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

Freeman, Mark C., Groom, Ben and Zeckhauser, Richard J. (2015) Better predictions, better allocations: scientific advances and adaptation to climate change. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences, 373 (2055). ISSN 1364-503X

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Identification Number: 10.1098/rsta.2015.0122

Abstract

Climate science initially aspired to improve understanding of what the future would bring, and thereby produce appropriate public policies and e¤ective international climate agreements. If that hope is dashed, as now seems probable, e¤ective policies for adapting to climate change become critical. Climate science assumes new responsibilities by helping to fos- ter 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 e¤ects of climate change facilitate better decisions on the use of each tool, thereby increasing social welfare.

Item Type: Article
Official URL: https://royalsociety.org/journals/
Additional Information: © 2015 The Authors
Divisions: Geography & Environment
Subjects: G Geography. Anthropology. Recreation > GE Environmental Sciences
G Geography. Anthropology. Recreation > GF Human ecology. Anthropogeography
Sets: Departments > Geography and Environment
Date Deposited: 23 Oct 2015 13:42
Last Modified: 20 Mar 2019 02:44
URI: http://eprints.lse.ac.uk/id/eprint/64134

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