The Impact of Adaptation on the Stability of International Environmental Agreements
Michèle Breton () and
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Michèle Breton: HEC Montréal
Lucia Sbragia: Durham University Business School
Environmental & Resource Economics, 2019, vol. 74, issue 2, No 9, 697-725
Abstract We examine the stability of international environmental agreements that include clauses pertaining to both adaptation and mitigation measures. We assume that adaptation requires a prior irreversible investment and presents the characteristics of a private good by reducing a country’s vulnerability to the impact of pollution, while mitigation policies produce a public good by reducing the total amount of pollution. Using a stylized model, we show that adaptive measures can be used strategically and that their inclusion in environmental agreements enhances agreement stability and can even lead to full cooperation. We examine the robustness of agreements including both adaptation and mitigation measures against renegotiation. Finally, we evaluate how including adaptive measures for climate change in international environmental agreements affects welfare and overall pollution.
Keywords: Adaptation; Climate change; Mitigation; Strategy; Stability (search for similar items in EconPapers)
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