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Climate Impacts on Capital Accumulation in the Small Island State of Barbados

Author

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  • Eric Kemp-Benedict

    (US Center, Stockholm Environment Institute, Somerville, MA 02144, USA)

  • Jonathan Lamontagne

    (Department of Civil and Environmental Engineering, Tufts University School of Engineering, Science & Engineering Complex, Anderson Hall, Medford, MA 02155, USA)

  • Timothy Laing

    (Brighton Business School, University of Brighton, Mithras House, Lewes Road, Brighton BN2 4AT, UK)

  • Crystal Drakes

    (BlueGreen Initiative Inc., Peterkin Road, St. Michael, Barbados)

Abstract

This paper constructs a model of climate-related damage for small island developing states (SIDS). We focus on the loss of private productive capital stocks through extreme climate events. In contrast to most economic analyses of climate impacts, which assume temperature-dependent damage functions, we draw on the engineering literature to allow for a greater or lesser degree of anticipation of climate change when designing capital stocks and balancing current adaptation expenditure against future loss and damage. We apply the model to tropical storm damage in the small island developing state of Barbados and show how anticipatory behavior changes the damage to infrastructure for the same degree of climate change. Thus, in the model, damage depends on behavior as well as climate variables.

Suggested Citation

  • Eric Kemp-Benedict & Jonathan Lamontagne & Timothy Laing & Crystal Drakes, 2019. "Climate Impacts on Capital Accumulation in the Small Island State of Barbados," Sustainability, MDPI, Open Access Journal, vol. 11(11), pages 1-23, June.
  • Handle: RePEc:gam:jsusta:v:11:y:2019:i:11:p:3192-:d:237989
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    References listed on IDEAS

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    Cited by:

    1. Chad S. Boda & Turaj Faran & Murray Scown & Kelly Dorkenoo & Brian C. Chaffin & Maryam Nastar & Emily Boyd, 2021. "Loss and damage from climate change and implicit assumptions of sustainable development," Climatic Change, Springer, vol. 164(1), pages 1-18, January.
    2. Veronika N. Maslova & Elena N. Voskresenskaya & Andrey S. Lubkov & Aleksandr V. Yurovsky & Viktor Y. Zhuravskiy & Vladislav P. Evstigneev, 2020. "Intense Cyclones in the Black Sea Region: Change, Variability, Predictability and Manifestations in the Storm Activity," Sustainability, MDPI, Open Access Journal, vol. 12(11), pages 1-24, June.

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