Hurricane Sandy Economic Impacts Assessment: A Computable General Equilibrium Approach and Validation
- Los Alamos National Lab. (LANL), Los Alamos, NM (United States)
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.
- Research Organization:
- Los Alamos National Laboratory (LANL), Los Alamos, NM (United States)
- Sponsoring Organization:
- U.S. Department of Homeland Security; USDOE
- DOE Contract Number:
- AC52-06NA25396
- OSTI ID:
- 1374299
- Report Number(s):
- LA-UR-17-27053
- Country of Publication:
- United States
- Language:
- English
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