Study Data from State University of New York Update Understanding of Social Science (Modeling and Validating Public-Private Partnerships in Disaster…

Study Data from State University of New York Update Understanding of Social Science (Modeling and Validating Public-Private Partnerships in Disaster management)

By a News Reporter-Staff News Editor at Obesity, Fitness & Wellness Week -- Research findings on Science - Social Science are discussed in a new report. According to news reporting out of Buffalo, New York, by NewsRx editors, research stated, "This paper applies game theory and expected utility theory models to study the optimal public-private partnerships (PPPs) in disaster preparedness considering the uncertain consequences of the disasters, the investment costs, and the private sector's potential risk attitudes, including risk-seeking behavior, risk aversion, and risk neutrality. We study the private sector's best response and the subgame perfect Nash equilibrium solutions."

Our news journalists obtained a quote from the research from the State University of New York, "Our results show that the public sector provides the least amount of subsidy to the risk-averse private sector and the highest amount of subsidy to the risk-seeking private sector. On the contrary, the risk-averse private sector invests the most, and the risk-seeking private sector invests the least. Finally, we validate the model results using a two-stage experiment with 91 participants."

According to the news editors, the research concluded: "This paper provides insights into how to construct win-win PPPs in disaster preparedness with considerations of the private sector's risk behavior."

For more information on this research see: Modeling and Validating Public-Private Partnerships in Disaster management. Decision Analysis, 2018;15(2):55-71. Decision Analysis can be contacted at: Informs, 5521 Research Park Dr, Suite 200, Catonsville, MD 21228, USA (see also Science - Social Science).

Our news journalists report that additional information may be obtained by contacting P.Q. Guan, SUNY Buffalo, Dept. of Ind & Syst Engn, Buffalo, NY 14260, United States. Additional authors for this research include J. Zhang, V.M. Payyappalli and J. Zhuang.

Keywords for this news article include: Buffalo, New York, United States, North and Central America, Social Science, Science, Investment and Finance, State University of New York.

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