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Title: Better predictions, better allocations: scientific advance and adaptation to climate change
Authors: Freeman, Mark
Groom, Ben
Zeckhauser, R.J.
Issue Date: 2015
Publisher: © The Royal Society
Citation: FREEMAN, M.C., GROOM, B and ZECKHAUSER, R.J., 2015. Better predictions, better allocations: scientific advance and adaptation to climate change. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences, 373:20150122.
Abstract: Climate science initially aspired to improve understanding of what the future would bring, and thereby produce appropriate public policies and effective international climate agreements. If that hope is dashed, as now seems probable, effective policies for adapting to climate change become critical. Climate science assumes new responsibilities by helping to foster more appropriate adaptation measures, which might include shifting modes or locales of production. This theoretical article focuses on two broader tools: consumption smoothing in response to the risk of future losses, and physical adaptation measures to reduce potential damages. It shows that informative signals on the effects of climate change facilitate better decisions on the use of each tool, thereby increasing social welfare.
Description: This paper was accepted for publication in the journal Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences and the definitive published version is available at http://dx.doi.org/10.1098/rsta.2015.0122
Version: Accepted for publication
DOI: 10.1098/rsta.2015.0122
URI: https://dspace.lboro.ac.uk/2134/18795
Publisher Link: http://dx.doi.org/10.1098/rsta.2015.0122
ISSN: 1471-2962
Appears in Collections:Published Articles (Business School)

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