the wharton risk management and decision processes center over 25 years of leading research into...
TRANSCRIPT
The Wharton Risk Management and Decision Processes CenterOver 25 years of leading research into catastrophe risk
Erwann Michel-Kerjan, Managing [email protected]
University of California, Washington D.C.
April 19, 2011 - http://opim.wharton.upenn.edu/risk/
What We Are AboutIf a single feature has served to define the
human experience in the first part of the 21st century, it is the unrelenting onset of catastrophes that were largely unforeseen in scale over such short period of time.
The Consequences
The question of managing and financing extreme events is high on the agendas of top decision-makers in the private and public sectors (no less than 7 sessions in Davos)
With globalization of social and economic activities, risks are becoming more global as well – major interdependent effects
Demand is thus growing for high-level research by neutral institutions that can add value to businesses and evaluate public policy changes here and abroad
About usSince its inception 27 years ago, the Wharton
Risk Center has developed into one of the world’s most recognized centers for the study of catastrophe risk management, based both on its output and its global network of partnerships in the public, private, and educational sectors
Today, 50 faculty and doctoral students are associated with the Center’s activities
How We Do This
Risk Center
Rese
arc
h
Ed
uca
tion
Bu
sin
ess
& P
olic
ySupport of basic and applied research in human decision processes and risk management
Support of efforts to inform and shape business innovations and public policy
Support of education in the area of decision making at Penn, particularly at the doctoral level
Research:The Kinds Of Questions We Ask
Why do we fail to learn from disasters?
Right after Hurricane Katrina Today
Is it possible to efficiently and equitably insure against large-scale terrorist attacks and man-made events that can have catastrophic consequences with unknowable odds?
What are the economic risks posed by climate variability, and how can we best adapt to more frequent and extreme climate-related catastrophes? What are the business opportunities?
Partnership with other Centers
IGEL/Wharton – environmental sustainability
Center for Leadership and Change Management – enterprise risk management
Harvard – nuclear/international securityGreater Philadelphia Innovation Cluster –
risk and decision processesLSE/Columbia/CMU – climate
catastrophes
Business and Policy
By developing diverse governmental and independent partnerships, the Center has played an active role in informing the debate over how escalating risk should be managed
The World Bank
Business innovations and policy-oriented research
National Flood Insurance Program(flood risk reform)
Terrorism Risk Insurance Act(terrorism insurance reform)
Natural Hazard Preparedness and Response
Roles in Washington
Education Since 2005, the Center has used funds from its Ackoff endowment to provide annual research fellowships to doctoral students working on problems in decision making and risk management. In 2010, 23 fellowships across the Wharton School and the University of Pennsylvania were awarded.
More about the Wharton Risk Center
http://opim.wharton.upenn.edu/risk