MEDIATION output (D3.3)
Overview on selected output from MEDIATION
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D3.3: Inventory of available methods and metrics for socioeconomic effects (costs of climate change and benefits
There is a growing focus on the economics of adaptation in Europe, especially as adaptation moves from theory to practice. However, it is clear that the common techniques used in economic appraisal have serious limitations in coping with the uncertainty associated with climate change. This deliverable (3.3) provides an inventory and analysis of new methods (and metrics) for socio-economic effects, focusing on methods that address uncertainty. It provides a critical review and synthesis of a number of promising economic decision-support tools for adaptation, outlining the methods, their potential applicability to climate adaptation context, their strengths and weaknesses, and details of existing case studies. The tools considered are robust decision making, real option analysis and portfolio theory analysis. Finally, the deliverable provides an assessment of the potential relevance of these approaches to the Mediation case studies.