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This chapter proposes an integrated direct and indirect flood risk model for small and large-scale flood events, allowing for dynamic modelling of total economic losses from a flood event to a full economic recovery. A novel approach is taken which translates direct losses of both capital and labour into production losses using the Cobb-Douglas production function, aiming at improved consistenc...

The standard economic model of decision making assumes a decision maker’s current emotional state has no impact on his or her decisions. Yet there is a large psychological literature that shows that current emotional state, in particular mild positive affect, has a significant effect on decision making, problem solving, and behavior. This paper offers a way to incorporate this insight from psyc...