People versus planners: Social Preferences for Adaptation to Climate Change
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Adaptation of natural and human systems to climate change is receiving increased attention. The academic literature covers a wide spectrum of perspectives. Policy considerations, on the other hand, are largely driven by techno-scientific considerations. In particular, these include a risk-management approach. Climate change, however, is inherently uncertain – because the risks cannot be quantified, conventional risk-management approaches are inappropriate.
The ‘real options’ economic theory is used for least-cost adaptation strategies. Identifying individuals’ preferences and priorities is a necessary pre-condition for estimating the benefits of adaptation strategies. Yet little has been done in this area.
As a first step towards estimating individuals’ willingness to pay for adaptation measures, this research paper proposes to identify and compare priorities and preferences of planners, communities and individuals.