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WIREs Clim Change
Impact Factor: 6.099

Views of the frontiers in climate change adaptation economics

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Abstract The shift from framing climate change adaptation as vulnerability–impacts to adaptation pathways is also a shift from a predict‐and‐provide approaches to understanding dynamic processes. Studies of the economics of adaptation relying only on the comparative statics of reference and climate impacts scenarios ignore the more challenging frontier of representing decision processes and uncertainty. The logic of the shift to dynamic‐pathway approaches is widely accepted in principal. Effective analytical tools are only beginning to appear. Further case studies are required to explore the matrix of uncertainty in future climate conditions against the range of metrics for valuing impacts in decision processes. WIREs Clim Change 2012, 3:161–170. doi: 10.1002/wcc.157 This article is categorized under: Climate Economics > Aggregation Techniques for Impacts and Mitigation Costs

Factors affecting climate change impacts, vulnerability, and adaptation in agriculture. Source: Watkiss et al.10

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Illustrative estimate of the upper benchmark of avoided impacts through realistic adaptation strategies and actions.

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An illustrative drought‐hazard chain showing options to modify the chain from upstream wants to the final consequences. Source: Ref 25.

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Uncertainty in the social cost of carbon (SCC). Source: Ref 14.

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