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Risk measures for minimization of earthquake costs

Haukaas, T ; Sharif University of Technology | 2013

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  1. Type of Document: Article
  2. DOI: 10.1201/b16387-378
  3. Publisher: 2013
  4. Abstract:
  5. The total cost of earthquakes is in this paper modeled as a continuous random variable that includes the cost of damage and the cost of construction to prevent damage. Realizations of this variable are obtained by evaluating an array of probabilistic models that take many basic random variables as input. Consequently, analyses can be conducted to determine the mean cost, as well as cost exceedance probabilities and other measures of seismic risk. Such results are employed to address the underlying decision problem, namely to minimize the total cost of earthquakes when that cost is a continuous random variable. Applicable decision theories are outlined and several risk measures are identified. The risk measures are evaluated and minimized by means of new implementations in the computer program Rt
  6. Keywords:
  7. Decision problems ; Exceedance probability ; Probabilistic models ; Risk measures ; Seismic risk ; Costs ; Earthquakes ; Random variables ; Reliability ; Safety engineering ; Cost benefit analysis
  8. Source: Safety, Reliability, Risk and Life-Cycle Performance of Structures and Infrastructures - Proceedings of the 11th International Conference on Structural Safety and Reliability, ICOSSAR 2013 ; 2013 , Pages 2619-2626 ; 9781138000865 (ISBN)
  9. URL: http://www.crcnetbase.com/doi/abs/10.1201/b16387-378