Arbeitspapier

Adaptation to climate change and climate variability: Do it now or wait and see?

As growing attention is paid to climate change adaptation as an actual policy issue, the significant meaning of climate variability in adaptation decisions is beginning to be recognized. By using a real option framework, we shed light on how climate change and climate variability affect individuals' (farmers') investment decisions with regard to adaptation. As a plausible case in which the delay carries policy implications, we investigate farmers' choices when adaptation involves the use of an open-access resource (water). The results show that uncoordinated farmers with a high risk aversion may under-adapt while farmers with a low risk aversion would over-adapt under the same conditions. Private adaptation should be supported or discouraged accordingly if farmers are not convinced about the possibilities of collective resource management in the long run.

Sprache
Englisch

Erschienen in
Series: Kiel Working Paper ; No. 1809

Klassifikation
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Renewable Resources and Conservation: General
Climate; Natural Disasters and Their Management; Global Warming
Thema
adaptation to climate change
climate variability
risk and uncertainty
real option
water
open-access resources

Ereignis
Geistige Schöpfung
(wer)
Narita, Daiju
Quaas, Martin F.
Ereignis
Veröffentlichung
(wer)
Kiel Institute for the World Economy (IfW)
(wo)
Kiel
(wann)
2012

Handle
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Narita, Daiju
  • Quaas, Martin F.
  • Kiel Institute for the World Economy (IfW)

Entstanden

  • 2012

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