University of Chicago Law School Chicago Unbound Journal Articles Faculty Scholarship 2006 Efficient Responseso t Catastrophic Risk Richard A. Posner Follow this and additional works at: https://chicagounbound.uchicago.edu/journal_articles Part of the Law Commons Recommended Citation Richard A. Posner, "Efficient Responseso t Catastrophic Risk," 6 Chicago Journal of International Law 511 (2006). This Article is brought to you for free and open access by the Faculty Scholarship at Chicago Unbound. It has been accepted for inclusion in Journal Articles by an authorized administrator of Chicago Unbound. For more information, please contact
[email protected]. Efficient Responses to Catastrophic Risk Richard A. Posner* The Indian Ocean tsunami of December 2004 has focused attention on a type of disaster to which policymakers pay too little attention-a disaster that has a very low or unknown probability of occurring but that if it does occur creates enormous losses. Great as the death toll, physical and emotional suffering of survivors, and property damage caused by the tsunami were, even greater losses could be inflicted by other disasters of low (but not negligible) or unknown probability. The asteroid that exploded above Siberia in 1908 with the force of a hydrogen bomb might have killed millions of people had it exploded above a major city. Yet that asteroid was only about two hundred feet in diameter, and a much larger one (among the thousands of dangerously large asteroids in orbits that intersect the earth's orbit) could strike the earth and cause the total extinction of the human race through a combination of shock waves, fire, tsunamis, and blockage of sunlight wherever it struck.