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An Analysis of Adaptation as a Response to Climate Change

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Author Info

  • Carlo Carraro

    ()
    (Department of Economics, University Of Venice Cà Foscari)

  • Francesco Bosello

    ()
    (University of Milan, Fondazione Enrico Mattei, and CMCC)

  • Enrica De Cian

    ()
    (University of Venice, Fondazione Enrico Mattei)

Abstract

Climate change is likely to have relevant effects on our future socio-economic systems. It is therefore important to identify how markets and policy jointly react to expected climate change to protect our societies and well-being. This study addresses this issue by carrying out an integrated analysis of both optimal mitigation and adaptation at the global and regional level. Adaptation responses are disentangled into three different modes: reactive adaptation, proactive (or anticipatory) adaptation, and investments in innovation for adaptation purposes. The size, the timing, the relative contribution to total climate-related damage reduction, and the benefit-cost ratios of each of these strategies are assessed for the world as a whole, and for developed and developing countries in both a cooperative and a non-cooperative setting. The study also takes into account the role of price signals and markets in inducing and diffusing adaptation. This leads to two scenarios: A pessimistic one, in which policy-driven adaptation bears the burden, together with mitigation, of reducing climate damage; and an optimistic one, in which markets also autonomously contribute to reducing some damages by modifying sectoral structure, international trade flows, capital distribution and land allocation. For all scenarios, the costs and benefits of adaptation are assessed using WITCH, an integrated assessment, intertemporal optimization, forward-looking model. Extensive sensitivity analysis with respect to the size of climate damages and of the discount rate has also been carried out.

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Bibliographic Info

Paper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2009_26.

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Length: 61
Date of creation: 2009
Date of revision:
Handle: RePEc:ven:wpaper:2009_26

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Keywords: Climate change impacts; mitigation; adaptation; integrated assessment model;

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References

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  1. Valentina Bosetti & Carlo Carraro & Romain Duval & Alessandra Sgobbi & Massimo Tavoni, 2009. "The Role of R&D and Technology Diffusion in Climate Change Mitigation: New Perspectives Using the Witch Model," Working Papers, Fondazione Eni Enrico Mattei 2009.14, Fondazione Eni Enrico Mattei.
  2. Valentina Bosetti & Carlo Carraro & Enrica De Cian & Romain Duval & Emanuele Massetti & Massimo Tavoni, 2009. "The Incentives to Participate in, and the Stability of, International Climate Coalitions: A Game-theoretic Analysis Using the Witch Model," Working Papers, Fondazione Eni Enrico Mattei 2009.64, Fondazione Eni Enrico Mattei.
  3. Fankhauser, Samuel & Smith, Joel B. & Tol, Richard S. J., 1999. "Weathering climate change: some simple rules to guide adaptation decisions," Ecological Economics, Elsevier, Elsevier, vol. 30(1), pages 67-78, July.
  4. Francesco Bosello & Roberto Roson & Richard S.J. Tol, 2004. "Economy-Wide Estimates Of The Implications Of Climate Change: Human Health," Working Papers, Research unit Sustainability and Global Change, Hamburg University FNU-57, Research unit Sustainability and Global Change, Hamburg University, revised Dec 2004.
  5. Oliver Deke & Kurt Georg Hooss & Christiane Kasten & Gernot Klepper & Katrin Springer, 2001. "Economic Impact of Climate Change: Simulations with a Regionalized Climate-Economy Model," Kiel Working Papers, Kiel Institute for the World Economy 1065, Kiel Institute for the World Economy.
  6. Stéphanie Jamet & Jan Corfee-Morlot, 2009. "Assessing the Impacts of Climate Change: A Literature Review," OECD Economics Department Working Papers, OECD Publishing 691, OECD Publishing.
  7. Francesco Bosello, 2010. "Adaptation, Mitigation and “Green” R&D to Combat Global Climate Change. Insights From an Empirical Integrated Assessment Exercise," Working Papers, Fondazione Eni Enrico Mattei 2010.22, Fondazione Eni Enrico Mattei.
  8. Butt, Tanveer A. & McCarl, Bruce A., 2004. "Farm and Forest Carbon Sequestration: Can Producers Employ it to Make Some Money?," Choices, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 19(3).
  9. Hanemann, W. Michael, 2008. "What is the Economic Cost of Climate Change?," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series, Department of Agricultural & Resource Economics, UC Berkeley qt9g11z5cc, Department of Agricultural & Resource Economics, UC Berkeley.
  10. Carraro, Carlo & Siniscalco, Domenico, 1998. "International Institutions and Environmental Policy: International environmental agreements: Incentives and political economy1," European Economic Review, Elsevier, Elsevier, vol. 42(3-5), pages 561-572, May.
  11. Hope, Chris & Anderson, John & Wenman, Paul, 1993. "Policy analysis of the greenhouse effect : An application of the PAGE model," Energy Policy, Elsevier, Elsevier, vol. 21(3), pages 327-338, March.
  12. Gary Yohe & Kenneth Strzepek, 2007. "Adaptation and mitigation as complementary tools for reducing the risk of climate impacts," Mitigation and Adaptation Strategies for Global Change, Springer, Springer, vol. 12(5), pages 727-739, June.
  13. Hanemann, William Michael, 2008. "What is the economic cost of climate change?," CUDARE Working Paper Series, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy 1071, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
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Citations

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Cited by:
  1. John Quiggin & David Adamson & Sarah Chambers & Peggy Schrobback, 2009. "Climate change, mitigation and adaptation: the case of the Murray–Darling Basin in Australia," Murray-Darling Program Working Papers, Risk and Sustainable Management Group, University of Queensland WP3M09, Risk and Sustainable Management Group, University of Queensland.
  2. Quiggin, John & Adamson, David & Chambers, Sarah & Schrobback, Peggy, 2010. "Climate change, uncertainty and adaptation: the case of irrigated agriculture in the Murray-Darling Basin in Australia," Risk and Sustainable Management Group Working Papers, University of Queensland, School of Economics 152096, University of Queensland, School of Economics.
  3. Heuson, Clemens & Gawel, Erik & Gebhardt, Oliver & Hansjürgens, Bernd & Lehmann, Paul & Meyer, Volker & Schwarze, Reimund, 2012. "Ökonomische Grundfragen der Klimaanpassung: Umrisse eines neuen Forschungsprogramms," UFZ Reports, Helmholtz Centre for Environmental Research (UFZ) 02/2012, Helmholtz Centre for Environmental Research (UFZ).
  4. Heuson, Clemens & Gawel, Erik & Gebhardt, Oliver & Hansjürgens, Bernd & Lehmann, Paul & Meyer, Volker & Schwarze, Reimund, 2012. "Fundamental questions on the economics of climate adaptation: Outlines of a new research programme," UFZ Reports, Helmholtz Centre for Environmental Research (UFZ) 05/2012, Helmholtz Centre for Environmental Research (UFZ).
  5. Karen Fisher-Vanden & Ian Sue Wing & Elisa Lanzi & David Popp, 2013. "Modeling climate change feedbacks and adaptation responses: recent approaches and shortcomings," Climatic Change, Springer, Springer, vol. 117(3), pages 481-495, April.

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