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

Mark C. Freeman, Ben Groom () and Richard Zeckhauser
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Mark C. Freeman: Loughborough University

Working Paper Series from Harvard University, John F. Kennedy School of Government

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.

Date: 2015-08
New Economics Papers: this item is included in nep-agr, nep-ene, nep-env and nep-res
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Citations: View citations in EconPapers (1)

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https://research.hks.harvard.edu/publications/getFile.aspx?Id=1248

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Persistent link: https://EconPapers.repec.org/RePEc:ecl:harjfk:15-051

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