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Identifying and Quantifying the Resilience Dividend using Computable General Equilibrium Models: A Methodological Overview

Published

Author(s)

Jennifer F. Helgeson, Juan F. Fung, Cheyney M. O'Fallon, David H. Webb, Harvey Cutler

Abstract

This paper introduces the concept of accounting for the net co-benefits (the resilience dividend) associated with community-level resilience planning. Two solutions to the same resilience issue may often have different associated co-benefits that accrue on a day-to-day basis even if a disruptive event has not yet occurred. Thus, assessing potential community resilience projects requires taking (positive or negative) co-benefits (i.e., the resilience dividend) into account. Without including such benefits, the total value of a resilience project may be underestimated. But to date, quantification of the net co-benefits of resilience planning is not often addressed in the literature, as it is not a straight-forward task. We overview a methodology developed using spatial computable general equilibrium (SCGE) models to quantify and assess the distributional effects of the resilience dividend arising from a proposed resilience plan. In turn, such assessments can be used in benefit cost analyses (BCAs) and other economic project assessments when comparing among potential resilience projects. Good decision-making requires prioritizing feasible projects with the greatest overall net-benefit to the community. We provide a way for co-benefits to be quantified and subsequently accounted for in formal assessment by communities choosing among resilience plans.
Proceedings Title
Identifying and Quantifying the Resilience Dividend using Computable General Equilibrium Models:
A Methodological Overview
Conference Dates
December 13-15, 2017
Conference Location
Brussels
Conference Title
2nd International workshop on Modelling of Physical, Economic and Social Systems for Resilience
Assessment

Keywords

resilience dividend, community resilience, co-benefits, co-costs, adaptation, mitigation, computable general equilibrium (CGE) model, SCGE model, community planning

Citation

Helgeson, J. , Fung, J. , O'Fallon, C. , Webb, D. and Cutler, H. (2017), Identifying and Quantifying the Resilience Dividend using Computable General Equilibrium Models: A Methodological Overview, Identifying and Quantifying the Resilience Dividend using Computable General Equilibrium Models: A Methodological Overview, Brussels, -1, [online], https://tsapps.nist.gov/publication/get_pdf.cfm?pub_id=924427 (Accessed March 3, 2024)
Created December 14, 2017, Updated August 13, 2018