MEDIATION output (D3.4)
Overview on selected output from MEDIATION
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D3.4: Report on framework for costs, cost effectiveness, and other methods (including CBA, and taking into account uncertainties) for socio-economics assessment
This deliverable (3.4) provides the framework for costs, cost-effectiveness, and other methods (including those taking into account uncertainties) for socio-economic assessment.
It builds on the existing deliverables in this work package, including Deliverable 3.1 (Report on review of available methods for cost assessment), Deliverable 3.2 (Critical review and synthesis of available methods and metrics for cost-effectiveness analysis) and Deliverable 3.3 (Critical review and synthesis of available methods and metrics for broader socio-economic assessment). These previous deliverables assessed the traditional decision support methods (and metrics) for socio-economic effects, reporting on the use of cost-benefit analysis, cost-effectiveness analysis and multi-criteria analysis, as well as new methods, which complement these existing methods, and which are particularly suited for adaptation because of their consideration of uncertainty, including Robust Decision Making (RDM), Real Option Analysis (ROA) and Portfolio Theory (PT).
This Deliverable puts all of this information together. It provides a synthesis of each approach, its strengths and weaknesses, the relevance for adaptation, how it considers uncertainty, and presents case study examples (including from the Mediation project). It also provides an overview of all the decision support tools reviewed.
In line with the objectives of the MEDIATION project to advance the analysis of impacts, vulnerability and adaptation, and to promote knowledge sharing through a Common Platform, the deliverable has been written up as a series of Policy Briefing Notes on Decision Support Methods for Climate Change Adaptation.
An overview of all the decision support tools reviewed is provided in Policy Briefing Note 1: Method Overview, which summarises each method, discusses the potential relevance for adaptation and provides guidance on their potential applicability. Additional information on each of the main methods reviewed is presented in a separate Policy Briefing
Note (2 – 9).
These policy notes have been formatted and are presented in this deliverable, and are available from the MEDIATION common platform.