Improving Community Risk Management

Louis Anthony Cox
Additional contact information
Louis Anthony Cox: Cox Associates

Chapter Chapter 3 in Improving Risk Analysis, 2012, pp 97-124 from Springer

Abstract: Abstract Extreme and catastrophic events are notoriously challenging to learn from, prepare for, and protect against. They are rare and unfamiliar – the bigger the loss, the less frequent and familiar catastrophes of that magnitude tend to be. This makes them hard to envision and plan for adequately in our daily lives. They are often inherently unpredictable, in that past data does not enable credible early warnings of the approximate time, place, or magnitude of the next occurrence. This unpredictability arises even under ideal conditions, with unrestricted access to all past data and computational power and modeling expertise to analyze it, largely because causes cannot always be discerned in advance. Seemingly trivial events sometimes precipitate large consequences, such as massive avalanches, forest fires, power blackouts, stock market slides, epidemics, or wars, even though they usually do not (Mandelbrot 1964). Several examples are discussed shortly.

Keywords: Risk Management; Catastrophic Event; Community Resilience; Poverty Trap; Disaster Risk Management (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-1-4614-6058-9_3

Ordering information: This item can be ordered from
http://www.springer.com/9781461460589

DOI: 10.1007/978-1-4614-6058-9_3

Access Statistics for this chapter

More chapters in International Series in Operations Research & Management Science from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().