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ECONOMIC ISSUES IN FORMULATING POLICY FOR EARTHQUAKE HAZARD MITIGATION
Author(s) -
Milliman Jerome W.,
Roberts R. Blaine
Publication year - 1985
Publication title -
review of policy research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.832
H-Index - 45
eISSN - 1541-1338
pISSN - 1541-132X
DOI - 10.1111/j.1541-1338.1985.tb00312.x
Subject(s) - hazard , moral hazard , environmental planning , natural resource economics , business , economics , environmental science , incentive , microeconomics , chemistry , organic chemistry
This paper analyzes three issues in the economics of earthquake hazard mitigation policy. First, the economic rationale for the public role in mitigation policy is advanced. Second, an efficient level of mitigation is specified. And third, the deficiencies of current measures of losses are examined. Proper measures of losses are identified and the need for a regional economic model is developed. Unless losses can be properly measured it will be impossible to develop an efficient mitigation program for earthquake hazards.