examination
Froot, Kenneth - 2010
with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other …, especially after cat events. We then examine clinical evidence to understand why the theory fails. Specifically, we examine … hints as to why the theory fails. We explore these hints in eight theoretical explanations and find the most compelling to …
Persistent link: https://www.econbiz.de/10012763776
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Rare Disasters, Financial Development, and Sovereign Debt
Rebelo, Sergio T. - 2018
We propose a model of sovereign debt where countries vary in their level of financial development, defined as the extent to which countries can hedge rare disasters in international capital markets. We show that low levels of financial development generate the “debt intolerance” phenomenon...
Persistent link: https://www.econbiz.de/10012911106
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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