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Better predictions, better allocations: scientific advance and adaptation to climate change

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journal contribution
posted on 18.09.2015, 10:25 by Mark Freeman, Ben Groom, R.J. Zeckhauser
Climate science initially aspired to improve understanding of what the future would bring, and thereby produce appropriate public policies and effective international climate agreements. If that hope is dashed, as now seems probable, effective policies for adapting to climate change become critical. Climate science assumes new responsibilities by helping to foster more appropriate adaptation measures, which might include shifting modes or locales of production. This theoretical article focuses on two broader tools: consumption smoothing in response to the risk of future losses, and physical adaptation measures to reduce potential damages. It shows that informative signals on the effects of climate change facilitate better decisions on the use of each tool, thereby increasing social welfare.

History

School

  • Business and Economics

Department

  • Business

Published in

Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences

Citation

FREEMAN, M.C., GROOM, B and ZECKHAUSER, R.J., 2015. Better predictions, better allocations: scientific advance and adaptation to climate change. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences, 373:20150122.

Publisher

© The Royal Society

Version

AM (Accepted Manuscript)

Publisher statement

This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/

Publication date

2015

Notes

This paper was accepted for publication in the journal Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences and the definitive published version is available at http://dx.doi.org/10.1098/rsta.2015.0122

ISSN

1471-2962

Language

en

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Keywords

Exports