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Economic valuation of climate change adaptation in developing countries
1Department of Economics, University of Gothenburg, Gothenburg, Sweden. Jesper.Stage@economics.gu.se
Annals of the New York Academy of Sciences
|February 12, 2010
Summary
Future studies on climate change adaptation economics in developing countries must integrate climate science forecasts, clarify behavioral assumptions, and consider the allocation of rights. Ignoring these can lead to inaccurate cost-benefit analyses.
Area of Science:
- Economics of climate change adaptation
- Interdisciplinary analysis of climate change impacts
Background:
- Developing countries face significant economic challenges from climate change.
- Existing economic studies on adaptation often lack crucial interdisciplinary considerations.
Purpose of the Study:
- To review the literature on the economics of climate change adaptation in developing countries.
- To identify key considerations for future research in this field.
Main Methods:
- Literature review of economic studies on climate change adaptation.
- Identification of critical factors influencing cost-benefit analyses.
Main Results:
- Development policy must use climate science forecasts as a baseline to avoid a false status quo.
- Behavioral assumptions (e.g., profit maximization) in studies need explicit clarification.
- The allocation of rights significantly impacts the estimated costs of climate change adaptation.
Conclusions:
- Economic analyses of climate change adaptation require integration of climate science, behavioral science, and legal/moral aspects.
- Accurate assessment of adaptation costs necessitates a broader perspective beyond purely economic factors.
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