, Volume 45, Issue 3-4, pp 583-600

Efficient Adaptation to Climate Change

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Firms and individuals will likelyengage in substantial private adaptation with respectto climate change in such sectors as farming, energy,timber, and recreation because it is in their interestto do so. The shared benefit nature of jointadaptation, however, will cause individuals tounderprovide joint adaptation in such areas as watercontrol, sea walls, and ecological management. Governments need to start thinking about jointadaptation, being careful to design efficientresponses which treat climate change problems as theyarise.