Comparing the Economic Impact of Natural Disasters Generated by Different Input-Output Models: An Application to the 2007 Chehalis River Flood (WA)

Risk Analysis : an Official Publication of the Society for Risk Analysis
Andre F T Avelino, Sandy Dall'erba

Abstract

Due to the concentration of assets in disaster-prone zones, changes in risk landscape and in the intensity of natural events, property losses have increased considerably in recent decades. While measuring these stock damages is common practice in the literature, the assessment of economic ripple effects due to business interruption is still limited and available estimates tend to vary significantly across models. This article focuses on the most popular single-region input-output models for disaster impact evaluation. It starts with the traditional Leontief model and then compares its assumptions and results with more complex methodologies (rebalancing algorithms, the sequential interindustry model, the dynamic inoperability input-output model, and its inventory counterpart). While the estimated losses vary across models, all the figures are based on the same event, the 2007 Chehalis River flood that impacted three rural counties in Washington State. Given that the large majority of floods take place in rural areas, this article gives the practitioner a thorough review of how future events can be assessed and guidance on model selection.

References

Jan 22, 2005·Risk Analysis : an Official Publication of the Society for Risk Analysis·Joost R Santos, Yacov Y Haimes
Mar 17, 2007·Risk Analysis : an Official Publication of the Society for Risk Analysis·Michael R GreenbergNancy Mantell
Jul 23, 2008·Risk Analysis : an Official Publication of the Society for Risk Analysis·Stéphane Hallegatte
Jul 10, 2013·Risk Analysis : an Official Publication of the Society for Risk Analysis·Stéphane Hallegatte
Jun 14, 2014·Risk Analysis : an Official Publication of the Society for Risk Analysis·Hiba BaroudClaudio M Rocco
Dec 18, 2014·Risk Analysis : an Official Publication of the Society for Risk Analysis·E E KoksJ C J H Aerts

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Citations

Jan 5, 2019·Risk Analysis : an Official Publication of the Society for Risk Analysis·Nikolaos ArgyrisGilberto Montibeller

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