@article{Dobes:47615,
      recid = {47615},
      author = {Dobes, Leo},
      title = {ADAPTING MORE CLEVERLY TO CLIMATE CHANGE BY USING ‘REAL  OPTIONS’ TO ADDRESS THE UNCERTAINTIES},
      address = {2009},
      number = {420-2016-26721},
      pages = {12},
      year = {2009},
      abstract = {Scientists consider that some climate change is already  inevitable, even if anthropogenic greenhouse emissions are  stabilised immediately. Adaptation measures are therefore  needed, irrespective of any mitigation action. But policy  discussion is focussed on deterministic responses,  generally risk-based "worst case‟ scenarios. An example is  the development of more stringent standards for buildings  and for coastal development. Such "climate proofing‟ is  misconceived in the face of the huge uncertainties  involved. Economists need to promote more rational policy  frameworks that draw on cost-benefit analysis, including  the use of "real options‟ to minimise the cost to society  of adapting to climate change.},
      url = {http://ageconsearch.umn.edu/record/47615},
      doi = {https://doi.org/10.22004/ag.econ.47615},
}