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Summary: The Centre for Risk Studies is a multidisciplinary centre of excellence for the study of the management of economic and societal risks.

Head of Group: Professor Daniel Ralph

Country: UK

Group Homepage: http://www.risk.jbs.cam.ac.uk/

Subject Categories: , ,

Group Members: link

Group Research Page: link

Affiliation: Judge Business School, University of Cambridge

Twitter Page:

Joined: July 5th, 2012

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Cambridge Center for Risk Studies bookmarked Centre for Risk Studies Video Channel (2627 days ago)

About:

The Centre for Risk Studies is a multidisciplinary centre of excellence for the study of the management of economic and societal risks. The Centre's focus is in the analysis, assessment, and mitigation of global vulnerabilities for the advancement of political, business and individual decision makers.

Our Objectives:

  • Create multi-disciplinary environment using Cambridge University's academic community and partners to generate research in public and private sector risk
  • Establish framework for modeling risks and decision making
  • Provide a base for coordinating and sponsoring multi-disciplinary research projects
  • Pursue private and public sector funding
  • Contribute to publications for broad dissemination to government, academia, and industry

Natural catastrophes and destructive events can have massive impacts on the regional economies of afflicted areas, and extreme losses can cause ripples through the international economy. Understanding the processes of economic recovery is important in managing reconstruction efforts.

And while catastrophes cause external impacts on economies, the processes by which exogenous shocks destabilise financial markets and trigger economic crises is not well understood.

Financial risk managers and macro-economic planners need to know the likelihood and severity of potential future downturns, particularly the 'tail' events of economic catastrophe. The credit crunch of 2008 has caused the biggest economic crisis for at least 80 years, but most economists and macro-economic models failed to see it coming. Traditional economic theory is being re-examined to find better ways of modelling, anticipating, and managing economic crises.

New approaches, such as behavioural economics and complexity economics, suggest that business cycles, stock market volatility and catastrophic collapse are inherent properties of the economy as a complex system. Bubbles, recessions and collapse are inevitable phases of the evolutionary pressures of the economic system, with external events causing triggers that lead to behavioural responses, feedback and tipping points that might potentially be characterised, quantified and modelled from the characteristics of the system.

This programme researches the economic frameworks for optimising recovery after a disaster, and for preparing for, and managing the risk of future macroeconomic catastrophes in financial and corporate risk management.