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At War with the Weather
Innovative, long-term strategies for reducing vulnerability to large-scale natural disasters and for providing financial support for disaster victims. The United States and other nations are facing large-scale risks at an accelerating rhythm. In 2005, three major hurricanes—Katrina, Rita, and Wilma—made landfall along the U.S. Gulf Coast within a six-week period. The damage caused by these storms led to insurance reimbursements and federal disaster relief of more than $180 billion—a record sum. Today we are more vulnerable to catastrophic losses because of the increasing concentration of population and activities in high-risk coastal regions of the country. The question is not whether ...
At War with the Weather
Innovative, long-term strategies for reducing vulnerability to large-scale natural disasters and for providing financial support for disaster victims.
The Irrational Economist
Of the twenty most costly catastrophes since 1970, more than half have occurred since 2001. Is this an omen of what the 21st century will be? How might we behave in this new, uncertain and more dangerous environment? Will our actions be rational or irrational? A select group of scholars, innovators, and Nobel Laureates was asked to address challenges to rational decision making both in our day-to-day life and in the face of catastrophic threats such as climate changes, natural disasters, technological hazards, and human malevolence. At the crossroads of decision sciences, behavioral and neuro-economics, psychology, management, insurance, and finance, their contributions aim to introduce readers to the latest thinking and discoveries. The Irrational Economist challenges the conventional wisdom about how to make the right decisions in the new era we have entered. It reveals a profound revolution in thinking as understood by some of the greatest minds in our day, and underscores the growing role and impact of economists and other social scientists as they guide our most important personal and societal decisions.
The Future of Risk Management
Whether man-made or naturally occurring, large-scale disasters can cause fatalities and injuries, devastate property and communities, savage the environment, impose significant financial burdens on individuals and firms, and test political leadership. Moreover, global challenges such as climate change and terrorism reveal the interdependent and interconnected nature of our current moment: what occurs in one nation or geographical region is likely to have effects across the globe. Our information age creates new and more integrated forms of communication that incur risks that are difficult to evaluate, let alone anticipate. All of this makes clear that innovative approaches to assessing and m...
Leadership Dispatches
On February 27, 2010, Chile was rocked by a violent earthquake five hundred times more powerful than the one that hit Haiti just six weeks prior. The Chilean earthquake devastated schools, hospitals, roads, and homes, paralyzing the country for weeks and causing economic damage that was equal to 18 percent of Chile's GDP. This calamity hit just as an incumbent political regime was packing its bags and a new administration was preparing to take office. For most countries, it would have taken years, if not decades, to recover from such an event. Yet, only one year later, Chile's economy had reached a six percent annual growth rate. In Leadership Dispatches, Michael Useem, Howard Kunreuther, an...
Seeds of Disaster, Roots of Response
In the wake of 9/11 and hurricane Katrina, executives and policymakers are increasingly motivated to reduce the vulnerability of social and economic systems to disasters. Most prior work on 'critical infrastructure protection' has focused on the responsibilities and actions of government rather than on those of the private sector firms that provide most vital services. Seeds of Disaster, Roots of Response is the first systematic attempt to understand how private decisions and operations affect public vulnerability. It describes effective and sustainable approaches - both business strategies and public policies - to ensure provision of critical services in the event of disaster. The authors are business leaders from multiple industries and are experts in risk analysis, economics, engineering, organization theory and public policy. The book shows the necessity of deeply rooted collaboration between private and public institutions, and the accountability and leadership required to progress from words to action.
Climate Change and Catastrophe Management in a Changing China
China is the largest greenhouse gas emitter in the world and also suffers from devastating climate catastrophes. Increasingly, policymakers in China have come to realize that government alone cannot adequately prevent or defray climate-related disaster risks. This book contends that a better way to manage catastrophe risk in China is through private insurance rather than directly through the Chinese government. In addition, private insurance could function as a substitute for, or complement to, government regulation of catastrophe risks by causing policyholders to take greater precautions to reduce climate change risks.
Managing Disasters through Public–Private Partnerships
The terrorist attacks of September 11, 2001, and Hurricane Katrina in August 2005, generated a great deal of discussion in public policy and disaster management circles about the importance of increasing national resilience to rebound from catastrophic events. Since the majority of physical and virtual networks that the United States relies upon are owned and operated by the private sector, a consensus has emerged that public-private partnerships (PPPs) are a crucial aspect of an effective resilience strategy. Significant barriers to cooperation persist, however, despite acknowledgment that public–private collaboration for managing disasters would be mutually beneficial. Managing Disasters...
Firms' Management of Infrequent Shocks
We examine businesses' financial management of a rare, severe event using detailed firm-level data collected following Hurricane Sandy in the New York area. Credit played a prominent role in financing recovery; more negatively affected firms took on debt because of Sandy (38%) than received insurance payments (15%) in our data. Negatively affected firms were often credit constrained after the shock. While firms' demand for insurance is often explained by financing frictions, we find that the most credit constrained firms after the event, younger firms and smaller firms, were the least likely to insure before it.
Leadership in Science and Technology: A Reference Handbook
"This 2-volume set within the SAGE Reference Series on Leadership tackles issues relevant to leadership in the realm of science and technology. To encompass the key topics in this arena, this handbook features 100 topics arranged under eight headings. Volume 1 concentrates on general principles of science and technology leadership and includes sections on social-scientific perspectives on S&T leadership; key scientific concepts about leading and innovating in S&T; characteristics of S&T leaders and their environments; and strategies, tactics, and tools of S&T leadership. Volume 2 provides case studies of leadership in S&T, with sections considering leadership in informal communities of scien...
