NDLI: Economic analysis of adaptive strategies for flood risk management under climate change

Content Provider	Springer Nature Link
Author	Pol, Thomas D. Ierland, Ekko C. Gabbert, Silke
Copyright Year	2015
Abstract	Climate change requires reconsideration of flood risk management strategies. Cost-benefit analysis (CBA), an economic decision-support tool, has been widely applied to assess these strategies. This paper aims to describe and discuss probabilistic extensions of CBA to identify welfare-maximising flood risk management strategies under climate change. First, uncertainty about the changes in return periods of hydro-meteorological extremes is introduced by probability-weighted climate scenarios. Second, the analysis is extended by learning about climate change impacts. Learning occurs upon the probabilistic arrival of information. We distinguish between learning from scientific progress, from statistical evidence and from flood disasters. These probabilistic extensions can be used to analyse and compare the economic efficiency and flexibility of flood risk management strategies under climate change. We offer a critical discussion of the scope of such extensions and options for increasing flexibility. We find that uncertainty reduction from scientific progress may reduce initial investments, while other types of learning may increase initial investments. This requires analysing effects of different types of learning. We also find that probabilistic information about climate change impacts and learning is imprecise. We conclude that risk-based CBA with learning improves the flexibility of flood risk management strategies under climate change. However, CBA provides subjective estimates of expected outcomes and reflects different decision-maker preferences than those captured in robustness analyses. We therefore advocate robustness analysis in addition to, or combined with, cost-benefit analysis to support local investment decisions on flood risk reduction and global strategies on allocation of adaptation funds for flood risk management.
Starting Page	267
Ending Page	285
Page Count	19
File Format	PDF
ISSN	13812386
Journal	Mitigation and Adaptation Strategies for Global Change
Volume Number	22
Issue Number	2
e-ISSN	15731596
Language	English
Publisher	Springer Netherlands
Publisher Date	2015-03-01
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Flood risk management Cost-benefit analysis Climate change Flexibility Learning Robustness Atmospheric Sciences Climate Change Management and Policy Environmental Management
Content Type	Text
Resource Type	Article
Subject	Ecology Global and Planetary Change

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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