Publications
Review of Data Landscape: Challenges and Opportunities
Traditional (macro-) economic impact analysis has a role in the long-run analysis of the effects of changes in resilience, since in the long-run the economy adjusts to the microeconomic impacts through various mechanisms (Kunreuther & Roth, 1998). However, measures of economic health, growth, or expansion are not sufficient for measuring resilience. The majority of infrastructure in the United States is privately owned and operated or is managed through some private-public arrangement. Most effects from changes in resilience should be assessed through short-run microeconomic analysis since the actions of firms will be spurred by internal economic decisionmaking that will have immediate impacts on local economies. Any forthcoming efforts to include resilience in the economic impacts of long duration EP outages must accommodate the private and simultaneously public nature of the EP infrastructure as well as its role as lifeline infrastructure. Resilience metrics and methodologies will only be helpful to stakeholders if these metrics help them understand the value of improvements to the resilience of communities, infrastructures, or industries. In their paper, Schellenberg et al. (2018) have provided a well thought out "lay of the lane of the common methods of estimating the economic costs of EP disruptions, which includes discussion of the difference between costs of outage and regional economic modeling, strengths and weaknesses of methods, the difficulty in incorporating resilience, data collection and availability issues, and recommendations for future research.