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The Department of Environmental Economics and Management

The Robert H. Smith Faculty
of Agriculture, Food and Environment
The Hebrew University of Jerusalem

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Fax: 08-9466267

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Coping with Multiple Catastrophic Threats

Citation:

Tsur, Y. ; Zemel, A. Coping with Multiple Catastrophic Threats. Environmental and Resource Economics 2017, 68, 175 - 196.

Date Published:

2017

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.

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Last updated on 06/18/2020