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Disaster Risk and Business Cycles
Gourio, Francois - 2010
-varying risk of economic disaster. Both asset prices and macroeconomic aggregates respond to this time-varying risk. The model is … prices. An increase in the risk of disaster leads to a collapse of investment and a recession, with no current or future … risky securities increase. To assess the empirical validity of the model, I infer the probability of disaster from observed …
Persistent link: https://www.econbiz.de/10013146622
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Debt sustainability under catastrophic risk : the case for government budget insurance
Borensztein, Eduardo (contributor);  … - 2007
disaster-prone areas of the world, it has the lowest levels of insurance coverage. This paper examines the vulnerability of …
Persistent link: https://www.econbiz.de/10003775839
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Global warming and extreme events : rethinking the timing and intensity of environmental policy
Chen, Yu-Fu; Funke, Michael - 2010
The possibility of low-probability extreme events has reignited the debate over the optimal intensity and timing of climate policy. In this paper we therefore contribute to the literature by assessing the implications of low-probability extreme events on environmental policy in a continuous-time...
Persistent link: https://www.econbiz.de/10003977579
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Global warming and extreme events : rethinking the timing and intensity of environmental policy
Chen, Yu-Fu; Funke, Michael - 2010
The possibility of low-probability extreme events has reignited the debate over the optimal intensity and timing of climate policy. In this paper we therefore contribute to the literature by assessing the implications of low-probability extreme events on environmental policy in a continuous-time...
Persistent link: https://www.econbiz.de/10003994530
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Expected Utility theory and the tyranny of catastrophic risks
Buchholz, Wolfgang; Schymura, Michael - 2010
Expected Utility theory is not only applied to individual choices but also to ethical decisions, e.g. in cost-benefit analysis of climate change policy measures that affect future generations. In this context the crucial question arises whether EU theory is able to deal with "catastrophic...
Persistent link: https://www.econbiz.de/10008652528
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What do exogenous shocks tell us about growth theories?
Noy, Ilan; Nualsri, Aekkanush - 2007
The sources of economic growth and development have been puzzling economists from the modern dawn of the profession. While the Solow-Swan neo-classical model dominated research on growth in the 1960s and 1970s, the 1980s saw the emergence of growth theories that disputed, largely on theoretical...
Persistent link: https://www.econbiz.de/10003855329
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Aggregate impacts of natural and man-made disasters : a quantitative comparison
Sawada, Yasuyuki; Bhattcharyay, Rima; Kotera, Tomoaki - 2011
In recent decades, the world has faced an increasing number of natural and man-made disasters. Such disasters include tsunamis, earthquakes, the current ongoing financial crisis, terrorism, riots, and wars. These disasters generate tremendous social and economic costs, especially for the poor in...
Persistent link: https://www.econbiz.de/10009154034
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Catastrophes and expected marginal utility : how the value of the last fish in a lake is infinity and why we shouldn't care (much)
Nævdal, Eric - 2015 - This version March 2015
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...
Persistent link: https://www.econbiz.de/10010530538
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Charity hazard : a real hazard to natural disaster insurance?
Raschky, Paul A.; Weck-Hannemann, Hannelore - 2007
gives an economic analysis of the institutional arrangements on the market for natural disaster insurances focusing on … market for natural disaster insurances, in the way that it acts as an obstacle for the proper diffusion and therefore the …
Persistent link: https://www.econbiz.de/10009729295
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On welfare frameworks and catastrophic climate risks
Millner, Antony - 2013
Recent theoretical work in the economics of climate change has suggested that climate policy is highly sensitive to "fat-tailed" risks of catastrophic outcomes (Weitzman, 2009b). Such risks are suggested to be an inevitable consequence of scientific uncertainty about the effects of increased...
Persistent link: https://www.econbiz.de/10010199723