Irrational Economist_ Making Decisions in a Dangerous World - Erwann Michel-Kerjan [1]
AN ALTERNATIVE EXPLANATION: THE POWER OF THE PRESS IN SHAPING DISASTER POLITICS
CONCLUSION: REFRAMING THE DISCUSSION AS A PREREQUISITE FOR REFORM
Chapter 19 - Catastrophe Insurance and Regulatory Reform After the Subprime ...
INTRODUCTION
LESSONS LEARNED FROM CATASTROPHES AND GOVERNMENT CATASTROPHE INSURANCE
RE-REGULATING LOAN MARKETS IN THE AFTERMATH OF THE SUBPRIME CRISIS
GOVERNMENT REINSURANCE FOR MUNICIPAL BOND INSURANCE
SUMMARY AND CONCLUSIONS
RECOMMENDED READING
Chapter 20 - Toward Financial Stability
UNDERSTAND WHY THIS HAPPENED: TWO DIVERGENT VIEWS
SOME PARALLELS WITH THE CATASTROPHE RISK MARKET
UNDERSTANDING THE 2008-2009 FINANCIAL CRISIS
THREE LESSONS ON MARKET BEHAVIORS
RECOMMENDED READING
Chapter 21 - Economic Theory and the Financial Crisis
GENERAL EQUILIBRIUM AND CREDIT INSTRUMENTS
GENERAL EQUILIBRIUM UNDER UNCERTAINTY
LIMITED INFORMATION OF ECONOMIC AGENTS
INFORMATION AS A COMMODITY
INEFFICIENT INCENTIVES: AN ENDEMIC PROPERTY OF CAPITALISM?
RECOMMENDED READING
Chapter 22 - Environmental Politics
RECOMMENDED READING
Chapter 23 - Act Now, Later, or Never?
THE PROBLEM OF DISCOUNTING THE DISTANT FUTURE
THE PROBLEM OF DYNAMIC RISK MANAGEMENT
IN CLOSING
RECOMMENDED READING
Chapter 24 - Climate Change
INTRODUCTION
CLIMATE CHANGE AS A COMPOUND LOTTERY
ALTERNATIVE DISPOSITIONS OF STAGE 1 RISK
CONCLUDING THOUGHTS ON INSURER SOLVENCY
Chapter 25 - International Social Protection in the Face of Climate Change
“A TRULY INTERNATIONAL ENDEAVOUR”
WEATHER EXTREMES: WHY THE POOR SUFFER THE MOST
INSURANCE FOR THE POOR AS SECURITY AGAINST WEATHER DISASTERS
BENEFITS, COSTS, AND CHALLENGES OF INSURANCE INSTRUMENTS
INTERNATIONAL SUPPORT FOR INSURANCE: EFFICIENCY AND EQUITY
CONCLUSION: A ROLE FOR THE ECONOMIST
RECOMMENDED READING
PART FIVE - WHAT DIFFERENCE CAN WE MAKE?
Chapter 26 - Are We Making a Difference?
UNREASONABLE FRIENDS AND ENEMIES
OUR PROGRAM?
REINVENTING OUR PROGRAMS
REINVENTING OUR INSTITUTIONS
CHANGING THE TALK—AND PERHAPS THE WALK
THE SCIENCE AND PRACTICE OF DECISION MAKING
RECOMMENDED READING
Chapter 27 - Thinking Clearly About Policy Decisions
INTRODUCTION
ARTICULATING AND UNDERSTANDING VALUE JUDGMENTS
UNDERSTANDING THE STRUCTURE OF POLICY DECISIONS
ASSESSING, UNDERSTANDING, AND COMMUNICATING ABOUT UNCERTAINTY
THE AMPLIFICATION OF RISK
EDUCATING POLICY MAKERS ABOUT DECISION SCIENCES CONCEPTS
RECOMMENDED READING
Chapter 28 - Decision Making
A WIDER SCOPE FOR THE DECISION SCIENCES
SOME OF MY DISAPPOINTMENTS
THE INTERDEPENDENCY OF SURPRISE BAD OUTCOMES
A PARADIGM SHIFT FOR ACADEMICS: FROM PROBLEM SOLVERS TO PROBLEM INVENTORS
A FINAL WORD, TO THE NEW GENERATION
RECOMMENDED READING
Chapter 29 - Influential Social Science, Risks, and Disasters
ARE ACADEMIC SOCIAL SCIENTISTS MAKING A DIFFERENCE?
RISK MANAGEMENT AND DISASTER RESEARCH
DISASTER RESEARCH AND PUBLIC POLICY ON MITIGATION AND RECOVERY
SUPPORT FOR RISK MANAGEMENT AND DISASTER RESEARCH AT THE NATIONAL SCIENCE FOUNDATION
RECOMMENDED READING
Chapter 30 - Reflections and Guiding Principles for Dealing with Societal Risks
REFLECTIONS OF THINGS PAST
GUIDING PRINCIPLES FOR MANAGING SOCIETAL RISK PROBLEMS
GUIDING PRINCIPLES FOR YOUNG RESEARCHERS
RECOMMENDED READING
Acknowledgements
NOTES
ABOUT THE CONTRIBUTORS
INDEX
Copyright Page
ec·o·nom·ics (ĕk‘ə-nŏm’ĭks) - noun
1. a study of mankind in the ordinary business of life (Alfred Marshall, 1890)
2. the social science that analyzes human behavior as a relationship between the production, distribution, and consumption of goods and services.
NOTE TO THE READERS
There is a clear tendency to view our own thoughts, words, and actions as rational and to see those who disagree as irrational.
Introduction
An Idea Whose Time Has Come
ERWANN MICHEL-KERJAN AND PAUL SLOVIC
All the forces in the world are not so powerful as an idea
whose time has come.
—Victor Hugo
OUR DANGEROUS AND INTERDEPENDENT WORLD
At a time of immensely consequential choices, it has never been more