Climate Impacts on Capital Accumulation in the Small Island State of Barbados
Eric Kemp-Benedict (),
Jonathan Lamontagne (),
Timothy Laing () and
Crystal Drakes ()
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Jonathan Lamontagne: Department of Civil and Environmental Engineering, Tufts University School of Engineering, Science & Engineering Complex, Anderson Hall, Medford, MA 02155, USA
Crystal Drakes: BlueGreen Initiative Inc., Peterkin Road, St. Michael, Barbados
Sustainability, 2019, vol. 11, issue 11, 1-1
This paper constructs a model of climate-related damage for small island developing states (SIDS). We focus on the loss of private productive capital stocks through extreme climate events. In contrast to most economic analyses of climate impacts, which assume temperature-dependent damage functions, we draw on the engineering literature to allow for a greater or lesser degree of anticipation of climate change when designing capital stocks and balancing current adaptation expenditure against future loss and damage. We apply the model to tropical storm damage in the small island developing state of Barbados and show how anticipatory behavior changes the damage to infrastructure for the same degree of climate change. Thus, in the model, damage depends on behavior as well as climate variables.
Keywords: climate change; adaptation; loss and damage; damage function; return period; tropical cyclone (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:11:y:2019:i:11:p:3192-:d:237989
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