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Unmastered risks: From crisis to catastrophe: An economic and management insight

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  • Schenker-Wicki, Andrea
  • Inauen, Matthias
  • Olivares, Maria

Abstract

In contrast to sociology, economics, and above all, business economics has not yet discovered disaster management as a research topic even though this subject affects many areas of economics due to its interdisciplinary character. The enormous economic losses suffered by private parties, businesses and public institutions in crisis events, the huge amounts of money which are spent in disaster prevention, as well as the challenges that providing emergency management and disaster control present, contain many issues and have an increasing social and economic relevance. This article takes a close look at the concept of disaster from an economic and management point of view to mitigate the impact on human beings and environment. Based on the rational choice approach the study analyzes the state of preparedness that is mainly responsible for good or poor disaster prevention and presents a theoretical framework for a comprehensive disaster management including examples of practical applications. The conclusion outlines several important areas of future research in business economics.

Suggested Citation

  • Schenker-Wicki, Andrea & Inauen, Matthias & Olivares, Maria, 2010. "Unmastered risks: From crisis to catastrophe: An economic and management insight," Journal of Business Research, Elsevier, vol. 63(4), pages 337-346, April.
    • Handle: RePEc:eee:jbrese:v:63:y:2010:i:4:p:337-346
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    References listed on IDEAS

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    2. Matevž Rašković & Maja Makovec Brenčič & Barbara Moerec, 2011. "Trust and management-to-employee communication in Slovenian companies: Some evidence from the current economic crisis," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 23(2), pages 165-187.
    3. Liu, Chuanlan & Black, William C. & Lawrence, Frances C. & Garrison, M.E. Betsy, 2012. "Post-disaster coping and recovery: The role of perceived changes in the retail facilities," Journal of Business Research, Elsevier, vol. 65(5), pages 641-647.
    4. Yusen Ye & Wen Jiao & Hong Yan, 2020. "Managing Relief Inventories Responding to Natural Disasters: Gaps Between Practice and Literature," Production and Operations Management, Production and Operations Management Society, vol. 29(4), pages 807-832, April.
    5. Pantano, Eleonora & Pizzi, Gabriele & Scarpi, Daniele & Dennis, Charles, 2020. "Competing during a pandemic? Retailers’ ups and downs during the COVID-19 outbreak," Journal of Business Research, Elsevier, vol. 116(C), pages 209-213.
    6. Garg, Amit & Mishra, Vimal & Dholakia, Hem H., 2015. "Climate Change and India: Adaptation GAP (2015)," IIMA Working Papers WP2015-11-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
    7. Garg, Amit & Naswa, Prakriti & Shukla, P.R., 2015. "Energy infrastructure in India: Profile and risks under climate change," Energy Policy, Elsevier, vol. 81(C), pages 226-238.

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