risk economics

Wildfire Risk follows from an increasing awareness among fire experts that relying on fire behavior models from the physical sciences to design a risk management program is no longer sufficient and that simply increasing public knowledge related to wildfire hazard does not necessarily lead to appropriate risk reduction behaviors. Public land managers, property developers, landowners, and politicians must ask more about the social and psychological factors that motivate people to respond appropriately to risk.

Thus far the majority of research and applied work about human responses to wildfire mitigation has been directed at individuals rather than communities. Drawing heavily upon health and risk communication, the contributors to Wildfire Risk highlight the differences between the ways that individuals and communities respond to wildfire risk. They discuss how outreach and education can influence individual and community behavior, and they explore differences among ethnic/racial groups and between genders with regard to values, views, and attitudes about wildfire risk and management. They explore the role of public participation in each stage of wildfire risk assessment and mitigation, as well as in planning for evacuation and recovery after fire.

Wildfire Risk concludes with a dedicated section on risk-modeling, with perspectives from the decision sciences, geography, operations research, psychology, experimental economics, and other social sciences.

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Projects are risky undertakings, and modern approaches to managing projects recognise the central need to manage the risk as an integral part of the project management discipline. “Managing Risk in Projects” places risk management in its proper context in the world of project management and beyond, and emphasises the central concepts that are essential in order to understand why and how risk management should be implemented on all projects of all types and sizes, in all industries and in all countries. The generic approach detailed by David Hillson is consistent with current international best practice and guidelines (including ‘A Guide to the Project Management Body of Knowledge’ (PMBoK) and the ‘Project Risk Management Practice Standard’ from PMI, the ‘APM Body of Knowledge’ and ‘Project Risk Analysis & Management (PRAM) Guide’ from APM, ‘Management of Risk: Guidance for Practitioners’ from OGC, and the forthcoming risk standard from ISO) but David also introduces key developments in the risk management field, ensuring readers are aware of recent thinking, focusing on their relevance to practical application. Throughout, the goal is to offer a concise description of current best practice in project risk management whilst introducing the latest relevant developments, to enable project managers, project sponsors and others responsible for managing risk in projects to do just that – effectively.

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Text provides a practical perspective on international exploration economics and risk analysis, petroleum fiscal system analysis and design, contract negotiations; and economic, financial, and accounting aspects of production sharing contracts and royalty/tax systems. DLC: Petroleum industry and trade–Finance.

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With contributions from a wide array of economists, ecologists, and government agency professionals, Economics and Ecological Risk Assessment: Applications to Watershed Management provides a multidisciplinary approach to environmental decision-making at a watershed level. It introduces the fields of ecological risk assessment (ERA) and economic analysis and discusses their application to the practice of watershed management. The book presents a general framework for the integration of ERA and economic analysis to improve environmental management in a diversity of watersheds.

Focusing on real-world decisions, this book describes studies conducted in six U.S. watersheds where both ecological and economic analyses were needed. Decision contexts for these studies include negotiations to satisfy Endangered Species Act requirements, natural resource damage assessment, Clean Water Act permitting, and community development planning. The success of ecological-economic integration in each study, and the contribution to decision making, is critically examined.

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The most practical and sensible way to implement ERM-while avoiding all of the classic mistakes

Emphasizing an enterprise risk management approach that utilizes actual business data to estimate the probability and impact of key risks in an organization, Practical Enterprise Risk Management: A Business Process Approach boils this topic down to make it accessible to both line managers and high level executives alike. The key lessons involve basing risk estimates and prevention techniques on known quantities rather than subjective estimates, which many popular ERM methodologies consist of.

• Shows readers how to look at real results and actual business processes to get to the root cause of key risks
• Explains how to manage risks based on an understanding of the problem rather than best guess estimates
• Emphasizes a focus on potential outcomes from existing processes, as well as a look at actual outcomes over time

Throughout, practical examples are included from various healthcare, manufacturing, and retail industries that demonstrate key concepts, implementation guidance to get started, as well as tables of risk indicators and metrics, physical structure diagrams, and graphs.

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Written for advanced undergraduate and master’s level courses, this book builds from a base of asymmetric information issues to discuss a wide array of topics and is illustrated with some timely examples.

• Covers diverse issues such as risk aversion, expected utility, and moral hazard within the pure theory of insurance
• Provides a clear exposition of the necessary mathematics, a feature which cannot be found in readers on the topic
• Utilizes an undergraduate economics major level of math
• Uses the simplest economic models possible to keep the text intuitive
• Introduces more mathematically complex techniques such as basic optimization for students wishing to ‘go further’ in their analysis

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Economic Risk in Hydrocarbon Exploration provides a total framework for assessing the uncertainties associated with exploration risk from beginning to end. Numerous examples with accompanying microcomputer algorithms illustrate how to quantitatively approach economic risk. The text compares detailed assumptions and models of economic risk, and presents numerical examples throughout to facilitate hands-on calculations using popular spread-sheet packages on personal computers.

Key Features
* Covers economic risk from exploration through production models
* Brings methods to a level where all can be done on a PC
* Analyzes numerical examples from the real world
* Removes “mystery” from how economics is done
* Addresses assumptions in models and shows how they influence projections

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Tools and techniques are provided for dealing with uncertainties and risks in applied areas. A key issue concerns a vast variety of irreducible uncertainties, which require new concepts and analytical tools. The dilemma is concerned with enormous costs vs. massive uncertainties of potentially extreme impacts. Traditional approaches rely on real observations and experiments. Yet no sufficient observations exist for new problems, and learning by doing may be very expensive, dangerous, or impossible. In addition, historical observations are often contaminated by our actions and policies. The complexity of new problems require explicit treatment of uncertainties using “synthetic” information composed of available “hard” data from observations, the results of possible experiments, and scientific facts as well as “soft” data from experts’ opinions, scenarios, and public opinion. Hence, the focus of the present volume is on novel approaches to supporting robust decision-making and design.
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