Advertisement

Market Risk Assessment of Catastrophic Risks

  • William B. Fairley

Abstract

This paper is intended to encourage interest in two different and separable conjectures about the roles that properly established markets might play in improved social management of catastrophic risk. First, the accuracy, credibility, and usefulness of risk assessments for catastrophes could be improved if they were made the tools of risk producers with a direct financial stake in their accuracy.

Keywords

Risk System Private Interest Risk Producer Federal Energy Regulatory Commission Apply System Analysis 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Fairley, W.B. (1981) Assessment for catastrophic risks. Risk Analysis 1(3): to appear.Google Scholar
  2. Hirshleifer, J., and Riley, J.G. (1979) The analytics of uncertainty and information—an expository survey. Journal of Economic Literature December:1375–421.Google Scholar
  3. Kunreuther, H., and Pauly, M. (1981) Equilibrium in Insurance Markets with Experience Rating. IIASA Preliminary paper, March 1981. Laxenburg, Austria: International Institute for Applied Systems Analysis.Google Scholar
  4. Lathrop, J.W. (1981) Evaluating Technological Risks: Prescriptive and Descriptive Perspectives. This volume.Google Scholar
  5. Mandl, C.J., and Lathrop, J. (1981) Assessment and Comparison of Liquefied Energy Gas Terminal Risks. WP-81–98. Laxenburg, Austria: International Institute for Applied Systems Analysis.Google Scholar
  6. Nelson, R.R. (1981) Assessing private enterprise: an exegesis of tangled doctrine. Bell Journal of Economics, Spring issue:93–111.Google Scholar
  7. Schultze, C.L. (1977) The Public Use of Private Interest. New York: Brookings Institution.Google Scholar
  8. US General Accounting Office (1978) Liquefied Energy Gas Study, Vol. 1, July.Google Scholar
  9. Wolf, C. (1979) A theory of nonmarket failure. Journal of Law and Economics, April.Google Scholar

Copyright information

© International Institute for Applied Systems Analysis, Laxenburg/Austria 1982

Authors and Affiliations

  • William B. Fairley
    • 1
  1. 1.Analysis and Inference Inc.BostonUSA

Personalised recommendations