@article{ref1,
title="The impact of natural and manmade disasters on household welfare",
journal="Agricultural economics : the journal of the international association of agricultural economists",
year="2007",
author="Sawada, Yasuyuki",
volume="37",
number="",
pages="59-73",
abstract="In this article, we provide selective evidence on the impact of natural and manmade disasters on household welfare. First, we consider ex ante risk management and ex post risk-coping behaviors separately, showing evidence from the Asian economic crisis, earthquakes, and tsunami disasters. Second, we differentiate idiosyncratic risks from nondiversifiable aggregate risks that characterize a disaster. We also discuss the difficulties of designing index-type insurance against natural disasters, which are often rare, unforeseen events. Then, we investigate the role of self-insurance against large-scale disasters under which formal or informal mutual insurance mechanisms are largely ineffective. Credit accessibility is identified as one of the key factors facilitating risk-coping strategies.<p />",
language="",
issn="0169-5150",
doi="10.1111/j.1574-0862.2007.00235.x",
url="http://dx.doi.org/10.1111/j.1574-0862.2007.00235.x"
}