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The field of climate change adaptation economics is in its infancy and is currently grappling with the complex interactions and uncertainties that confound estimates about the probable costs, benefits and distribution of climate change impacts and adaptation options.
While private or autonomous adaptation will play a major role in climate change adaptation in Victoria, there exists sites where government intervention is justified. Government intervention is required when autonomous adaptation will not achieve the social optimum due to market failures or information asymmetries (Osberghaus...
There exists a confounding variety and breadth of estimates relating to the cost of weather related disasters in Victoria and Australia. To the question “How much do disasters cost Victoria?” there is unfortunately no single answer. This paper provides a suite of estimates, each important...
This report has outlined the main tools available to economists for establishing estimates of the costs of climate change. The challenges are compounded by issues such as: the valuation of intangibles; distribution and equity considerations; discounting; deep uncertainties; and, the difficulty of incorporating low probability/high...