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Investing in climate change adaptation and mitigation: A methodological review of real-options studies.

ABSTRACT: Uncertain future payoffs and irreversible costs characterize investment in climate change adaptation and mitigation. Under these conditions, it is relevant to analyze investment decisions in a real options framework, as this approach takes into account the economic value associated with investment time flexibility. In this paper, we provide an overview of the literature adopting a real option approach to analyze investment in climate change adaptation and mitigation, and examine how the uncertain impacts of climate change on the condition of the human environment, risk preferences, and strategic interactions among decisions-makers have been modeled. We found that the complex nature of uncertainties associated with climate change is typically only partially taken into account and that the analysis is usually limited to decisions taken by individual risk neutral profit maximizers. Our findings call for further research to fill the identified gaps.

SUBMITTER: Ginbo T

PROVIDER: S-EPMC7708567 | biostudies-literature | 2021 Jan

REPOSITORIES: biostudies-literature

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Investing in climate change adaptation and mitigation: A methodological review of real-options studies.

Ginbo Tsegaye T Di Corato Luca L Hoffmann Ruben R

Ambio 20200525 1

Uncertain future payoffs and irreversible costs characterize investment in climate change adaptation and mitigation. Under these conditions, it is relevant to analyze investment decisions in a real options framework, as this approach takes into account the economic value associated with investment time flexibility. In this paper, we provide an overview of the literature adopting a real option approach to analyze investment in climate change adaptation and mitigation, and examine how the uncertai ...[more]

PMID: 32451968

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Correction to: Investing in climate change adaptation and mitigation: A methodological review of real-options studies.

Project description: Not available

| S-EPMC8847650 | biostudies-literature

Impacts of climate change adaptation options on soil functions: A review of European case-studies.

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