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PROJECT PROPOSAL Columbia/Wharton Roundtable

PROJECT PROPOSAL Columbia/Wharton Roundtable. Team 5: Presentation April 13, 2002. GENERAL OBJECTIVE. Undertake a comparative analysis of 1. Natural hazard 2. Technological hazard 3. Terrorism event Starting from the past with known events (with actual data)

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PROJECT PROPOSAL Columbia/Wharton Roundtable

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  1. PROJECT PROPOSALColumbia/Wharton Roundtable Team 5: Presentation April 13, 2002

  2. GENERAL OBJECTIVE Undertake a comparative analysis of 1. Natural hazard 2. Technological hazard 3. Terrorism event Starting from the past with known events (with actual data) Develop Resource Allocation Strategies for Future Extreme Events

  3. Phase I: Analyze and Determine the Similarities/Differences • Natural disaster: Earthquake (US: Northridge and Turkey: 1999 earthquake in Istanbul + strong prediction of another earthquake within the next 30 years) • Men-made disaster (unintended): Three-mile Island (1978) and Chernobyl (1986?) • Terrorist Attack: World Trade Center – has global implications Impacts in the short and in the long run, direct/indirect, monetary/non-monetary, macro/micro, and ripple (amplification) effects

  4. Phase II: Derive Framework For Dealing w/ Future Extreme Events Extend the findings to future events ... • Construct typology of extreme events • Formulate resource allocation scenarios • Investigate feedback and learning effects with respect to repeated occurrences of extreme events Likely impacts: in the short and in the long run, direct/indirect, monetary/non-monetary, macro/micro, and ripple effects

  5. PROJECT REALIZATION 1/2 Involved Parties • Scientists -> data • Public Sector: Office of Homeland Security, FEMA, OMB, World Bank • Private Sector: Financial Institutions Outcomes • Typology of extreme events • Framework for undertaking cost-benefit analyses incorporating global impacts • Set of resource allocation strategies, involving the public and private sectors, emphasizing prevention vs. restoration approaches

  6. PROJECT REALIZATION 2/2 Timeframe 3 year with separate deliverables for Phase I and II Funding Needed: $250,000/yr  TOTAL: $750,000 Potential Sponsors • DOD • DOE • World Bank • “Critical Infrastructure”

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