Rare Disasters And Risk Sharing With Heterogeneous Beliefs
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Author | : Hui Chen |
Publisher | : |
Total Pages | : 50 |
Release | : 2010 |
Genre | : Disaster insurance |
ISBN | : |
Although the threat of rare economic disasters can have large effect on asset prices, difficulty in inference regarding both their likelihood and severity provides the potential for disagreements among investors. Such disagreements lead investors to insure each other against the types of disasters each one fears the most. Due to the highly nonlinear relationship between consumption losses in a disaster and the risk premium, a small amount of risk sharing can significantly attenuate the effect that disaster risk has on the equity premium. We characterize the sensitivity of risk premium to wealth distribution analytically. Our model shows that time variation in the wealth distribution and the amount of disagreement across agents can both lead to significant variation in disaster risk premium. It also highlights the conditions under which disaster risk premium will be large, namely when disagreement across agents is small or when the wealth distribution is highly concentrated in agents fearful of disasters. Finally, the model predicts an inverse U-shaped relationship between the equity premium and the size of the disaster insurance market -- National Bureau of Economic Research web site.
Author | : Jean-Pierre Fouque |
Publisher | : Cambridge University Press |
Total Pages | : 993 |
Release | : 2013-05-23 |
Genre | : Mathematics |
ISBN | : 1107276578 |
The Handbook on Systemic Risk, written by experts in the field, provides researchers with an introduction to the multifaceted aspects of systemic risks facing the global financial markets. The Handbook explores the multidisciplinary approaches to analyzing this risk, the data requirements for further research, and the recommendations being made to avert financial crisis. The Handbook is designed to encourage new researchers to investigate a topic with immense societal implications as well as to provide, for those already actively involved within their own academic discipline, an introduction to the research being undertaken in other disciplines. Each chapter in the Handbook will provide researchers with a superior introduction to the field and with references to more advanced research articles. It is the hope of the editors that this Handbook will stimulate greater interdisciplinary academic research on the critically important topic of systemic risk in the global financial markets.
Author | : Putz, Christian |
Publisher | : University of Bamberg Press |
Total Pages | : 359 |
Release | : 2019 |
Genre | : Political Science |
ISBN | : 3863097025 |
Author | : Jean-Pierre Fouque |
Publisher | : Cambridge University Press |
Total Pages | : 993 |
Release | : 2013-05-23 |
Genre | : Business & Economics |
ISBN | : 1107023432 |
The Handbook on Systemic Risk, written by experts in the field, provides researchers with an introduction to the multifaceted aspects of systemic risks facing the global financial markets. The Handbook explores the multidisciplinary approaches to analyzing this risk, the data requirements for further research, and the recommendations being made to avert financial crisis. The Handbook is designed to encourage new researchers to investigate a topic with immense societal implications as well as to provide, for those already actively involved within their own academic discipline, an introduction to the research being undertaken in other disciplines. Each chapter in the Handbook will provide researchers with a superior introduction to the field and with references to more advanced research articles. It is the hope of the editors that this Handbook will stimulate greater interdisciplinary academic research on the critically important topic of systemic risk in the global financial markets.
Author | : Pallavi Rastogi |
Publisher | : Northwestern University Press |
Total Pages | : 386 |
Release | : 2020-04-15 |
Genre | : Literary Criticism |
ISBN | : 0810141744 |
Postcolonial Disaster studies literary fiction about crises of epic proportions in contemporary South Asia and Southern Africa: the oceanic disaster in Sri Lanka, the economic disaster in Zimbabwe, the medical disaster in South Africa and Botswana, and the geopolitical disaster in India and Pakistan. Pallavi Rastogi argues that postcolonial fiction about catastrophe is underpinned by a Disaster Unconscious, a buried but mobile agenda that forces disastrous events to narrate themselves. She writes that in disaster fiction, a literary Story and its real-life Event are in constant dialectic tension. In recent disasters, Story and Event are tied together as the urgency to circulate information and rebuild in the aftermath of the disaster dictates the flow of the narrative. As the Story acquires temporal distance from the Event, such as the seventy-three years since the partition of India in 1947, it plays more with form and theme, to expand beyond a tale about an all-consuming tragedy. Story and Event are in a constant dance with each other, and the Disaster Unconscious plays the tune to which they move. Rastogi creates a narratology for postcolonial disaster fiction and brings concepts from Disaster Studies into the realm of literary analysis.
Author | : National Research Council |
Publisher | : National Academies Press |
Total Pages | : 409 |
Release | : 2006-09-10 |
Genre | : Social Science |
ISBN | : 0309101786 |
Social science research conducted since the late 1970's has contributed greatly to society's ability to mitigate and adapt to natural, technological, and willful disasters. However, as evidenced by Hurricane Katrina, the Indian Ocean tsunami, the September 11, 2001 terrorist attacks on the United States, and other recent events, hazards and disaster research and its application could be improved greatly. In particular, more studies should be pursued that compare how the characteristics of different types of events-including predictability, forewarning, magnitude, and duration of impact-affect societal vulnerability and response. This book includes more than thirty recommendations for the hazards and disaster community.
Author | : World Bank |
Publisher | : World Bank Publications |
Total Pages | : 280 |
Release | : 2010-11-10 |
Genre | : Social Science |
ISBN | : 0821381415 |
This book examines how to ensure that the preventive measures are worthwhile and effective, and how people can make decisions individually and collectively at different levels of government.
Author | : Luigi Guiso |
Publisher | : MIT Press |
Total Pages | : 552 |
Release | : 2002 |
Genre | : Business & Economics |
ISBN | : 9780262072212 |
Theoretical and empirical analysis of the structure of household portfolios.
Author | : Intergovernmental Panel on Climate Change (IPCC) |
Publisher | : Cambridge University Press |
Total Pages | : 755 |
Release | : 2022-04-30 |
Genre | : Science |
ISBN | : 9781009157971 |
The Intergovernmental Panel on Climate Change (IPCC) is the leading international body for assessing the science related to climate change. It provides policymakers with regular assessments of the scientific basis of human-induced climate change, its impacts and future risks, and options for adaptation and mitigation. This IPCC Special Report on the Ocean and Cryosphere in a Changing Climate is the most comprehensive and up-to-date assessment of the observed and projected changes to the ocean and cryosphere and their associated impacts and risks, with a focus on resilience, risk management response options, and adaptation measures, considering both their potential and limitations. It brings together knowledge on physical and biogeochemical changes, the interplay with ecosystem changes, and the implications for human communities. It serves policymakers, decision makers, stakeholders, and all interested parties with unbiased, up-to-date, policy-relevant information. This title is also available as Open Access on Cambridge Core.
Author | : Baruch Fischhoff |
Publisher | : Cambridge University Press |
Total Pages | : 228 |
Release | : 1981 |
Genre | : Business & Economics |
ISBN | : 9780521278928 |
A framework for making decisions about risks, with recommendations for research, public policy, and practice.