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dc.contributor.authorDawson, DA
dc.contributor.authorHunt, A
dc.contributor.authorShaw, Jon
dc.contributor.authorGehrels, WR
dc.date.accessioned2018-10-24T12:16:29Z
dc.date.available2018-10-24T12:16:29Z
dc.date.issued2018-08
dc.identifier.issn0921-8009
dc.identifier.issn1873-6106
dc.identifier.urihttp://hdl.handle.net/10026.1/12623
dc.description.abstract

© 2018 The Authors Traditional methods of investment appraisal have been criticized in the context of climate change adaptation. Economic assessment of adaptation options needs to explicitly incorporate the uncertainty of future climate conditions and should recognise that uncertainties may diminish over time as a result of improved understanding and learning. Real options analysis (ROA) is an appraisal tool developed to incorporate concepts of flexibility and learning that relies on probabilistic data to characterise uncertainties. It is also a relatively resource-intensive decision support tool. We test whether, and to what extent, learning can result from the use of successive generations of real life climate scenarios, and how non-probabilistic uncertainties can be handled through adapting the principles of ROA in coastal economic adaptation decisions. Using a relatively simple form of ROA on a vulnerable piece of coastal rail infrastructure in the United Kingdom, and two successive UK climate assessments, we estimate the values associated with utilising up-dated information on sea-level rise. The value of learning can be compared to the capital cost of adaptation investment, and may be used to illustrate the potential scale of the value of learning in coastal protection, and other adaptation contexts.

dc.format.extent1-10
dc.languageen
dc.language.isoen
dc.publisherElsevier
dc.subjectInfrastructure
dc.subjectInvestment appraisal
dc.subjectReal options
dc.subjectClimate adaptation
dc.subjectSea-level rise
dc.subjectLearning Uncertainty
dc.titleThe Economic Value of Climate Information in Adaptation Decisions: Learning in the Sea-level Rise and Coastal Infrastructure Context
dc.typejournal-article
dc.typeJournal Article
plymouth.author-urlhttps://www.webofscience.com/api/gateway?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000444364000001&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=11bb513d99f797142bcfeffcc58ea008
plymouth.volume150
plymouth.publication-statusPublished
plymouth.journalEcological Economics
dc.identifier.doi10.1016/j.ecolecon.2018.03.027
plymouth.organisational-group/Plymouth
plymouth.organisational-group/Plymouth/Faculty of Science and Engineering
plymouth.organisational-group/Plymouth/Faculty of Science and Engineering/School of Geography, Earth and Environmental Sciences
plymouth.organisational-group/Plymouth/REF 2021 Researchers by UoA
plymouth.organisational-group/Plymouth/REF 2021 Researchers by UoA/UoA14 Geography and Environmental Studies
plymouth.organisational-group/Plymouth/Users by role
plymouth.organisational-group/Plymouth/Users by role/Academics
dcterms.dateAccepted2018-03-27
dc.identifier.eissn1873-6106
dc.rights.embargoperiodNot known
rioxxterms.versionofrecord10.1016/j.ecolecon.2018.03.027
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserved
rioxxterms.licenseref.startdate2018-08
rioxxterms.typeJournal Article/Review


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