Evaluating The Effectiveness of Terrorism Risk Financing Solutions
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Analyses provided in this article benefited from meaningful discussions over the past few years with participants in conferences and roundtables on catastrophe risk management and insurance/national security related issues, including at the National Bureau of Economic Research (NBER) Workshops on Insurance and on Economics of National Security, Center for American Progress, Chicago Actuarial Association, Council on Foreign Relations, Harvard University, University of Minnesota, University of Southern California, Georgetown University, and participants in the 2007 AAAS annual conference in San Francisco, the 2006 National Tax Association annual conference in Boston, the 2006 OECD Insurance and Pension Funds Committee Conference in Geneva, and the 2006 INFORMS annual conference in Pittsburgh. Portions of this paper were also presented at the Congressional hearing on June 21 2007 in Washington, DC on "Examining a Legislative Solution to Extend and Revise the Terrorism Risk Insurance Act." We would like to thank Debra Ballen, Jeffrey Brown, Frank Cilluffo, David Cummins, Lloyd Dixon, Neil Doherty, Martin Feldstein, Ken Froot, Scott Harrington, Bruce Hoffman, Dwight Jaffee, Paul Kleindorfer, André Laboul, Robert Litan, Jim Macdonald, Darius Lakdawalla, David Moss, Frank Nutter, Mark Pauly, Robert Reville, Irv Rosenthal, Thomas Russell, Todd Sandler, Jason Schupp, Kent Smetters, Richard Thomas, David Torregrosa, Cécile Vignial, Detlof von Winterfeld and George Zanjani for insightful comments on previous research related to the analyses provided in this paper. Support from NSF Grant CMS-0527598, the U.S. Department of Transportation, and the Wharton Risk Management and Decision Processes Center is also gratefully acknowledged. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.