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Michael Klafft, & Ulrich Meissen. (2011). Assessing the economic value of early warning systems. In E. Portela L. S. M.A. Santos (Ed.), 8th International Conference on Information Systems for Crisis Response and Management: From Early-Warning Systems to Preparedness and Training, ISCRAM 2011. Lisbon: Information Systems for Crisis Response and Management, ISCRAM.
Abstract: As of today, investments into early warning systems are, to a large extent, politically motivated and “disaster-driven”. This means that investments tend to increase significantly if a disaster strikes, but are often quickly reduced in the following disaster-free years. Such investment patterns make the continuous operation, maintenance and development of the early warning infrastructure a challenging task and may lead to sub-optimal investment decisions. The paper presented here proposes an economic assessment model for the tangible economic impact of early warning systems. The model places a focus on the false alert problematic and goes beyond previous approaches by incorporating some socio-cultural factors (qualitatively estimated as of now). By doing so, it supports policymakers (but also private investors) in their investment decisions related to early warning applications.