时间是 (几乎) 一切:现实选择,极端价值理论,气候适应和洪水风险管理
Chi Truong1, Matteo Malavasi2, Michael A Goldstein3
1Macquarie Business School, Macquarie University, NSW, 2109, Australia.
Journal of environmental management
|October 23, 2024
概括
投资于诸如堤之类的防洪措施至关重要. 将投资推迟到最佳时间,考虑到水位上升的不确定性,可以显著增加项目价值.
科学领域:
- 环境科学 环境科学
- 适应气候变化 适应气候变化
- 风险管理 风险管理
背景情况:
- 全球水位上升和社会经济增长加剧了洪水风险.
- 有效的洪水风险管理策略对于沿海城市地区至关重要.
- 气候预测和经济因素的不确定性使适应计划复杂化.
研究的目的:
- 开发一个真实的选择模型来评估洪水风险适应措施.
- 整合位置,规模和形状 (GAMLSS) 的通用增值模型与极端价值理论 (EVT).
- 分析防洪基础设施投资的最佳时间.
主要方法:
- 开发了一个包含GAMLSS和EVT的真实期权模型.
- 该模型解释了不确定的水位上升,气候指数和日益增加的损失暴露.
- 对纽约市的洪水风险管理进行了个案研究.
主要成果:
- 立即投资于纽约市的障碍和堤项目,可以获得相当大的净现值 (10.96亿美元).
- 投资的最佳时机可以使项目的价值增加54.84%.
- 敏感性分析确定了折扣率,平均水位上升和水位上升不确定性作为关键参数.
结论:
- 延迟防洪投资可能是最优的,特别是当折扣率更高或水位不确定性更大时.
- 实际选择模型为优化不确定性条件下的适应投资提供了一个框架.
- 洪水风险管理投资的战略时机对于最大化经济效益至关重要.
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