Measuring the Cost Effectiveness of Static Economic Resilience

1 pm CT, October 25, 2018

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Overview

This project is the first to estimate the cost and effectiveness of economic resilience tactics to promote business continuity, based on a comprehensive study of firms affected by two of the most devastating natural disasters in recent US history—Superstorm Sandy and Hurricane Harvey. The PIs will describe the most recent theoretical and empirical advancements in economic resilience analysis, and describe their cutting-edge approach to actually measuring the cost-effectiveness of a comprehensive range of resilience actions using a large-area survey of firms in New York/New Jersey and Texas. The PIs report on results from these surveys that provide estimates of the cost and effectiveness of firm-level resilience actions, and discuss important implications for minimizing business interruption losses of firms as they recover from major disasters.

Presenters

Adam RoseAdam Rose is a Research Professor in the University of Southern California Sol Price School of Public Policy, and a faculty affiliate of USC's Center for Risk and Economic Analysis of Terrorism Events (CREATE).  Professor Rose’s primary research interest is the economics of natural disasters and terrorism.  He has spearheaded the development of CREATE’s comprehensive economic consequence analysis framework to include aspects of mitigation, resilience, behavioral responses, and remediation.  He has done pioneering theoretical and empirical research on resilience to disasters at the level of the individual business/household, market/industry and regional/national economy.  Professor Rose is the author of several books and 250 professional papers, including most recently Economic Consequence Analysis of Disasters: The E-CAT Software Tool (Springer), Defining and Measuring Economic Resilience from a Societal, Environmental and Security Perspective (Springer), and The Economics of Climate Change Mitigation Policy (Elgar). He is a Fellow of the Regional Science Association International and President of the International Society for Integrated Disaster Risk Management. He is the recipient of numerous awards, including the DHS/CREATE Transition Product of the Year Award.

Noah DormandyNoah Dormady (Ohio State) works in two main areas: energy and environmental markets, and economic analysis of disasters and disaster resilience. His work on the economic analysis of resilience has focused on the impacts of terrorism events and natural hazards on firms and regional economies.  This work provides insights and strategies for businesses and governments to minimize the severity of disasters and to hasten recovery thereafter. His work has been funded by a broad array of federal, state and NGO sources, including the National Science Foundation, the Department of Homeland Security, GE Capital’s National Center for the Middle Market, and the John Randolph and Dora Haynes Foundation. His work has been published in a broad array of government publications and academic peer-reviewed journals, including Risk Analysis, Energy Economics, The Energy Journal, Energy Policy, Regional Science Policy and Practice, and the Journal of Sustainable Energy Engineering.