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    <abstract>Disaster risk is a combination of natural hazard, exposure, and vulnerability. While the natural hazard can be seen as exogenously given on the household level, exposure and vulnerability are highly heterogeneous. A collection of empirical studies (see references) has investigated the impact of household characteristics (such as education, awareness, access to prevention measures, and time preference) on exposure and vulnerability to natural disasters. However, a theoretical model being able to replicate these findings is still missing in the literature. We propose such a dynamic household model, which consequently allows for better predictions and estimations regarding the impacts and the effectiveness of various community wide policy measures aiming to decrease disaster risk.</abstract>
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