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At War with the WeatherManaging Large-Scale Risks in a New Era of Catastrophes$
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Howard C. Kunreuther and Erwann O. Michel-Kerjan

Print publication date: 2009

Print ISBN-13: 9780262012829

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262012829.001.0001

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Winning the War Against the Weather and Other Extreme Events

Winning the War Against the Weather and Other Extreme Events

Chapter:
(p.350) (p.351) 15 Winning the War Against the Weather and Other Extreme Events
Source:
At War with the Weather
Author(s):

Howard C. Kunreuther

Erwann O. Michel-Kerjan

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262012829.003.0015

This concluding chapter challenges the notion that major accidents and disasters are low-probability/high-consequence events and proposes a more coherent strategy to link risk assessment, risk perception, and risk management for dealing with extreme events both in the United States and abroad. In particular, it presents a five-pillar strategy and illustrates how they apply to the problem of natural hazards and other extreme events: problem characterization, risk assessment, the interdependencies associated with specific extreme events and their impacts on other stakeholders, behavioral biases and choice heuristics, and management of catastrophe risk. The chapter also offers concrete solutions to deal with natural disasters more effectively and looks at two new initiatives: the World Economic Forum’s Global Risk Network and the Organization for Economic Cooperation and Development’s International Network on the Financial Management of Large-Scale Catastrophes.

Keywords:   risk assessment, risk perception, risk management, extreme events, catastrophe risk, natural disasters, World Economic Forum, Organization for Economic Cooperation and Development

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