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Optimal Adaptation and Mitigation to Climate Change in Small Environmental Economies

Listed author(s):
  • Sebastián J. Miller
  • Sebastián Galiani
  • Omar O. Chisari

This paper compares the optimal dynamic choices between policies of mitigation and adaptation for three economies: Brazil, Chile and the United States. The focus is on the optimal role of mitigation and adaptation for "environmentally small economies", i. e. , economies that are witnessing an exogenous increase in emissions to which they are contributing very little. The simulations lead to three main conclusions. First, small economies should concentrate their environmental efforts, if any, on adaptation. This is not a recommendation that such economies indulge in free-riding. Instead, it is based on considerations of cost effectiveness, ceteris paribus. Second, small economies that are unable to spend enough on adaptation may end up spending less on mitigation owing to their impoverishment as a result of negative climate shocks. Third, higher mitigation expenditures may arise not only as a result of greater optimal adaptation expenditures, but also because of increased adaptation to the incentives for mitigation provided by richer countries.

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File URL: http://publications.iadb.org/bitstream/handle/11319/4668/Optimal%20Adaptation%20and%20Mitigation%20to%20Climate%20Change%20in%20Small%20Environmental%20Economies.pdf?sequence=1
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Paper provided by Inter-American Development Bank in its series IDB Publications (Working Papers) with number 4668.

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Date of creation: Oct 2013
Handle: RePEc:idb:brikps:4668
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  1. Ingmar Schumacher & Eric Strobl, 2008. "Economic development and losses due to natural disasters: the role of risk," Working Papers hal-00356286, HAL.
  2. Christian Daude & Eduardo Fernández-Arias, 2010. "On the Role of Productivity and Factor Accumulation in Economic Development in Latin America and the Caribbean," IDB Publications (Working Papers) 1696, Inter-American Development Bank.
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  7. Zeynep K. Hansen & Gary D. Libecap & Scott E. Lowe, 2011. "Climate Variability and Water Infrastructure: Historical Experience in the Western United States," NBER Chapters,in: The Economics of Climate Change: Adaptations Past and Present, pages 253-280 National Bureau of Economic Research, Inc.
  8. Lecocq, Franck & Shalizi, Zmarak, 2007. "Balancing expenditures on mitigation of and adaptation to climate change : an exploration of Issues relevant to developing countries," Policy Research Working Paper Series 4299, The World Bank.
  9. Brian R. Copeland & M. Scott Taylor, 1994. "North-South Trade and the Environment," The Quarterly Journal of Economics, Oxford University Press, vol. 109(3), pages 755-787.
  10. Christian Daude & Eduardo Fernandez-Arias, 2010. "On the Role of Productivity and Factor Accumulation in Economic Development in Latin America and the Caribbean," Research Department Publications 4653, Inter-American Development Bank, Research Department.
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  12. Stokey, Nancy L, 1998. "Are There Limits to Growth?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 1-31, February.
  13. Hallegatte, Stephane & Lecocq, Franck & de Perthuis, Christian, 2011. "Designing climate change adaptation policies : an economic framework," Policy Research Working Paper Series 5568, The World Bank.
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