Catastrophic events are events of low probability but of substantial economic impact. For example, as the world’s population increases, it is inevitable that natural disasters will result in greater personal and economic losses. At the same time, world financial markets have become increasingly integrated such that financial events in one market can quickly spread throughout the financial system creating a global financial crisis. The ability to create contracts and price assets and develop a rational legal and regulatory framework in a world with fat-tail events creates unique challenges for researchers and policy makers. Thus, the Department of Risk Management at Penn State announces a symposium that will bring together researchers from various disciplines to examine issues related to catastrophic events. The symposium will be organized around the following three themes:

  • Financial Markets and Contracting in a World with Catastrophic Events
  • Legal and Regulatory Policy Responses to Catastrophic Events
  • Decision Making and Catastrophic Events