Kunreuther, Howard. <br/><br/>
Managing Catastrophic Risk / 
Howard Kunreuther, Geoffrey Heal. 
 - Cambridge, Mass.  National Bureau of Economic Research  2012. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w18136 .
 - Working Paper Series (National Bureau of Economic Research)  no. w18136. .
<br/><br/> June 2012. 
<br/><br/> A principal reason that losses from catastrophic risks have been increasing over time is that more individuals and firms are locating in harm's way while not taking appropriate protective measures. Several behavioural biases lead decision-makers not to invest in adaptation measures until after it is too late. In an interdependent world with no intervention by the public sector, it may be economically rational for those at risk not to invest in protective measures. Risk management strategies that involve private-public partnerships that address these issues may help in reducing future catastrophic losses. These may include multi-year insurance contracts, well-enforced regulations, third-party inspections, and alternative risk transfer instruments such as catastrophe bonds. 
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