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Title: Hurricane Sandy Economic Impacts Assessment: A Computable General Equilibrium Approach and Validation

Abstract

Economists use computable general equilibrium (CGE) models to assess how economies react and self-organize after changes in policies, technology, and other exogenous shocks. CGE models are equation-based, empirically calibrated, and inspired by Neoclassical economic theory. The focus of this work was to validate the National Infrastructure Simulation and Analysis Center (NISAC) CGE model and apply it to the problem of assessing the economic impacts of severe events. We used the 2012 Hurricane Sandy event as our validation case. In particular, this work first introduces the model and then describes the validation approach and the empirical data available for studying the event of focus. Shocks to the model are then formalized and applied. Finally, model results and limitations are presented and discussed, pointing out both the model degree of accuracy and the assessed total damage caused by Hurricane Sandy.

Authors:
 [1];  [1]
  1. Los Alamos National Lab. (LANL), Los Alamos, NM (United States)
Publication Date:
Research Org.:
Los Alamos National Lab. (LANL), Los Alamos, NM (United States)
Sponsoring Org.:
U.S. Department of Homeland Security; USDOE
OSTI Identifier:
1374299
Report Number(s):
LA-UR-17-27053
DOE Contract Number:
AC52-06NA25396
Resource Type:
Technical Report
Country of Publication:
United States
Language:
English
Subject:
97 MATHEMATICS AND COMPUTING

Citation Formats

Boero, Riccardo, and Edwards, Brian Keith. Hurricane Sandy Economic Impacts Assessment: A Computable General Equilibrium Approach and Validation. United States: N. p., 2017. Web. doi:10.2172/1374299.
Boero, Riccardo, & Edwards, Brian Keith. Hurricane Sandy Economic Impacts Assessment: A Computable General Equilibrium Approach and Validation. United States. doi:10.2172/1374299.
Boero, Riccardo, and Edwards, Brian Keith. Mon . "Hurricane Sandy Economic Impacts Assessment: A Computable General Equilibrium Approach and Validation". United States. doi:10.2172/1374299. https://www.osti.gov/servlets/purl/1374299.
@article{osti_1374299,
title = {Hurricane Sandy Economic Impacts Assessment: A Computable General Equilibrium Approach and Validation},
author = {Boero, Riccardo and Edwards, Brian Keith},
abstractNote = {Economists use computable general equilibrium (CGE) models to assess how economies react and self-organize after changes in policies, technology, and other exogenous shocks. CGE models are equation-based, empirically calibrated, and inspired by Neoclassical economic theory. The focus of this work was to validate the National Infrastructure Simulation and Analysis Center (NISAC) CGE model and apply it to the problem of assessing the economic impacts of severe events. We used the 2012 Hurricane Sandy event as our validation case. In particular, this work first introduces the model and then describes the validation approach and the empirical data available for studying the event of focus. Shocks to the model are then formalized and applied. Finally, model results and limitations are presented and discussed, pointing out both the model degree of accuracy and the assessed total damage caused by Hurricane Sandy.},
doi = {10.2172/1374299},
journal = {},
number = ,
volume = ,
place = {United States},
year = {Mon Aug 07 00:00:00 EDT 2017},
month = {Mon Aug 07 00:00:00 EDT 2017}
}

Technical Report:

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