NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Ben Groom Dr

Department of Geography and Environment
London School of Economics
Houghton St, London, WC2A 2AE, UK

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Institutional Affiliation: LSE

NBER Working Papers and Publications

August 2015Better Predictions, Better Allocations: Scientific Advances and Adaptation to Climate Change
with Mark C. Freeman, Richard Zeckhauser: w21463
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.

Published: 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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