Research from University of Illinois – Urbana-Champaign Yields New Findings on Risk Management [Comparing the Economic Impact of Natural Disasters…

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Research from University of Illinois - Urbana-Champaign Yields New Findings on Risk Management [Comparing the Economic Impact of Natural Disasters Generated by Different Input-Output Models: An Application to the 2007 Chehalis River Flood (WA)]

By a News Reporter-Staff News Editor at Insurance Weekly News -- Research findings on Risk Management are discussed in a new report. According to news reporting originating in Urbana, Illinois, by VerticalNews journalists, research stated, "Due to the concentration of assets in disaster-prone zones, changes in risk landscape and in the intensity of natural events, property losses have increased considerably in recent decades. While measuring these stock damages is common practice in the literature, the assessment of economic ripple effects due to business interruption is still limited and available estimates tend to vary significantly across models."

Financial supporters for this research include National Aeronautics and Space Administration, National Institute of Food and Agriculture.

The news reporters obtained a quote from the research from the University of Illinois - Urbana-Champaign, "This article focuses on the most popular single-region input-output models for disaster impact evaluation. It starts with the traditional Leontief model and then compares its assumptions and results with more complex methodologies (rebalancing algorithms, the sequential interindustry model, the dynamic inoperability input-output model, and its inventory counterpart). While the estimated losses vary across models, all the figures are based on the same event, the 2007 Chehalis River flood that impacted three rural counties in Washington State."

According to the news reporters, the research concluded: "Given that the large majority of floods take place in rural areas, this article gives the practitioner a thorough review of how future events can be assessed and guidance on model selection."

For more information on this research see: Comparing the Economic Impact of Natural Disasters Generated by Different Input-Output Models: An Application to the 2007 Chehalis River Flood (WA). Risk Analysis, 2018;():. (Wiley-Blackwell - www.wiley.com/; Risk Analysis - onlinelibrary.wiley.com/journal/10.1111/(ISSN)1539-6924)

Our news correspondents report that additional information may be obtained by contacting A. F T Avelino, Dept. of Agricultural and Consumer Economics and Regional Economics Applications Laboratory, University of Illinois at Urbana-Champaign, Urbana, IL, United States.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1111/risa.13006. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

Keywords for this news article include: Urbana, Illinois, United States, Risk Management, North and Central America.