Governing Ignorance: Emerging catastrophic Risks-Industry Responses and Policy Frictions

Giuliano Castellano
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Giuliano Castellano: CRG - Centre de recherche en gestion - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique

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Abstract: The growing interconnections between people, markets and networks together within the development of new technologies have increased the frequency and impact of large-scale disasters around the globe. Many of these events, defined as emerging catastrophic (or systemic) risks, have no previous record. At the same time there is a strong probability that their frequency and impact will increase in the future. This paper takes a governance perspective by assuming that policy actions should be designed to cope with ignorance and large-scale losses, being the primary features characterising such emerging catastrophic risks.

Keywords: emerging catastrophic risks; new risks; pooling; precautionary principle; antitrust; Block Exemption Regulation.; Block Exemption Regulation (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (4)

Published in Geneva Papers on Risk and Insurance - Issues and Practice, 2010, 35 (3), pp.391-415. ⟨10.1057/gpp.2010.11⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00541418

DOI: 10.1057/gpp.2010.11

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