Does it make sense from engineering and economic perspectives to design for a 2475-year earthquake?

The code provisions for earthquake-resistant design have been substantially revised in the development of the International Building Code (IBC) and other relatively new standards. One of the most significant changes, which is likely to have significant repercussions nationwide, is the switch from the use of a 475-year mean return period earthquake (an earthquake with a 10% chance of exceedance in 50-year) to a 2475-year mean return period earthquake (an earthquake with a 2% chance of exceedance in 50-year) in design of new buildings and in the evaluation of existing buildings. According to the Federal Emergency Management Agency (FEMA), the design...