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Households are exposed to a wide array of risks, characterized by a known or unknown probability distribution of events. Disasters are one of these risks at the extreme end. Understanding the nature of these risks is critical to recommending appropriate mitigation measures. A household’s resilience in resisting the negative outcomes of these risky events is indicative of its level of vulnerability. Vulnerability has emerged as the most critical concept in disaster studies, with several attempts at defining, measuring, indexing and modeling it. The paper presents the concept and meanings of risk and vulnerability as they have evolved in different disciplines. Building on these basic concepts, the paper suggests that assets are the key to reducing risk and vulnerability. Households resist and cope with adverse consequences of disasters and other risks through the assets that they can mobilize in face of shocks. Asustainable strategy for disaster reduction must therefore focus on asset‐building. There could be different types of assets, and their selection and application for disaster risk management is necessarily a contextual exercise. The mix of asset‐building strategies could vary from one community to another, depending upon households’ asset profile. The paper addresses the dynamics of assets‐risk interaction, thus focusing on the role of assets in risk management.

This paper aims to examine people's preferences for alternative cyclone vulnerability reduction measures in cyclone prone areas of Bangladesh.

A choice experiment (CE) method has been implemented based on the pressure and release (PAR) vulnerability model. Data were collected from a sample of households in two districts of Bangladesh in winter 2008.

The results of a choice experiment (CE) method conducted in selected areas of Bangladesh prone to cyclone hazards indicated that access to resources is viewed as the most influential factor in cyclone vulnerability reduction options. Findings support the pressure and release model (PAR) of vulnerability analysis. Access to training and education and cyclone warning systems are also found to have significant impacts on households' choices of cyclone vulnerability reduction. Structural mitigation measures and access to power and decision making, though significant, were found to have the least impact.

The paper shows that the choice experiment method is a good technique for understanding people's preferences for vulnerability reduction measures.

The paper concludes with a policy recommendation for governmental and non‐governmental agencies to focus on vulnerability reduction measures that tackle the root causes of vulnerability.

This is the first time that the choice experiment method has been used for cyclone vulnerability analysis, and it provides quantitative supports for the PAR model.

Assessing project criticality in a project portfolio (PP) is of great practical significance to improve robustness from damage. While project criticality assessment has increased diversity in approaches, the understanding of vulnerable project impacts is still limited. To promote a better understanding of assessing project criticality, a vulnerability measurement model is constructed.

First, integrating the tasks, projects and corresponding relationships among them, a project portfolio network (PPN) is constructed. Second, the project's vulnerability is measured by combining the topological structure and functional attributes. Third, project criticality is assessed by the vulnerability measurement results. Lastly, the proposed model is applied in a numerical example to illustrate its suitability and effectiveness.

For academia, this study provides a novel perspective on project vulnerability measurement and expands project criticality assessment tools. For practitioners, the straightforward model provides an effective tool for assessing project criticality and contributes to enhancing project portfolio management (PPM).

The impact of the task on the project is considered in this study. Topological structure and functional attributes are also integrated for measuring project vulnerability due to the impact of random attacks in an uncertain environment, providing a new perspective on the requirements of project criticality assessment and the measurement of project vulnerability.

The purpose of this paper is to revise, update and extend the economic vulnerability and economic resilience indices, where economic vulnerability is associated with inherent exposure to external shocks and economic resilience with policies that enable a country to minimize or withstand the negative effects of such shocks. This study also proposes a revised vulnerability/resilience framework to assess the risk of a country being harmed by external economic shocks.

The methodology used in the study involves defining economic vulnerability in terms of inherent features of an economy and defining economic resilience in terms of policy-induced changes, and then devising measureable indices to measure such vulnerability and resilience across countries. The exercise required the examination of various global indices to assess their suitability, in terms of relevance and country coverage, for measuring the vulnerability index and the resilience index and the components of the two indices.

The main finding of the study is that a number highly vulnerable states, including economically successful small island economies, emerged with high resilience scores, suggesting that they adopt policies that enable them to withstand the harmful effects of external shocks. This possibly explains why these states register relatively high GDP per capita, in spite of their high exposure to shocks. On the other hand, a number of countries, mostly large and poor developing countries, that are not highly exposed to external shocks due to their limited dependence on external trade, emerged with a low degree of policy-induced economic resilience.

The study utilized global indicators which sometimes had missing data and these had to be filled in using approximations based on assumptions, and alternative assumption could have produced a different approximations. In addition the classification of countries in terms of the vulnerability and resilience nexus depended highly on many underpinning assumptions, including the definitions and the measurement of the components, the weighting schemes and the thresholds used. It is likely that alternative assumptions would yield alternative classifications.

An important practical implication of this study is that highly economically vulnerable states can reduce the harmful effects of external economic shocks if they adopt policies that lead to resilience building. On the other hand, countries that are not highly exposed to external shocks, can render themselves economically unstable due to their weak economic, social and environmental governance.

This study considers social development and cohesion as one of the pillars of resilience building. The implication of this approach is that social governance, leading to improvements in the education and health of the population could reduce the harm arising from a country’s exposure to external shocks. This is because social governance affects the extent to which relations within a society are properly developed, enabling an effective functioning of the economic apparatus without the hindrance of civil unrest.

This study has extended previous work on the vulnerability and resilience framework, to include almost all countries of the world, using updated data, and has revised the resilience index to include environmental governance. It has also redefined market flexibility to allow for the downsides of excessive financial riskiness. The revision of vulnerability and resilience indices in the light of new data and their interaction showed more convincingly that economies that are highly economically vulnerable could still register economic success as a result of resilience-conducive policies associated with good economic, political, social and environmental governance.

The purpose of this paper is to contribute to the study of sustainable rural livelihoods by developing a model to measure vulnerability of subsistence communities in dryland regions and identifying the major determinants that contribute to the livelihood vulnerability of these communities.

The author conducted a household survey across three subsistence communities in West Timor (n=627), from June to November 2013. Based on the guideline of the OECD (2008), the author developed a series of indicators and constructed a composite index to measure the vulnerability of dryland communities. The author adapted the livelihood vulnerability index (LVI) measure from Hahn et al. (2009) but refined it by using Shannon’s entropy method in deciding the weights of indicators and statistically tested the correlation between indicators using Kendall’s correlations.

Six major determinants were identified: education (EDU), children’s participation in agriculture (CPA), agricultural income (AI), subsistence food reserve (SUBSIST), social-cultural participation (SCP) and access to water, health clinic and market (ACC). LVI in all communities shows significant and strong relationships with SCP (0.594, p<0.01), AI (0.545, p<0.01) and CPA (0.434, p<0.01). This signifies that constraints to engage in social gatherings, market the harvest and obtain additional labour input are currently the major contributor to the vulnerability in these communities.

Shannon’s entropy is one of the methods for assisting in making decision (ranking) objectively. The results may need to be tested further using other methods.

Using objective weight provides additional information useful for identifying and prioritising areas (sub-components) which require attention and appropriate solutions to prevent households from further impoverishment and increased vulnerability.

Livelihood vulnerability of subsistence community in dry region is closely related to local survival skills and customs. Differences in the level of vulnerability across communities are due not only to geographical location and physical infrastructure, but also the leadership of local customary leaders and village government in looking for ways to improve the livelihoods of community members.

This paper is based on part of the results of a PhD thesis supported and approved by Griffith University. It has not been published before.

The COVID-19 pandemic has exposed the financial-economic vulnerability of the public and threatened the household financial stability, especially of the low-income group population, in developing economies such as India. The assessment of household financial vulnerability has gained considerable attention these days, especially in poor and developing countries. This article seeks to assess the level of household financial vulnerability in India, based on a household survey conducted across India.

This paper has proposed a financial vulnerability index (FVI) based on three self-reported parameters: (1) making end meet, (2) perception of income shock and (3) perception of expenditure shock. Subsequently, the impact of various behavioural and socioeconomic factors on the proposed financial vulnerability index has been assessed using fractional probit regression.

The research findings indicate that higher financial knowledge, better money management skills and lower impulsivity in financial behaviour can reduce financial vulnerability. It is suggested that suitable financial literacy programmes be implemented for vulnerable sections of society to enhance their financial knowledge, improve money management skills and manage impulsivity, thereby helping them make informed financial decisions leading to their financial well-being.

To the best of the authors’ knowledge, none of the past studies have developed and assessed the financial vulnerability index in India. This study provides relevant recommendations for various financial sector regulators and government institutions in India.

Climate change has had serious consequences at the global and local levels, which has required more effective scientific studies and management measures for disaster risk reduction strategies. This paper aims to analyze and discuss the degree of institutional vulnerability in terms of disaster risk governance, with emphasis on non-structural measures taken in the municipality of Jaboatão dos Guararapes, Pernambuco, Brazil.

Five indicators were analyzed, composed of Planning and Management Instrument, Management Structure, Preventive Action, Multidisciplinary Work and Emergency Funds. It is worth highlighting the form application with government actors, involving technicians from strategic areas of the municipality and official reports analysis. It stands out the importance of non-structural measures to strengthen this governance.

From the results of this study was noted that municipal management adopted measures to develop integrated planning, acting within the principles recommended in the Sendai framework (2015–2030), characterized as a medium degree of institutional vulnerability. Recommendations are suggested for the improvement of the entire governance system, according to the indicators and documents analyzed.

This article integrates a set of data and analyses relevant to the Disaster Risk Governance, regarding the assessment of institutional vulnerability with a view to non-structural actions. The importance and significance of the composed indicators allow measuring and evaluating institutional vulnerabilities. The methodology created fomented the production of scientific knowledge that allows employment in other municipalities.

The increased complexity of water distribution networks (WDNs) emphasizes the importance of studying the relationship between topology and vulnerability of these networks. However, the few existing studies on this subject measure the vulnerability at a specific location and ignore to quantify the vulnerability as a whole. The purpose of this paper is to fill this gap by extending the topological vulnerability analysis further to the global level.

This paper introduces a two-step procedure. In the first step, this work evaluates the degree of influence of a node by employing graph theory quantities. In the second step, information entropy is used as a tool to quantify the global vulnerability of WDNs.

The vulnerability analysis results showed that a network with uniformly distributed centrality values exhibits a lower drop in performance in the case of partial failure of its components and therefore is less vulnerable. In other words, the failure of a highly central node leads to a significant loss of performance in the network.

The vulnerability analysis method, developed in this work, provides a decision support tool to implement a cost-effective maintenance strategy, which relies on identifying and prioritizing the vulnerabilities, thereby reducing expenditures on maintenance activities.

By situating the research in the entropy theory context, for the first time, this paper demonstrates how heterogeneity and homogeneity of centrality values measured by the information entropy can be interpreted in terms of the network vulnerability.

The purpose of this paper is to investigate how trade openness affects the structural vulnerability of developing countries. The analysis is conducted on both the entire sample of 105 countries as well as two sub-samples, namely least developed countries (LDCs) and non-LDCs.

To perform the analysis, the author employs fixed-effects (within) regressions supplemented by instrumental variables technique based on the two-step generalized methods of moments approach.

The author finds empirical evidence that although trade policy liberalization reduces the structural vulnerability on the entire sample developing countries, no statistically significant effect of such liberalization is obtained either on LDCs or non-LDCs. However, trade policy liberalization appears to reduce countries’ exposure to shocks, result that applies to the entire sample as well as the two sub-samples. The author also observes that trade policy liberalization exerts no (statistically) significant effect on the size of shocks that affect developing countries, result that applies to both the full sample and the sub-samples of LDCs and non-LDCs.

In the absence of a well-established theoretical framework on how trade openness affects the structural vulnerability of developing, the author adopts a pragmatic approach by drawing upon many insights of Loayza and Raddatz (2007) who study the structural determinants of external vulnerability.

Developing countries in general and LDCs in particular could address their structural weaknesses by making optimal use of their trade policies. In particular, they could better use the flexibilities available to them in provisions of the World Trade Organization (WTO)’ Agreements. In this respect, the international community, notably donors of the developed world has a key role to play.

This is the first study exploring how trade openness, capturing here through trade policy liberalization affects the structural vulnerability of developing countries.

This paper aims to present the “Vulnerability Sourcebook” methodology, a standardised framework for the assessment of climate vulnerability and risk in the context of adaptation planning. The Vulnerability Sourcebook has been developed for the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and has been applied in more than twenty countries worldwide.

It is based on a participative development of so-called climate impact chains, which are an analytical concept to better understand, systemise and prioritise the climate factors as well as environmental and socio-economic factors that drive climate related threats, vulnerabilities and risks in a specific system. Impact chains serve as the backbone for an operational climate vulnerability assessment with indicators based on quantitative approaches (data, models) combined with expert assessments. In this paper, the authors present the concept and applications of the original Vulnerability Sourcebook, published in 2015, which was based on the IPCC AR4 concept of climate vulnerability. In Section 6 of this paper, the authors report how this concept has been adapted to the current IPCC AR5 concept of climate risks.

The application of the Sourcebook is demonstrated in three case studies in Bolivia, Pakistan and Burundi. The results indicate that particularly the participative development of impact chains helped with generating a common picture on climate vulnerabilities and commitment for adaptation planning within a region. The mixed methods approach (considering quantitative and qualitative information) allows for a flexible application in different contexts. Challenges are mainly the availability of climate (change) and socio-economic data, as well as the transparency of value-based decisions in the process.

The Vulnerability Sourcebook offers a standardised framework for the assessment of climate vulnerability and risk in the context of adaptation planning.