Determining the Most Sensitive Socioeconomic Parameters for Quantitative Risk Assessment

Risk assessment of climatic events and climate change is a globally challenging issue. For risk as well as vulnerability assessment, there can be a large number of socioeconomic indicators, from which it is difficult to identify the most sensitive ones. Many researchers have studied risk and vulnerability assessment through specific set of indicators. The set of selected indicators varies from expert to expert, which inherently results in a biased output. To avoid biased results in this study, the most sensitive indicators are selected through sensitivity analysis performed by applying a non-linear programming system, which is solved by Karush-Kuhn-Tucker conditions. Here, risk is assessed as a function of exposure, hazard, and vulnerability, which is defined in the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report (AR5), where, exposure and vulnerability are described via socioeconomic indicators. The Kolmogorov-Smirnov statistical test is applied to select the set of indicators that are the most sensitive for the system to assess risk. The method is applied to the Bangladesh coast to determine the most sensitive socioeconomic indicators in addition to assessing different climatic and climate change hazard risks. The methodology developed in this study can be a useful tool for risk-based planning.