Better Predictions, Better Allocations: Scientific Advances and Adaptation to Climate Change

Mark C. Freeman, Ben Groom and Richard Zeckhauser

No 21463, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: D8 D83 E21 H41 H43 Q5 Q54 (search for similar items in EconPapers)
Date: 2015-08
New Economics Papers: this item is included in nep-agr and nep-env
Note: EEE PE
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Citations: View citations in EconPapers (1)

Published as Mark C. Freeman & Ben Groom & Richard J. Zeckhauser, 2015. "Better predictions, better allocations: scientific advances and adaptation to climate change," Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences, vol 373(2055).

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Working Paper: Better Predictions, Better Allocations: Scientific Advances and Adaptation to Climate Change (2015)
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