Read the extract is taken from Kunreuther and Useem's (2010) work and provide a response indicating why you might find a book written on the topic to be of interest to the current study of the economics of disaster. In doing so, support your position with either properly cited arguments/rationale from your earlier readings of Woodworth (2008) or other sources you locate via the online library or through utilizing the Course Guide portal.

Extract

Following is a description from a 2010 book containing a collection of chapters written by experts who convened in Dubai along with 700 others in the inaugural meeting of the World Economic Forum's Global Agenda Councils. One council, the Council on the Mitigation of Natural Disasters, recommended a holistic approach to the issue of mitigation:

"Events ranging from Hurricane Katrina to the global economic crisis have taught businesspeople an unforgettable lesson: if you don’t plan for “extreme risk,” you endanger your organization’s very survival. But how can you plan for events that go far beyond anything that occurs in normal day-to-day business? In Learning from Catastrophes, two renowned experts present the first comprehensive strategic framework for assessing, responding to and managing extreme risk. Howard Kunreuther and Michael Useem build on their own breakthrough work on mitigating natural disasters, extending it to the challenges faced by real-world enterprises”.

“Along with the contributions of leading experts in risk management, heuristics, and disaster recovery, they identify the behavioral biases and faulty heuristics that mislead decision-makers about the likelihood of catastrophe. They go on to identify the hidden links associated with extreme risks and present techniques for systematically building greater resilience into the organization. The global best-seller The Black Swan told executives that “once in a lifetime” events are far more common and dangerous than they ever realized. Learning from Catastrophe shows them exactly what to do about it."