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Exploring Financial Decision-Making Approaches for Use in Earthquake Risk Decision Processes for Ports.

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Title: Exploring Financial Decision-Making Approaches for Use in Earthquake Risk Decision Processes for Ports.
Authors: Taylor, Craig1,2 cetaylor@earthlink.net, Rix, Glenn3 glenn.rix@ce.gatech.edu, Fang Liu4 fangliu655@hotmail.com
Source: Journal of Infrastructure Systems. Dec2009, Vol. 15 Issue 4, p406-416. 11p. 4 Charts, 8 Graphs.
Subjects: Earthquake resistant design, Risk management in business, Earthquakes, Cost effectiveness, Stochastic processes
Abstract: One of the main topics in the Georgia Tech/NEES Grand Challenge project “Seismic Risk Mitigation for Port Systems” is the evaluation of seismic risk management approaches for ports. One subtopic of this main topic is the re-evaluation of pertinent financial risk and decision procedures for assessing seismic risk-reduction measures. In light of many criticisms of benefit-cost and least mean total cost methods, previous port seismic risk and decision procedures have benefited from the application of the mean-variance criterion. However, serious objections have been posed to the use of the mean-variance criterion so that exploration of stochastic dominance methods is encouraged. This paper outlines these methods in terms of simplifying nonparametric and upper-order statistics. Focusing on the tails of total cost distributions, this paper shows the value of these methods, but also the value of using almost stochastic dominance when strict stochastic methods fail. [ABSTRACT FROM AUTHOR]
Copyright of Journal of Infrastructure Systems is the property of American Society of Civil Engineers and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Database: Engineering Source
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  Data: Exploring Financial Decision-Making Approaches for Use in Earthquake Risk Decision Processes for Ports.
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  Data: <searchLink fieldCode="AR" term="%22Taylor%2C+Craig%22">Taylor, Craig</searchLink><relatesTo>1,2</relatesTo><i> cetaylor@earthlink.net</i><br /><searchLink fieldCode="AR" term="%22Rix%2C+Glenn%22">Rix, Glenn</searchLink><relatesTo>3</relatesTo><i> glenn.rix@ce.gatech.edu</i><br /><searchLink fieldCode="AR" term="%22Fang+Liu%22">Fang Liu</searchLink><relatesTo>4</relatesTo><i> fangliu655@hotmail.com</i>
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  Data: <searchLink fieldCode="JN" term="%22Journal+of+Infrastructure+Systems%22">Journal of Infrastructure Systems</searchLink>. Dec2009, Vol. 15 Issue 4, p406-416. 11p. 4 Charts, 8 Graphs.
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  Data: <searchLink fieldCode="DE" term="%22Earthquake+resistant+design%22">Earthquake resistant design</searchLink><br /><searchLink fieldCode="DE" term="%22Risk+management+in+business%22">Risk management in business</searchLink><br /><searchLink fieldCode="DE" term="%22Earthquakes%22">Earthquakes</searchLink><br /><searchLink fieldCode="DE" term="%22Cost+effectiveness%22">Cost effectiveness</searchLink><br /><searchLink fieldCode="DE" term="%22Stochastic+processes%22">Stochastic processes</searchLink>
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  Data: One of the main topics in the Georgia Tech/NEES Grand Challenge project “Seismic Risk Mitigation for Port Systems” is the evaluation of seismic risk management approaches for ports. One subtopic of this main topic is the re-evaluation of pertinent financial risk and decision procedures for assessing seismic risk-reduction measures. In light of many criticisms of benefit-cost and least mean total cost methods, previous port seismic risk and decision procedures have benefited from the application of the mean-variance criterion. However, serious objections have been posed to the use of the mean-variance criterion so that exploration of stochastic dominance methods is encouraged. This paper outlines these methods in terms of simplifying nonparametric and upper-order statistics. Focusing on the tails of total cost distributions, this paper shows the value of these methods, but also the value of using almost stochastic dominance when strict stochastic methods fail. [ABSTRACT FROM AUTHOR]
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  Data: <i>Copyright of Journal of Infrastructure Systems is the property of American Society of Civil Engineers and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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RecordInfo BibRecord:
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      – Type: doi
        Value: 10.1061/(ASCE)1076-0342(2009)15:4(406)
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      – Code: eng
        Text: English
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      Pagination:
        PageCount: 11
        StartPage: 406
    Subjects:
      – SubjectFull: Earthquake resistant design
        Type: general
      – SubjectFull: Risk management in business
        Type: general
      – SubjectFull: Earthquakes
        Type: general
      – SubjectFull: Cost effectiveness
        Type: general
      – SubjectFull: Stochastic processes
        Type: general
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      – TitleFull: Exploring Financial Decision-Making Approaches for Use in Earthquake Risk Decision Processes for Ports.
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              M: 12
              Text: Dec2009
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              Y: 2009
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