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is used to assess catastrophic risk and to improve risk management strategies (Grossi, Kunreuther and Windeler 2005: 27). The modeling of catastrophe risk is a complex process that depends on subjective and objective inputs related to the natural hazard. After the catastrophe model is built usually it is too complex to be evaluated analytically, especially if long term economic consequences are considered. In a a computer is used to evaluate a model numerically, and data are gathered in order to estimate the characteristics of the model (Law and Kelton 1991: 1). Usually catastrophe modeling implicitly incorporates simulations due to the sheer complexity of the system to be analyzed. Catastrophe modeling and simulation have advantages as well as limitations. Some of them are presented below.

is used to assess catastrophic risk and to improve risk management strategies (Grossi, Kunreuther and Windeler 2005: 27). The modeling of catastrophe risk is a complex process that depends on subjective and objective inputs related to the natural hazard. After the catastrophe model is built usually it is too complex to be evaluated analytically, especially if long term economic consequences are considered. In a a computer is used to evaluate a model numerically, and data are gathered in order to estimate the characteristics of the model (Law and Kelton 1991: 1). Usually catastrophe modeling implicitly incorporates simulations due to the sheer complexity of the system to be analyzed. Catastrophe modeling and simulation have advantages as well as limitations. Some of them are presented below.

is used to assess catastrophic risk and to improve risk management strategies (Grossi, Kunreuther and Windeler 2005: 27). The modeling of catastrophe risk is a complex process that depends on subjective and objective inputs related to the natural hazard. After the catastrophe model is built usually it is too complex to be evaluated analytically, especially if long term economic consequences are considered. In a a computer is used to evaluate a model numerically, and data are gathered in order to estimate the characteristics of the model (Law and Kelton 1991: 1). Usually catastrophe modeling implicitly incorporates simulations due to the sheer complexity of the system to be analyzed. Catastrophe modeling and simulation have advantages as well as limitations. Some of them are presented below.

is used to assess catastrophic risk and to improve risk management strategies (Grossi, Kunreuther and Windeler 2005: 27). The modeling of catastrophe risk is a complex process that depends on subjective and objective inputs related to the natural hazard. After the catastrophe model is built usually it is too complex to be evaluated analytically, especially if long term economic consequences are considered. In a a computer is used to evaluate a model numerically, and data are gathered in order to estimate the characteristics of the model (Law and Kelton 1991: 1). Usually catastrophe modeling implicitly incorporates simulations due to the sheer complexity of the system to be analyzed. Catastrophe modeling and simulation have advantages as well as limitations. Some of them are presented below.

is used to assess catastrophic risk and to improve risk management strategies (Grossi, Kunreuther and Windeler 2005: 27). The modeling of catastrophe risk is a complex process that depends on subjective and objective inputs related to the natural hazard. After the catastrophe model is built usually it is too complex to be evaluated analytically, especially if long term economic consequences are considered. In a a computer is used to evaluate a model numerically, and data are gathered in order to estimate the characteristics of the model (Law and Kelton 1991: 1). Usually catastrophe modeling implicitly incorporates simulations due to the sheer complexity of the system to be analyzed. Catastrophe modeling and simulation have advantages as well as limitations. Some of them are presented below.

is used to assess catastrophic risk and to improve risk management strategies (Grossi, Kunreuther and Windeler 2005: 27). The modeling of catastrophe risk is a complex process that depends on subjective and objective inputs related to the natural hazard. After the catastrophe model is built usually it is too complex to be evaluated analytically, especially if long term economic consequences are considered. In a a computer is used to evaluate a model numerically, and data are gathered in order to estimate the characteristics of the model (Law and Kelton 1991: 1). Usually catastrophe modeling implicitly incorporates simulations due to the sheer complexity of the system to be analyzed. Catastrophe modeling and simulation have advantages as well as limitations. Some of them are presented below.

is used to assess catastrophic risk and to improve risk management strategies (Grossi, Kunreuther and Windeler 2005: 27). The modeling of catastrophe risk is a complex process that depends on subjective and objective inputs related to the natural hazard. After the catastrophe model is built usually it is too complex to be evaluated analytically, especially if long term economic consequences are considered. In a a computer is used to evaluate a model numerically, and data are gathered in order to estimate the characteristics of the model (Law and Kelton 1991: 1). Usually catastrophe modeling implicitly incorporates simulations due to the sheer complexity of the system to be analyzed. Catastrophe modeling and simulation have advantages as well as limitations. Some of them are presented below.

is used to assess catastrophic risk and to improve risk management strategies (Grossi, Kunreuther and Windeler 2005: 27). The modeling of catastrophe risk is a complex process that depends on subjective and objective inputs related to the natural hazard. After the catastrophe model is built usually it is too complex to be evaluated analytically, especially if long term economic consequences are considered. In a a computer is used to evaluate a model numerically, and data are gathered in order to estimate the characteristics of the model (Law and Kelton 1991: 1). Usually catastrophe modeling implicitly incorporates simulations due to the sheer complexity of the system to be analyzed. Catastrophe modeling and simulation have advantages as well as limitations. Some of them are presented below.

is used to assess catastrophic risk and to improve risk management strategies (Grossi, Kunreuther and Windeler 2005: 27). The modeling of catastrophe risk is a complex process that depends on subjective and objective inputs related to the natural hazard. After the catastrophe model is built usually it is too complex to be evaluated analytically, especially if long term economic consequences are considered. In a a computer is used to evaluate a model numerically, and data are gathered in order to estimate the characteristics of the model (Law and Kelton 1991: 1). Usually catastrophe modeling implicitly incorporates simulations due to the sheer complexity of the system to be analyzed. Catastrophe modeling and simulation have advantages as well as limitations. Some of them are presented below.