Catastrophic risk is currently a hotly debated topic. This paper contributes to this debate by showing two results. First it shown that the value function in dynamic optimization can have an infinite derivative at some point even if the model specification has functional forms that are finite...

A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate change, commodity price changes, and uncertain donor grants. The question that arises is how should small developing countries...

This paper presents findings of a study of the economic impacts of climate change adaptation. To estimate these impacts on the German economy and its individual sectors we follow a two-step approach: firstly, we estimate the damages resulting from recurring flood events and heat waves, based on...

This paper explores implications of climate change for fiscal policy by assessing the impact of large scale extreme weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude that the budgetary impact of such events ranges...

Wie schon die Hochwasserereignisse 2002 und 2013 haben auch die Folgen der Flutkatastrophe im Juli 2021 dramatisch die Notwendigkeit von gesellschaftlichen Klimaanpassungsstrategien in Deutschland aufgezeigt. Bund und Länder haben zum dritten Mal eine Arbeitsgruppe mit der...

An der Atlantikküste der USA haben die ökonomischen Schäden durch tropische Wirbelstürme in den letzten zehn Jahren dramatisch zugenommen. Es ist anzunehmen, dass ein Großteil der wirtschaftlichen Schäden darauf zurückzuführen ist, dass der Wohlstand der Bevölkerung gestiegen ist und...

Die GeoRisikoForschung der Münchener Rück analysiert seit mehr als 30 Jahren Naturkatastrophen rund um den Globus und dokumentiert diese in der NatCatSERVICE-Datenbank. Die Daten zeigen einen deutlichen Anstieg der Naturkatastrophen, der vor allem durch wetterbedingte Ereignisse begründet...

This dissertation was prepared by Jasmin Gröschl and is a collection of five self-contained empirical essays. They aim at contributing to the understanding of non-standard determinants of trade and migration: historical and cultural characteristics in the United States (Chapter 1),...

Climate physics predicts that the intensity of natural disasters will increase in the future due to climate change. One of the biggest challenges for economic modeling is the inherent uncertainty of climate events, which crucially affects consumption, investment, and abatement decisions. We...

Soils are often subject to environmental shocks which are caused by negative extern- alities linked to overexploitation. We present a stochastic model of a dynamic agricultural economy where natural disasters are sizeable, multiple, and random. Expansion of agricultural activities raises...