Journal
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
Volume 122, Issue 2, Pages 452-460Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/S0377-2217(99)00246-5
Keywords
catastrophe modeling; insurance; risk; stochastic optimization
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There are two main strategies in dealing with rare and dependent catastrophic risks: the use of risk reduction measures (preparedness programs, land use regulations, etc.) and the use of risk spreading mechanisms, such as insurance and financial markets. These strategies are not separable. The risk reduction measures increase the insurability of risks. On the other hand, the insurance policies on premiums may enforce risk reduction measures, The role of system approaches, models and accompanying decision support systems becomes of critical importance for managing catastrophic risks. The paper discusser some methodological challenges concerning the design of such models and decision support systems, (C) 2000 Elsevier Science B.V. All rights reserved.
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