IDEAS home Printed from https://ideas.repec.org/a/eee/ecolec/v180y2021ics0921800919317665.html

The value of informed agency for Torres Strait climate change

Author

Listed:
  • Grainger, Daniel
  • Watkin-Lui, Felecia
  • Cheer, Karen

Abstract

The challenge of aggregating research information for Torres Strait exists. Currently, research is often done in isolation. Now, more than ever, the aggregation of Torres Strait research information is needed to address climate change. Information aggregation leads to informed agency. Informed agency leads to best possible climate change policies and actions. Information markets can facilitate informed agency and climate change project selection and valuation. We demonstrate the benefit of employing a particular information market approach to facilitate informing agents in a real world workshop setting. The workshop considers how best to address the Torres Strait climate change problem. Our a priori theoretical model motivates a specific hypothesis on the functional form of information uptake by agents (workshop participants). Analysis of collected data supports our hypothesis. The information market implies a valuation of climate change project information. It is estimated to be as valuable as a typical flood insurance premium.

Suggested Citation

  • Grainger, Daniel & Watkin-Lui, Felecia & Cheer, Karen, 2021. "The value of informed agency for Torres Strait climate change," Ecological Economics, Elsevier, vol. 180(C).
    • Handle: RePEc:eee:ecolec:v:180:y:2021:i:c:s0921800919317665
    DOI: 10.1016/j.ecolecon.2020.106880
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0921800919317665
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ecolecon.2020.106880?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Newbery, D M G & Stiglitz, J E, 1979. "The Theory of Commodity Price Stabilisation Rules: Welfare Impacts and Supply Responses," Economic Journal, Royal Economic Society, vol. 89(356), pages 799-817, December.
    2. Farr, Marina & Stoeckl, Natalie, 2018. "Overoptimism and the undervaluation of ecosystem services: A case-study of recreational fishing in Townsville, adjacent to the Great Barrier Reef," Ecosystem Services, Elsevier, vol. 31(PC), pages 433-444.
    3. Arthur Lewbel & Yingying Dong & Thomas Tao Yang, 2012. "Comparing features of convenient estimators for binary choice models with endogenous regressors," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 45(3), pages 809-829, August.
    4. Christopher Baum & Yingying Dong & Arthur Lewbel & Tao Yang, 2012. "Binary choice models with endogenous regressors," SAN12 Stata Conference 9, Stata Users Group.
    5. Tsey, Komla & Onnis, Leigh-ann & Whiteside, Mary & McCalman, Janya & Williams, Megan & Heyeres, Marion & Lui, Siu Man (Carrie) & Klieve, Helen & Cadet-James, Yvonne & Baird, Leslie & Brown, Catherine , 2019. "Assessing research impact: Australian Research Council criteria and the case of Family Wellbeing research," Evaluation and Program Planning, Elsevier, vol. 73(C), pages 176-186.
    6. Arthur Lewbel & Yingying Dong & Thomas Tao Yang, 2012. "Viewpoint: Comparing features of convenient estimators for binary choice models with endogenous regressors," Canadian Journal of Economics, Canadian Economics Association, vol. 45(3), pages 809-829, August.
    7. Inada, Ken-Ichi, 1969. "The Simple Majority Decision Rule," Econometrica, Econometric Society, vol. 37(3), pages 490-506, July.
    8. Mark Blaug, 2007. "The Fundamental Theorems of Modern Welfare Economics, Historically Contemplated," History of Political Economy, Duke University Press, vol. 39(2), pages 185-207, Summer.
    9. Daniel Grainger & Sizhong Sun & Felecia Watkin-Lui & Peter Case, 2015. "A simple decision market model," Journal of Prediction Markets, University of Buckingham Press, vol. 9(3), pages 41-63.
    10. Addison, Jane & Stoeckl, Natalie & Larson, Silva & Jarvis, Diane & Bidan Aboriginal Corporation, & Bunuba Dawangarri Aboriginal Corporation RNTBC, & Ewamian Aboriginal Corporation RNTBC, & Gooniyandi , 2019. "The ability of community based natural resource management to contribute to development as freedom and the role of access," World Development, Elsevier, vol. 120(C), pages 91-104.
    11. Kenter, Jasper O. & Bryce, Rosalind & Christie, Michael & Cooper, Nigel & Hockley, Neal & Irvine, Katherine N. & Fazey, Ioan & O’Brien, Liz & Orchard-Webb, Johanne & Ravenscroft, Neil & Raymond, Chris, 2016. "Shared values and deliberative valuation: Future directions," Ecosystem Services, Elsevier, vol. 21(PB), pages 358-371.
    12. Amartya Sen, 1999. "The Possibility of Social Choice," American Economic Review, American Economic Association, vol. 89(3), pages 349-378, June.
    13. Grainger, Daniel & Stoeckl, Natalie, 2019. "The importance of social learning for non-market valuation," Ecological Economics, Elsevier, vol. 164(C), pages 1-1.
    14. Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58(4), pages 328-328.
    15. Robin Hanson, 2003. "Combinatorial Information Market Design," Information Systems Frontiers, Springer, vol. 5(1), pages 107-119, January.
    16. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    17. Fifer, Simon & Rose, John M., 2016. "Can you ever be certain? Reducing hypothetical bias in stated choice experiments via respondent reported choice certaintyAuthor-Name: Beck, Matthew J," Transportation Research Part B: Methodological, Elsevier, vol. 89(C), pages 149-167.
    18. Yingying Dong & Arthur Lewbel, 2015. "A Simple Estimator for Binary Choice Models with Endogenous Regressors," Econometric Reviews, Taylor & Francis Journals, vol. 34(1-2), pages 82-105, February.
    19. Stoeckl, Natalie & Hicks, Christina & Farr, Marina & Grainger, Daniel & Esparon, Michelle & Thomas, Joseph & Larson, Silva, 2018. "The Crowding Out of Complex Social Goods," Ecological Economics, Elsevier, vol. 144(C), pages 65-72.
    20. John Geanakoplos, 1992. "Common Knowledge," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 53-82, Fall.
    21. Aumann, Robert J., 1995. "Backward induction and common knowledge of rationality," Games and Economic Behavior, Elsevier, vol. 8(1), pages 6-19.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Grainger, Daniel & Stoeckl, Natalie, 2019. "The importance of social learning for non-market valuation," Ecological Economics, Elsevier, vol. 164(C), pages 1-1.
    2. Augusto Mendoza Calderón, 2017. "El Efecto del Empleo sobre la Violencia Doméstica: Evidencia para las Mujeres Peruanas," Working Papers 99, Peruvian Economic Association.
    3. Fatma Nur Karaman Kabadurmus, 2021. "Innovation Challenges in South Asia: Evidence from Bangladesh, Pakistan and India," Journal of South Asian Development, , vol. 16(1), pages 100-129, April.
    4. Pignatel, Isabelle & Tchakoute Tchuigoua, Hubert, 2020. "Microfinance institutions and International Financial Reporting Standards: An exploratory analysis," Research in International Business and Finance, Elsevier, vol. 54(C).
    5. Yusuf Sofiyandi1, 2018. "The Effect of Residential Location and Housing Unit Characteristics on Labor Force Participation of Childbearing Women in Indonesia: Using Twin Births As A Quasi-Natural Experiment," LPEM FEBUI Working Papers 201822, LPEM, Faculty of Economics and Business, University of Indonesia, revised Jul 2018.
    6. Whelan, Adele & McGuinness, Seamus, 2017. "Does a satisfied student make a satisfied worker?," Papers WP561, Economic and Social Research Institute (ESRI).
    7. Joseph J. French & Juxin Yan & Yukihiro Yasuda, 2019. "Relationships Matter: the Impact of Bank-Firm Relationships on Mergers and Acquisitions in Japan," Journal of Financial Services Research, Springer;Western Finance Association, vol. 56(3), pages 259-305, December.
    8. Manuel Denzer, 2019. "Estimating Causal Effects in Binary Response Models with Binary Endogenous Explanatory Variables - A Comparison of Possible Estimators," Working Papers 1916, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz.
    9. M. T. Costa-Campi & N. Duch-Brown & Jose Garcia-Quevedo, 2024. "Drivers of Cooperation in Innovation by Energy Firms in Spain," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 87(12), pages 3387-3414, December.
    10. Sucharita Ghosh & Emanuele Grassi, 2020. "Overeducation and overskilling in the early careers of PhD graduates: Does international migration reduce labour market mismatch?," Papers in Regional Science, Wiley Blackwell, vol. 99(4), pages 915-944, August.
    11. Bontemps, Christophe & Nauges, Céline, 2017. "Endogenous Variables in Binary Choice Models: Some Insights for Practitioners," TSE Working Papers 17-855, Toulouse School of Economics (TSE), revised 10 Jun 2026.
    12. Olfa KAMMOUN & Mohieddine RAHMOUNI, 2013. "Intellectual Property Rights, Appropriation Instruments and Innovation Activities: Evidence from Tunisian Firms," Cahiers du GREThA (2007-2019) 2013-01, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    13. Nicolas Moreau, 2018. "A SAS macro to perform Dong and Lewbel's "Simple Estimator for Binary Choice Models" (2015)," Working Papers hal-01691487, HAL.
    14. Li, Chuhui & Poskitt, D.S. & Zhao, Xueyan, 2019. "The bivariate probit model, maximum likelihood estimation, pseudo true parameters and partial identification," Journal of Econometrics, Elsevier, vol. 209(1), pages 94-113.
    15. Bernardina Algieri & Antonio Aquino & Marianna Succurro, 2020. "The Impact of Cash-Flow and the Main Components of the Capital Structure on Innovative Performances of European Firms," Review of Economics and Institutions, Università di Perugia, vol. 11(1-2).
    16. Sandrine Juin, 2019. "Formal home care, informal support and caregiver health: should other people care?," Erudite Working Paper 2019-21, Erudite.
    17. Yao, Becatien H. & Shanoyan, Aleksan & Schwab, Benjamin & Amanor-Boadu, Vincent, 2022. "Mobile money, transaction costs, and market participation: evidence from Côte d’Ivoire and Tanzania," Food Policy, Elsevier, vol. 112(C).
    18. Diarra, Lacina & Dessy, Sylvain, "undated". "Land Tenure Security and Non-Agricultural Sector Employment: Household-level Evidence from Uganda," 2018 Annual Meeting, August 5-7, Washington, D.C. 274240, Agricultural and Applied Economics Association.
    19. Mylonidis, Nikolaos & Chletsos, Michael & Barbagianni, Vanessa, 2019. "Financial exclusion in the USA: Looking beyond demographics," Journal of Financial Stability, Elsevier, vol. 40(C), pages 144-158.
    20. Christine Reitmaier & Wolfgang Schultze & Julia Vollmer, 2025. "Corporate responsibility and corporate misbehavior: are CSR reporting firms indeed responsible?," Review of Accounting Studies, Springer, vol. 30(2), pages 1804-1872, June.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecolec:v:180:y:2021:i:c:s0921800919317665. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ecolecon .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.