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Benefit analysis for natural hazards
Risk Analysis : an Official Publication of the Society for Risk Analysis
|September 1, 1986
Summary
This study introduces an ex ante framework for analyzing economic benefits of natural hazard policies. It compares this forward-looking approach with past-looking methods to improve risk reduction strategies.
Area of Science:
- Environmental economics
- Risk management
- Policy analysis
Background:
- Natural hazards pose significant economic risks.
- Evaluating the effectiveness of mitigation policies is crucial.
- Existing benefit analysis methods often lack a forward-looking perspective.
Purpose of the Study:
- To develop an ex ante (before the event) framework for benefit analysis concerning natural hazards.
- To define and evaluate the economic benefits of policies aimed at reducing natural hazard risks or their impacts.
- To compare the ex ante perspective with the ex post (after the event) perspective in benefit analysis.
Main Methods:
- Conceptual framework development for ex ante benefit analysis.
- Comparative analysis of ex ante and ex post evaluation perspectives.
- Discussion on implementing the framework through valuation concepts.
Main Results:
- The paper establishes a clear definition and methodology for ex ante benefit analysis in natural hazard policy.
- It highlights the advantages of a forward-looking perspective in assessing policy impacts.
- The study identifies key valuation concepts for practical implementation.
Conclusions:
- The developed ex ante framework offers a more proactive approach to natural hazard risk management.
- Comparing ex ante and ex post perspectives enhances the understanding of policy benefits.
- Further research should focus on refining and applying these valuation concepts in real-world scenarios.