| This book had its genesis in June 1996 when the Wharton Risk Management and Decision Processes Center (Wharton Risk Center) co-hosted a conference on “Information Technology and Its Impact on Catastrophic Risks”. It was one of the events that year celebrating the Anniversary of the first computer (ENIAC) at the University of Pennsylvania. The focus of the conference was on the challenges in dealing with natural disasters. There had been two catastrophic events several years before — Hurricane Andrew in 1992 and the Northridge earthquake in 1994 — that had raised grave concerns within the private and public sectors as to what steps should be taken to deal with future losses from these and other natural hazards. The conference featured presentations by scientific experts on assessing these risks, three leading firms [AIR Worldwide, EQECAT and Risk Management Solutions (RMS)] on modeling the risks using information technology, and the development of new strategies by insurers, reinsurers and financial institutions for managing catastrophic risks.
Over the past 8 years, representatives from all these constituencies have worked together as part of the Wharton Managing Catastrophic Risks project to examine the role of catastrophe modeling in assessing and managing natural disaster risk. This book is truly a joint effort with the modeling firms and reflects the critical commentary and evaluations from key individuals in insurance and reinsurance companies as well as financial institutions who provided funds for the research activities. |
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Game theory has become an enormously important field of study. It is now a vital methodology for researchers and teachers in many disciplines, including economics, political science, biology, and law. This book provides a thorough introduction to the subject and its applications, at the intermediate level of instruction. It is designed for... |
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