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What is Climate Adaptation: Seawalls and Stilts about?

This article develops a macro heterogeneous-agent model to analyze the effects of climate adaptation, specifically focusing on severe storms in the US. It finds that while federal disaster aid can reduce incentives for adaptation, subsidies for adaptation investment effectively counteract this moral hazard, leading to a net increase in adaptation capital. The study concludes that adaptation can significantly mitigate the damage and welfare costs associated with climate change, reducing storm-related damage

Author

Ravi Ranjan

Language

EN