Better Predictions, Better Allocations: Scientific Advances and Adaptation to Climate Change / Mark C. Freeman, Ben Groom, Richard Zeckhauser.

Format:

Book

Author/Creator:

Freeman, Mark C.

Contributor:

National Bureau of Economic Research.

Groom, Ben.

Zeckhauser, Richard.

Series:

Working Paper Series (National Bureau of Economic Research) no. w21463.

NBER working paper series no. w21463

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Better Predictions, Better Allocations

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2015.

Summary:

The initial hope for climate science was that an improved understanding of what the future might bring would lead to appropriate public policies and effective international climate agreements. Even if that hope is not realized, as now seems likely, scientific advances leading to a more refined assessment of the uncertainties surrounding the future impacts of climate change would facilitate more appropriate adaptation measures. Such measures might involve shifting modes or locales of production, for example. This article focuses on two broader tools: consumption smoothing in anticipation of future losses, and physical adaptation measures to reduce damages. It shows that informative signals on climate-change effects lead to better decisions in the use of each tool.

Notes:

Print version record

August 2015.