 
|
Erwann Michel-Kerjan
Bio
Contact: erwannmk@wharton.upenn.edu
Voice: 215-573-0515 (direct)
Fax: 215-573-2130
Assistant: Carol Heller 215-898-5688
Research Areas: Managing and Financing Large-Scale Risks and Catastrophes
Dr. Erwann Michel-Kerjan is Managing Director of the Risk Management and Decision Processes Center at the Wharton School, a center with 20 years of experience in developing strategies and policies for dealing with catastrophic risks. He also teaches Value Creation in the Wharton MBA program.
His work is focused on managing and financing extreme events, primarily natural disasters and terrorism risk. In particular, his interest is in risk transfer mechanisms to provide financial protection against the consequences of large disasters capable of inflicting billions of dollars of economic losses. Such events require specific collaboration among top decision makers in industry and governments.
In 2007, Dr. Michel-Kerjan was named a Young Global Leader by the World Economic Forum (Davos), an honor bestowed to recognize and acknowledge the most extraordinary leaders of the world under the age of 40.
In 2008, he was elected Chairman of the Organization for Economic Cooperation and Development's (OECD) High Level Advisory Board on Financial Management of Large-Scale Catastrophes, established recently by the Secretary General of the OECD. He also serves as a member of the World Economic Forum's Global Agenda Council on
"Innovation and Leadership in Reducing Risks from Natural Disasters."
Expertise
Catastrophe Risk Financing and Insurability; Risk Management; National Security; Protection of Critical Infrastructure Services; Strategic Crisis Management; Economics of Information
Industry/Government Research and Advisory Roles
Allstate Insurance Company; American Insurance Association (AIA); American International Group (AIG); American Re (Munich Re); AXA; Credit Agricole; Liberty Mutual; Lockheed Martin Corporation; RAND Corporation; Veolia/Vivendi; State Farm Fire & Casualty Co.; Swiss Re; Travelers Companies; Zurich North America
European Commission; Prime Minister's Planning Office (France); Organization for Economic Cooperation and Development (OECD); United Nations; U.S. Department of Homeland Security; U.S. Department of Transportation; World Bank; World Economic Forum-Davos
Teaching
Wharton OPIM 762 Q-1 Spring 2008 (January 2008) -- Environmental Sustainability and Value Creation -- Syllabus and Course Description
Ongoing and Recent Projects
Selected Publications
Books
- At War with the Weather Howard C. Kunreuther and Erwann O. Michel-Kerjan, withNeil A. Doherty, Martin F. Grace, Robert W. Klein, and Mark V. Pauly. (Forthcoming, MIT Press, 2009.)
- Seeds of Disaster, Roots of Response: How Private Action Can Reduce Public Vulnerability (see www.seedsofdisaster.com),
with
P. Auerswald, L. Branscomb, and T. LaPorte, New York: Cambridge University Press, September 2006, pp.554.
This is the first published volume to analyze the business strategy/public policy relationship and the trade-off between private decision making and global security outcomes in that context. Foreword by General R. Marsh (Ret. USAF), former Chairman of the President's Commission on Protection of Critical Infrastructure.
What people are saying about Seeds of Disaster, Roots of Response:
"Industries that provide critical infrastructure are becoming more efficient, but more vulnerable. This book introduces security externalities, a phenomenon that inhibits private investments that would make critical infrastructure services more resilient to potential disaster from any source. It calls not only for more leadership but for more realistic policies from both the private and the public sector." -- THOMAS C. SCHELLING, 2005 Nobel Prize Laureate in Economics
"With 85% of America's critical infrastructure in private hands, the American people – and America's economy – are not going to be safe without strong, collaborative action by the public and private sector. Seeds of Disaster, Roots of Response is thus a timely and important volume that is a must-read for anyone concerned about our nation's security." -- LEE HAMILTON, Vice Chair, 9/11 Commission
"This visionary book reveals the vulnerability of our systems which provide the framework for humanity to exist. The response to this millennium challenge can only be found in our capacity to demonstrate innovative collaboration, effective leadership, and courage. I strongly urge top decision makers to read this book; it provides the necessary guidance to go from words to action." -- KLAUS SCHWAB, Founder and Chairman, World Economic Forum
"America must work hard to improve its responses to natural disasters and terror attacks. This book demonstrates that effective coordination with the operators of privately-owned critical infrastructure is a vital part of that work, and offers guidance for progress." -- U.S. Senator SUSAN M. COLLINS, Former Chairman, Committee on Homeland Security and Governmental Affairs, U.S. Senate
- Treatise on New Risks. Precaution, Crisis, Insurance, with O. Godard, C. Henry and P. Lagadec, Paris: Gallimard, November 2002, pp.620 LINK
Journal Articles and Book Chapters
"Strategies for Better Protection against Catastrophic Risks" (with Howard Kunreuther and Robert Meyer). Behavioral Foundations of Policy, E. Shafir, (ed.). Princeton University Press (Forthcoming)
"Reducing Human and Financial Vulnerability to Large-Scale Disasters: Is Risk Awareness (Really) Enough? --- The Individual Behavior Puzzle." Proceedings of the OECD/U.S. Treasury International Conference on Financial Education, May 2008, Washington, DC. (Forthcoming)
"Toward a New Risk Architecture: The Question of Catastrophe Risk Calculus" Social Research, 75:3. (Forthcoming)
"Homeland Security and Risk Transfer," (with H. Kunreuther), Handbook of Homeland Security and Technology, New York: Wiley and Sons. (Forthcoming)
"Improving Homeland Security in the Wake of Large-Scale Disasters: Would Risk-Based All-Hazard Disaster Insurance Help in the Post-Katrina World?" (with H. Kunreuther), in Harry W. Richardson, Peter Gordon, and James E. Moore II (eds.), Economic and Risk Assessment of Hurricane Katrina, Egard Publishing. (Forthcoming)
"Managing Large-Scale Risks in a New Era of Catastrophes" (with Howard Kunreuther), Journal of Reinsurance, Vol. 15 No. 3. Summer 2008.
"Disasters and Public Policy: Can Market Lessons Help Address Government Failures?" National Tax Journal, proceedings of the 99th NTA Conference. (2008)
"Extreme Events, Global Warming, and Insurance-Linked Securities: How to Trigger the 'Tipping Point?'" (with F. Morlaye), Geneva Papers on Risk and Insurance,
(33): 153-176, (2008)
"An Empirical Analysis of the Terrorism Risk Insurance Act (TRIA)," (with H. Kunreuther) in Harry W. Richardson, Peter Gordon, and James E. Moore II (eds.), The Economic Costs And Consequences of Terrorism, Egard Publishing. (2007)
"How Does the Corporate World Cope with Mega-Terrorism Threat? Evidence from Terrorism Insurance Markets," (with B. Pedell), Journal of Applied Corporate Finance, Vol. 18(4): 61-75. (2006)
"Where Private Efficiency Meets Public Vulnerability: The Critical Infrastructure Challenge," (with P. Auerswald, L. Branscomb, and T. LaPorte), Chapter 1, pp. 1-16, in Auerswald, Branscomb, LaPorte and Michel-Kerjan (eds.), Seeds of Disaster, Roots of Response: How Private Action Can Reduce Public Vulnerability, Cambridge University Press. (2006)
"Creating Markets: Insurance, the 14th Critical Infrastructure," Chapter 17, pp. 277-291, in Auerswald, Branscomb, LaPorte and Michel-Kerjan (eds.), Seeds of Disaster, Roots of Response: How Private Action Can Reduce Public Vulnerability, Cambridge University Press. (2006)
"Building Trust: Public-Private Collaboration on a National and International Scale," (with L. Branscomb), Chapter 22, pp. 493-503, in Auerswald, Branscomb, LaPorte and Michel-Kerjan (eds.), Seeds of Disaster, Roots of Response: How Private Action Can Reduce Public Vulnerability, Cambridge University Press. (2006)
"Leadership: Who Will Act? Integrating Public and Private Interests to Make a Safer World," (with P. Auerswald, L. Branscomb, and T. LaPorte), Chapter 26, pp. 483-506, in Auerswald, Branscomb, LaPorte and Michel-Kerjan (eds.), Seeds of Disaster, Roots of Response: How Private Action Can Reduce Public Vulnerability, Cambridge University Press. (2006)
"The Paris Initiative, Anthrax and Beyond: A Framework for Senior Executives to Meet the Challenges of Interdependent Networks Under Threat," (with P. Lagadec), Chapter 25, pp. 457-480, in Auerswald, Branscomb, LaPorte and Michel-Kerjan (eds.), Seeds of Disaster, Roots of Response: How Private Action Can Reduce Public Vulnerability, Cambridge University Press. (2006)
"Disaster via Airmail: The Launching of a Global Reaction Capacity After the 2001 Anthrax Attacks," (with. P. Lagadec and R. Ellis), Innovations (MIT Press). (2006)
"Public-Private Programs for Covering Extreme Events: The Impacts of Information Distribution and Risk Sharing," (with N. de Marcellis-Warin), Asia-Pacific Journal of Risk and Insurance, Vol. 1 (2), pp. 21-49. (2006)
"Climate Change, Insurability of Large-Scale Disasters and the Emerging Liability Challenge," (with H. Kunreuther), Penn Law Review 155(6): 1795-1842, June 2007; NBER Working Paper 12821, National Bureau of Economic Research, Cambridge, MA, February 2006.
"The Challenges of Protection Critical Infrastructure," Issues in Science and Technology (U.S. National Academies), (with P. Auerswald, L. Branscomb, and T. LaPorte), Fall Issue. (2005)
"TRIA and Beyond: Terrorism Risk Financing in the U.S.," (with N. Doherty, E. Goldsmith, S. Harrington, P. Kleindorfer, H. Kunreuther, M. Pauly, I. Rosenthal, P. Schmeidler), Journal of Reinsurance, Vol.12 (4), Fall Issue. (2005)
"Terrorism Risk Coverage in the Post- 9/11 Era: A Comparison of New Public-Private Partnerships in France, Germany and the U.S.," (with B. Pedell), Geneva Papers and Risk and Insurance. Vol. 30 (1), pp.144-170. (2005)
"Insurability of (Mega)-Terrorism: Challenges and Perspectives," (with H. Kunreuther), in OECD: Terrorism Insurance in OECD Countries. (2005)
"Extending Catastrophe Modeling to Terrorism," (with H. Kunreuther and B. Porter), Chapter 10 in: Kunreuther and Grossi (eds.), Catastrophe Modeling: A New Approach to Managing Risk . New York: Springer. (2005)
"Policy Watch: Challenges for Terrorism Insurance in the United States," (with H. Kunreuther), Journal of Economic Perspectives. Vol. 18 (4), pp. 201-214, (2004).
"Critical Infrastructures Under Threat: Learning from the Anthrax Scare," (with A. Boin, P. Lagadec and W. Overdijk), Journal of Contingencies and Crisis Management. Vol. 11 (3), 99-104, (2003).
"Large-Scale Terrorism: Risk Sharing and Public Policy," Revue d'Economie Politique. Vol. 113 (4), 625-648, (2003).
"New Vulnerabilities in Critical Infrastructures: A U.S. Perspective," Journal of Contingencies and Crisis Management. Vol. 11 (3), 132-141, (2003).
Work in Progress and Working Papers (2006-2008)
“Long Term Insurance (LTI) for Addressing Catastrophe Risk,” (with Dwight Jaffee/UCBerkeley and Howard Kunreuther/Wharton.) August 2008. NBER Working Paper.
"Come Rain or Shine: Evidence on Flood Insurance Purchases in Florida," (with Carolyn Kousky/Harvard), Risk Center Working Paper #2008-02-29. (submitted to journal)
Looking at Optimal Risk-Sharing in a Kaleidoscope: The (Market Power, Information) Rotational Symmetry," (with D. Henriet/Ecole Centrale-France), January 2008. (submitted to journal)
"Enhancing Theater Security Cooperation in the 21st Century:
How the U.S. Navy Can Help," (with Michael Budney and John Dziminowicz/The Pentagon, U.S. Department of Defense.) Risk Center Working Paper #2008-01-02. (submitted to journal)
"The Future of Nuclear Energy Markets and International Security," (with D. Decker/Harvard.) Joint Working Paper, The Wharton School, University of Pennsylvania and Kennedy School of Government, Harvard University, January 2008.
“Assessing, Managing and Benefiting from Global Interdependent Risks: The Case of Terrorism and Natural Disasters,” (with Howard Kunreuther/Wharton.) Prepared for the 2007 CREATE Symposium, August 2007, Los Angeles, CA
“Evaluating the Effectiveness of Terrorism Risk Financing Solutions,” (with Howard Kunreuther/Wharton.) NBER #13359 (September 2007)
"A New Energy Paradigm: Ensuring Nuclear Fuel Supply and Nonproliferation through International Collaboration with Insurance and Financial Markets," (with D. Decker/Harvard.) Joint Working Paper, The Wharton School, University of Pennsylvania and Kennedy School of Government, Harvard University, 2007-02, March 2007.
"Looking Beyond TRIA: A Clinical Examination of Terrorism Loss Sharing," (with H. Kunreuther/Wharton.) NBER Working Paper 12069, (2006).
Op-Ed Pieces and Publications for a Wide Audience
"The Biggest Crisis of All." Newsweek, May 19, 2008.
"Winning by a Landslide: Why more disasters are declared during an election year." Newsweek, February 29, 2008.
"Autopsie neuroéconomique de la crise financière" (in French, with Olivier Oullier), Le Figaro, January 28, 2008.
World Economic Forum Global Risks Report, 2008
"View from Dalian, China: The New Risk Architecture and Our Growing Interdependence," Knowledge@Wharton, December 12, 2007.
"What Is the State of U.S. Disaster-Preparedness?" New York Times "Freakonomics Quorum," November 9, 2007.
"The Other Energy Crisis" (with Debra Decker), Booz|Allen|Hamilton Leading Ideas, September 4, 2007.
"A New Plan to Insure the Supply -- and Safe Use -- of Uranium in the Nuclear Energy Market" Knowledge@Wharton, April 18, 2007.
"When Local Risks Become Global Risks, and How We Can Minimize Them"
Knowledge@Wharton, March 21, 2007.
"Ensuring Global Uranium Supplies," (with Debra Decker), International Herald Tribune, Opinion Page,
December 22, 2006.
"Facing Global Risks: Relearning How to Govern the World," (in French, with Thierry Malleret), Le Figaro, Opinion Page, November 13, 2006.
"A New Era Calls for a New Model," (with P. Lagadec) International Herald Tribune, Opinion Page,
November 1, 2005.
"The United States at a Crossroads," (in French), Le Figaro, Opinion Page, September 11, 2005.
"Katrina, the Day After," (in French), Le Monde, Horizon-Debats, September 4-5, 2005.
"Managing and Financing Large-Scale Risks," PartnerRe Review, September, 2005.
Invited Conferences and Seminars
-2008-
World Economic Forum's Global Agenda Councils, Dubai, United Arab Emirates. November 7-9, 2008.
World Economic Forum's Annual Meeting of the New Champions, Tianjin, People's Republic of China. September 25-29, 2008.
OECD/UNISDR Senior Symposium on Disaster Preparedness and Financing, Beijing, China. September 27-28, 2008
European Commission Network for the Economic Analysis of Terrorism (NEAT). "The Economic Analysis of Terrorism: The Current State of Policy-Making and Research." Brussels. September 22, 2008.
University of Southern California/Wharton Risk Center, "Behavioral Economics and Terrorism Risks." Los Angeles, CA. August 15, 2008.
OECD/U.S. Treasury International Conference on Financial Education, Washington, DC. May 28, 2008.
University of Texas at Dallas, "Conference on Terrorism and Policy." Dallas, TX. May 15, 2008.
Annual Meeting of the NBER Insurance Project, Cambridge, MA. May 9, 2008.
Florida Catastrophic Storm Risk Management Center, 2008 Speaker Series, Florida State University, March 6, 2008.
American Economic Association Annual Meeting, Invited Session, "Economics of Security Externalities." New Orleans, LA. January 4-6, 2008.
-2007-
Institut d'Etudes Politiques de Paris (Science Po) "Managing Large-Scale Risks in a New Era of Catastrophes." Joint Ecole Polytechnique-IDDRI Conference seminar series. France. November 13, 2007.
New School of Social Research, Conference on "Disasters: Recipes and Remedies," Presentation on "The Calculus of Risk vs. Preparedness." New York City. November 1-2, 2007.
Princeton University, "Behavioral Foundations of Policy." Princeton, NJ. October 19-20, 2007.
The Wharton School, University of Pennsylvania. Fall 2007 Risk Regulation Seminar Series, Presentation of "Managing Large-Scale Risks in a New Era of Catastrophes." September 25, 2007.
Wharton Applied Economic Workshop, The Wharton School, University of Pennsylvania, "Puzzling Evidence from Terrorism Insurance Markets." August 29, 2007.
University of Southern California, Center for Risk and Economic Analysis of Terrorism Events (CREATE), "The Economics of Global Risks," 4th CREATE Annual Conference, Los Angeles, CA. August 14-16, 2007.
NBER Summer Institute, NBER Group on Economics of National Security (Martin Feldstein, organizer), "Puzzling Evidence from Terrorism Insurance Markets." Boston, MA. July 26-27, 2007.
Chicago Actuarial Association, Chicago Chapter, Professional Risk Managers' International Association, and Midwest Actuarial Forum, Enterprise Risk Management, Global Risks and Prediction Markets, presentation on "Dealing with the Extra-Ordinary: Managing and Financing Global Risks in a Growing Interdependent World," Chicago, IL. June 28, 2007.
Center for American Progress, "Managing Economic Risk in the Age of Terror: The Role of Government in the Private Insurance Market." Washington, DC. May 21, 2007.
Toulouse School of Economics, "Environmental Sustainability and Corporate Behavior." Toulouse, France. June 1-2, 2007.
Ecole Polytechnique-ADEME, "Managing Large-Scale Disasters in a World-Peak Zone." Paris, France. March 23, 2007.
The American Association for the Advancement of Science (AAAS), Annual Meeting, Invited session, "America's Achilles Heel: Critical Infrastructure Services in Time of Disaster." San Francisco, CA. February 15-19, 2007.
-2006-
Council of Foreign Relations, "Nuclear Security and the Insurance Industry" (with Debra Decker, Harvard). New York, NY. December 15, 2006.
Harvard University, Kennedy School of Government, "Assurances of Supply and Non-Proliferation: How Could the International Atomic Energy Agency (IAEA) Benefit from Working with the Insurance/Finance Industry?" Boston, MA. November 17, 2006.
National Tax Association (99th Annual Conference), "Disasters: Implications for Public Finance and Public Policy." Boston, MA. November 17, 2006.
University of Pennsylvania Law School, "Climate Change, Insurability of Large-Scale Disasters and the Emerging Liability Challenge," Symposium on Responses to Global Warming: The Law, Economics, and Science of Climate Change. Philadelphia, PA. November 16-17, 2006.
INFORMS Meeting, "The Role of Insurance in Managing Large-Scale Natural Disasters." Session on Natural Disasters, Pittsburgh, PA. November 7, 2006.
Wharton Risk Center/ISTAR/Lockheed Martin, "Global Supply Chain Security" (organizer), Philadelphia, PA. November 3, 2006.
University of Minnesota, "Homeland Security and Food Safety." Minneapolis, MN. November 1, 2006.University of Southern California, Center for Risk and Economic Analysis of Terrorism Events (CREATE), "Economics Assessment of Hurricane Katrina. 3rd Annual Conference, Los Angeles, CA. August 2006.
NBER Summer Institute, Group on Economics of National Security (Martin Feldstein, organizer), Cambridge, MA. July 2006.
Organization for the Economic Cooperation and Development (OECD), Conference on "Mitigation of Large-Scale Disasters." Insurance and Pension Funds Committee, Geneva, Switzerland. July 2006.
Carnegie Mellon/Wharton, Joint Conference on "Insurance and Global Warming" (co-organizer), Washington, DC. May 2006.
Wharton, Conference on "Interdependent Security." Philadelphia, PA. May 2006.
NBER, Annual Meeting of the Insurance Group. Cambridge, MA. February 2006.
Ecole Polytechnique-EDF, Conference on Protection of Critical Infrastructure and Financing Extreme Events (organizer). Paris, France. February 2006.
-2005-
George Washington University, Homeland Security Policy Institute, "The Future of Terrorism Risk Insurance Post TRIA." Washington, DC. October 2005.
University of Southern California, Center for Risk and Economic Analysis of Terrorism Events (CREATE), Los Angeles, CA. August 2005.
Harvard's Kennedy School/SwissRe Global Dialogue Forum, "Building a Global Reaction Capacity: The Case of Anthrax Threat." Zurich, Switzerland. June 2005.
U.S. National Bureau of Economic Research (NBER), Participation in the Insurance Group Workshop, Cambridge, MA. February 2005.
Wharton Risk Center, Annual Extreme Events Conference, Philadelphia, PA. February 2005.
-2004-
Centre National de la Recherche Scientifique (CNRS)-Ecole des Mines de Paris, Nice Sophia-Antipolis. November 2004.
Organization for Economic Cooperation and Development (OECD), "Insurability of Mega-Terrorism," Insurance and Financial Institutions Committee. Paris, France. November 2004.
International Risk Governance Council, Geneva, Switzerland. June 2004.
Harvard University, Kennedy School, "Critical Infrastructure Protection." Boston, MA. May 2004.
Institute for Sustainable Development and International Relations, "Financing Large-Scale Risks and Disasters: Public-Private Collaboration, Myths and Realities," Paris, France. March 2004.
U.S. National Bureau of Economic Research (NBER), Participation in the Insurance Group Workshop, Cambridge, MA. February 2004.
Wharton Risk Center, Annual Extreme Events Conference, Philadelphia, PA. February 2004.
University of California at Berkeley and Lawrence Livermore National Laboratory, "Terrorism Risk Financing," Berkeley, CA. January 2004.
-2003-
Geneva Center for Security Policy, "Critical Infrastructure Protection," Geneva, Switzerland. November 2003.
Paris Chamber of Commerce - Chambre de Commerce et d'Industrie de Paris (CCIP), "Firms Facing New Risks," Paris, France. 2003.
Last updated: July, 2008
|
|