Handbook on the Economics of Disasters


Handbook on the Economics of Disasters

9781839103728 Edward Elgar Publishing
Edited by Mark Skidmore, Professor of Economics/Morris Chair in State and Local Government Finance and Policy, Department of Agricultural, Food, and Resource Economics/Department of Economics, Michigan State University, East Lansing, Michigan, US
Publication Date: 2022 ISBN: 978 1 83910 372 8 Extent: 520 pp
Evaluating the myriad dimensions of how disasters can affect economic activity and decision-making, this cutting-edge Handbook presents a timely analysis of the conditions that reduce or exacerbate disaster impacts. Addressing developments in research on disaster economics, internationally recognized scholars combine theoretical considerations with empirical methods to expand and improve the field of disaster mitigation.

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Evaluating the myriad dimensions of how disasters can affect economic activity and decision-making, this cutting-edge Handbook presents a timely analysis of the conditions that reduce or exacerbate disaster impacts.

Addressing developments in research on disaster economics, internationally recognized scholars explore the role of both the private and public sectors in managing and mitigating disasters. Chapters discuss important theoretical considerations in the evaluation of the impacts of disasters on economic activity, including the behavioral consequences, biases and heuristics, and risk preferences. Delving deeper into disaster economics, the Handbook then presents empirical methods and applications used in modelling disaster impact evaluation, with research focusing on impacts on economic growth, government fiscal and social conditions, well-being, and migration. Informed by the latest research on the economics of pandemics, the Handbook concludes by presenting novel approaches to evaluating and improving risk management, resilience, recovery, and adaptability in the face of disasters.

A valuable resource for conducting research, this Handbook will prove vital to students and scholars of developmental and environmental economics. Providing a broad range of guidance from disaster response experts, it will also prove useful to practitioners and policymakers concerned with the economics of disasters.
Critical Acclaim
‘The Handbook on the Economics of Disasters is a masterpiece. It is an indispensable resource for those who want to understand and conduct research on how economic decisions and regional/national economies are affected by disasters.’
– Hideki Toya, Nagoya City University, Japan

Contributors: Laura Acevedo, Laura Bakkensen, Oscar Becerra, Michael Berlemann, Patricia H. Born, Wouter Botzen, Christopher J. Boudreaux, Eduardo A. Cavallo, Graciela Chichilnisky, Marc N. Conte, Alexander W. Craig, Jesús Crespo Cuaresma, Tatyana Deryugina, Noah Dormady, Monica Escaleras, Marina Eurich, Stefanie Haeffele, Stephane Hallegatte, Anand Jha, J. Bradley Karl, Bhagyashree Katare, Scott Knowles, Howard Kunreuther, Maria I. Marshall, C. Blain Morin, Ilan Noy, Yasuhide Okuyama, Adam Rose, Yasuyuki Sawada, Mark Skidmore, Virgil Henry Storr, Swenja Surminski, Richard S.J. Tol, Yoshiro Tsutsui, Tomáš Uher, Corinne B. Valdivia, Brian Walsh, Eiji Yamamura, Chisako Yamane, Shoko Yamane

1 Introduction to the Handbook on the Economics of Disasters 1
Mark Skidmore
2 A taxonomy of natural disasters 13
Mark Skidmore

3 A few good models for economic analysis of disasters:
can your model handle the truth? 30
Yasuhide Okuyama
4 Behavioral economic consequences of disasters 50
Adam Rose
5 The role of biases and heuristics in addressing natural disasters 72
Howard Kunreuther and Wouter Botzen
6 Risk preferences and natural disasters: a review of theoretical
and empirical themes 86
Laura Bakkensen and Marc N. Conte

SECTION I Economic Impacts
7 Economic consequences of pre-COVID-19 epidemics: a literature review 117
Ilan Noy and Tomáš Uher
8 Natural disasters and economic growth: revisiting the evidence 134
Jesús Crespo Cuaresma
9 The impact of natural disasters on economic growth 150
Eduardo A. Cavallo, Oscar Becerra and Laura Acevedo
10 Assessing the impact of natural disasters on industry gross domestic
product in the United States 193
Monica Escaleras, Anand Jha and Christopher J. Boudreaux
11 The fiscal consequences of natural disasters 208
Tatyana Deryugina
SECTION II Social Impacts
12 Natural disasters and self-reported well-being: a review of the literature 230
Michael Berlemann and Marina Eurich
13 Preferences, behavior, and welfare outcomes against disasters: a review 252
Yasuyuki Sawada
14 Effect of major disasters on geographic mobility intentions:
the case of the Fukushima nuclear accident 275
Eiji Yamamura, Chisako Yamane, Shoko Yamane and Yoshiro Tsutsui

SECTION I Insurance
15 The role of insurance in integrated disaster risk management
with a focus on how insurance can support climate adaptation
and disaster resilience 294
Swenja Surminski
16 Supplying insurance for natural disasters: a retrospective study
of property insurer strategies 319
Patricia H. Born and J. Bradley Karl
SECTION II Risk Assessment and Reduction
17 Expanded disaster risk assessment using agent-based modeling:
a case study on floods in Sri Lanka 355
Brian Walsh and Stéphane Hallegatte
18 Using weather modification to subdue severe weather 389
Scott Knowles and Mark Skidmore
SECTION III Resilience and Vulnerability
19 Advances in the empirical estimation of disaster resilience 401
Noah Dormady, Adam Rose and C. Blain Morin
20 State capacity and vulnerability to natural disasters 434
Richard S. J. Tol
SECTION IV Recovery and Response
21 Small business recovery: lessons from Hurricane Katrina and
the COVID-19 pandemic 459
Maria I. Marshall, Bhagyashree Katare and Corinne B. Valdivia
22 Disaster challenges and entrepreneurial responses 472
Virgil Henry Storr, Stefanie Haeffele and Alexander W. Craig

Index 487
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