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Selection: with tag natural-disaster [3 articles] 


Discounting... on stilts

The University of Chicago Law Review, Vol. 74, No. 1. (2007), pp. 119-138


[Excerpt] Jeremy Bentham famously described the concept of natural rights as “nonsense upon stilts.” This Response argues that cost-benefit analysis (CBA)—a contemporary applied version of Bentham’s utilitarianism for public policy analysis—is also nonsensical in that CBA purports to resolve questions, the answers to which have already been subsumed within the framework’s architecture. In particular, CBA subsumes vital questions of intergenerational equity through its use of an exponential discount factor to adjust future costs and benefits to a present value. This discounting procedure has the practical effect of dramatically diminishing the apparent ...


The limits of cost/benefit analysis when disasters loom

Global Policy, Vol. 7 (May 2016), pp. 56-66,


[Abstract] Advances in estimating the costs and benefits of climate change policies are a welcome development, but a full-scale cost/benefit analysis that seeks to reduce complex value trade-offs to a single metric of net benefit maximization hides many important public policy issues, especially for disasters and catastrophes that are large, discontinuous, irreversible and uncertain. States should obtain public input on such policies. These policies involve value trade-offs that can be informed by technocratic estimates of costs, benefits and risk. However, such analyses ...


Management of risks in natural disasters: a systematic review of the literature on NATECH events

Journal of Loss Prevention in the Process Industries, Vol. 44 (November 2016), pp. 347-359,


NATECH events have produced great impacts in different parts of the world, and have become a matter of great relevance to modern society. Although the probability of such events occurring is low, they have major impacts and a high level of complexity in terms of risk management, because they are the result of cascading events. In this article, a systematic review of the literature on NATECH events is conducted which presents analysis based on a survey of the specific articles on ...

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