Discusses the market for catastrophe insurance and proposals permitting insurance companies to establish tax-deductible reserve funds for catastrophes.
"The study...surveys existing and future costs associated with climate change and the growing potential for abrupt, widespread impacts. The study reports that the insurance industry will be at the center of this issue, absorbing risk and helping society and business to adapt and reduce new risks."—Press release 200K
"Traditional law and economics has no place for price controls. Yet public support for anti-gouging legislation has led to the enactment of a variety of legal regimes to control price hikes following natural and man-made disasters such as hurricanes and terrorist attacks. This Essay provides an economic justification for such laws. First, the Essay surveys the existing models of anti-gouging legislation. Then, the Essay describes the traditional economic critique of price caps, a critique applied to laws that attempt to control post-disaster prices. Finally, the Essay argues that anti-gouging laws enhance economic efficiency by ensuring a functioning consumer market after the collapse of electronic payment systems on which the American economy now depends. The externalities of consumption in post-disaster environments mean that the costs of consumers forgoing needed products are not adequately captured by a reliance on market mechanisms. This analysis suggests that current anti-gouging laws should be restructured to include a more discrete focus on areas actually affected by physical damage from natural or man-made disasters." —Abstract.
"This Flood Management White Paper presents an overview of the current condition of flood management in the Central Valley and outlines a plan to reduce flood risks through an integrated approach for better planning, new investments, improved management of our infrastructure and closer collaboration between water agencies and users."—Executive Summary.
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