Coping with Multiple Catastrophic Threats

Yacov Tsur and Amos Zemel ()
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Amos Zemel: Ben Gurion University of the Negev

Environmental & Resource Economics, 2017, vol. 68, issue 1, No 7, 175-196

Abstract: Abstract We study intertemporal policies for dealing with multiple catastrophic threats with endogenous hazards, allowing, inter alia, for gradual mitigation efforts that accumulate to reduce occurrence risks. The long-run properties of the optimal policies are characterized in terms of the key parameters (damage, hazard sensitivity and natural degradation rate) associated with each type of catastrophic threat. Effects of background threats on the optimal response to a potential catastrophe are illustrated numerically.

Keywords: Multiple catastrophes; Intertemporal policy; Endogenous hazards; Long-run properties (search for similar items in EconPapers)
JEL-codes: C61 Q54 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (6)

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DOI: 10.1007/s10640-017-0144-5

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