@article{Tsvetanov:148343,
      recid = {148343},
      author = {Tsvetanov, Tsvetan and Shah, Farhed},
      title = {The Economic Value of Delaying Adaptation to Sea-Level  Rise: An Application to Coastal Properties in Connecticut},
      address = {2013-03},
      number = {1584-2016-134090},
      series = {Working Papers},
      pages = {34},
      year = {2013},
      note = {An earlier version of this paper was circulated as “The  Economics of Protection against Sea-Level Rise: An  Application to Coastal Properties in Connecticut.” (October  5, 2012)},
      abstract = {The magnitude and frequency of coastal storms are expected  to increase with rising global sea levels, which  necessitates evaluating coastal flood adaptation measures.  This study examines an important issue in the context of  coastal flood protection, namely, the decision when to  adopt protection measures. For any given coastal region,  our benefit-cost framework allows us to determine the  optimal timing of initiating protection that maximizes  expected net benefits. We present an application of this  framework to a coastal area in Connecticut. Our results  suggest that the optimal timing of adopting protection may  vary across different census blocks within the study area.  We find that using a relatively low discount rate in the  benefit-cost analysis implies greater heterogeneity in the  timing decisions and earlier overall adoption, whereas,  with higher discount rates, the timing decisions are  reduced to a choice between early protection and no  protection at all. If possible negative environmental and  aesthetic impacts of sea barriers are taken into account,  delaying protection would become more desirable, with the  extent of delay being sensitive to the relative magnitude  of one-time costs (e.g., loss of ocean view and  recreational opportunities) vs. continuous costs (e.g.,  shoreline erosion and loss of wetlands).},
      url = {http://ageconsearch.umn.edu/record/148343},
      doi = {https://doi.org/10.22004/ag.econ.148343},
}