Catastrophe: Risk and Response, by Richard A. Posner

Review of “Economic Analysis of Law,” By Richard A. Posner

The Big One: A Review of Richard Posner’s Catastrophe: Risk and Response

Richard Posner’s Catastrophe: Risk and Response (Oxford, 2004) examines four risks whose worst cases could end advanced human civilization or worse: asteroid impacts, a catastrophic chain reaction initiated in high-energy particle accelerators, global climate change, and bio-terrorism. He argues that these all warrant more thought and response than they are receiving, and that they can usefully...

Can Pragmatism Be Radical? Richard Posner and Legal Pragmatism

ions such as justice, fairness, and equality. Posner argues that “academic philosophy” is “a field that has essentially no audience among judges and lawyers—let alone among politicians—even when philosophy is taken up by law professors . . . who think it should influence law.” Legal pragmatists reject “abstract theorizing of which professors of constitutional 62. See J.M. Balkin, The Declaratio...

Catastrophe Risk Bonds

We examine the pricing of catastrophe risk bonds. Catastrophe risk cannot be hedged by traditional securities and thus the pricing of catastrophe risk bonds must be examined in an incomplete markets setting and therefore entails special difficulties in the pricing methodology. We present techniques for pricing these bonds and discuss this theory in the context of equilibrium pricing and its rel...

pulp cap and pulp response

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