This book deals with the difficulties that face the economics of adaptation. Critical issues include: uncertainty; baselines; reversibility, flexibility and adaptive management; distributional impacts; discount rates and time horizons; mixing monetary and non-monetary evaluations and limits to the use of cost-benefit analysis; economy-wide impacts and cross-sectoral linkages. All of these are addressed in the book from the perspective of economics of adaptation. Other dimensions of adaptation are also included, such as the role of low- and middle-income countries, technology and the impacts of extreme events.
This timely book will prove essential reading for international researchers and policy makers in the fields of natural resources, environmental economics and climate change.
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-Geoffrey Heal, Donald C. Waite III Professor of Social Enterprise, Columbia Business School, USA; Coordinating Lead Author, IPCC WGII 5th Assessment
In future years, this edited volume will be seen as a landmark for its timely and important contribution to our understanding of the economics of climate change adaptation.
-Edward B. Barbier, John S Bugas Professor of Economics, Department of Economics and Finance, University of Wyoming, USA
This book represents a state of the art on the economics of adaptation and will be of great use to all those working in this field.
-Martin Parry, Visiting Professor at Grantham Institute and Centre for Environmental Policy, Imperial College London; Co-Chair of IPCC WGII Fourth assessment