The use of new economic decision support tools for adaptation assessment: A review of methods and applications, towards guidance on applicability

Watkiss, Paul; Hunt, Alistair; Blyth, William; Dyszynski, J.

doi:10.1007/s10584-014-1250-9

Cited by 113 publications

(71 citation statements)

References 25 publications

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“…It is useful for examining public policies or actions when key effects can be easily monetized (Leary 1999;Wegner and Pascual 2011;Kull et al 2013;Mechler and Nabiul Islam 2013;Watkiss et al 2014;Nay et al 2014) Futures, planning and deliberation methods…”

Section: Impactsresponsesmentioning

confidence: 99%

Communities and change in the anthropocene: understanding social-ecological vulnerability and planning adaptations to multiple interacting exposures

et al. 2015

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The majority of vulnerability and adaptation scholarship, policies and programs focus exclusively on climate change or global environmental change. Yet, individuals, communities and sectors experience a broad array of multi-scalar and multi-temporal, social, political, economic and environmental changes to which they are vulnerable and must adapt. While extensive theoreticaland increasingly empirical-work suggests the need to explore multiple exposures, a clear conceptual framework which would facilitate analysis of vulnerability and adaptation to multiple interacting socioeconomic and biophysical changes is lacking. This review and synthesis paper aims to fill this gap through presenting a conceptual framework for integrating multiple exposures into vulnerability analysis and adaptation planning. To support applications of the framework and facilitate assessments and comparative analyses of community vulnerability, we develop a comprehensive typology of drivers and exposures experienced by coastal communities. Our results reveal essential elements of a pragmatic approach for localscale vulnerability analysis and for planning appropriate adaptations within the context of multiple interacting exposures. We also identify methodologies for characterizing exposures and impacts, exploring interactions and identifying and prioritizing responses. This review focuses on coastal communities; however, we believe the framework, typology and approach will be useful for understanding vulnerability and planning adaptation to multiple exposures in various social-ecological contexts.

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Section: Impactsresponsesmentioning

confidence: 99%

Communities and change in the anthropocene: understanding social-ecological vulnerability and planning adaptations to multiple interacting exposures

et al. 2015

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“…Worst and best cases that might be of particular interest in the context of climate change can be easily turned into scenarios. The theory of expected utility (Von Neumann 1967) allows for the inclusion of risk preferences in addition to contingent outcomes. The utility functions will differ depending on whether the decision-maker is risk-neutral, risk-loving or risk-averse.…”

Section: Economic Appraisal Risk and Uncertaintymentioning

confidence: 99%

A guide towards climate change adaptation in the livestock sector: adaptation options and the role of robust decision-making tools for their economic appraisal

et al. 2017

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Economic appraisal and technical effectiveness of adaptation options are key criteria for judging climate change adaptation investment decisions in all sectors. Yet relatively little methodological guidance exists for determining the most appropriate appraisal techniques for different adaptation options. This paper provides adaptation options and scopes relevant appraisal methods in agriculture focussing on livestock production specifically. We find that for many adaptation options for livestock agriculture, standard (expected) cost-benefit analysis is an appropriate tool. For adaptation options requiring long lead times or those with long lifetimes, techniques incorporating uncertainty ('robust' methods) are more suitable, including real options analysis, portfolio analysis and robust decisionmaking. From a comprehensive list of adaptation options in the livestock sector, we identify the most appropriate appraisal technique for each option and describe how the robust appraisal tools could be applied to heat stress, flood risk and water management.

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“…Whitfield, Dioko, Webber, and Zhang [4] noted that an exhibition organizer helps develop and provide facilities and services beneficial for participants. One of the key factors they highlight is how a city's reaction to investment strategies can affect its potential value and project costs [5]. Thornton, Romley, Vogt, and Philipson [6] stated that a cost effectiveness analysis refers to the root value.…”

Section: Literature Reviewmentioning

confidence: 99%

Investment Decision Analysis for Public Art Exhibitions

Tsung¹,

Chen²

2016

ujm

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In recent years, China's growing cultural industry has significantly enhanced the region's cultural level and recognized public art and continues to develop the creative industry in various Chinese cities (except Beijing, Shanghai, and Canton). Through large-scale international public art exhibitions, each city in China intends to increase its cultural competitiveness, establish an image, and develop its cultural tourism industry and cross-border cultural exchange. By doing so, they hope to produce a combined movement toward creating a sustainable cultural art industry. This study examines the strategies undertaken to conduct the exhibition for the public art installation, the Rubber Duck, by Florentijn Hofman. In particular, it focuses on Hofman's Chinese agencies and the exhibition organizers in the city of Hangzhou and investigates whether random public art indicators influence the estimated effects prior to the exhibition and if there are actual benefits after the exhibition. This study evaluates profits and investments using net present value, internal rate of return, and game options. An analysis of existing mathematical models reveals that such models can provide analytical results across varying time periods. The results of the present model can help decide whether one should invest or turn down an exhibition in a given city.

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The use of new economic decision support tools for adaptation assessment: A review of methods and applications, towards guidance on applicability

Cited by 113 publications

References 25 publications

Communities and change in the anthropocene: understanding social-ecological vulnerability and planning adaptations to multiple interacting exposures

Communities and change in the anthropocene: understanding social-ecological vulnerability and planning adaptations to multiple interacting exposures

A guide towards climate change adaptation in the livestock sector: adaptation options and the role of robust decision-making tools for their economic appraisal

Investment Decision Analysis for Public Art Exhibitions

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