This paper constructs a model of climate-related damage for small island developing states (SIDS). We focus on the loss of private productive capital stocks through extreme climate events. In contrast to most economic analyses of climate impacts, which assume temperature-dependent damage functions, we draw on the engineering literature to allow for a greater or lesser degree of anticipation of climate change when designing capital stocks and balancing current adaptation expenditure against future loss and damage. We apply the model to tropical storm damage in the small island developing state of Barbados and show how anticipatory behavior changes the damage to infrastructure for the same degree of climate change. Thus, in the model, damage depends on behavior as well as climate variables.
1.Stockholm Environm Inst, US Ctr, Somerville, MA 02144 USA 2.Tufts Univ, Dept Civil & Environm Engn, Sch Engn, Sci & Engn Complex,Anderson Hall, Medford, MA 02155 USA 3.Univ Brighton, Brighton Business Sch, Mithras House,Lewes Rd, Brighton BN2 4AT, E Sussex, England 4.BlueGreen Initiat Inc, Peterkin Rd, St Michael, Barbados
Recommended Citation:
Kemp-Benedict, Eric,Lamontagne, Jonathan,Laing, Timothy,et al. Climate Impacts on Capital Accumulation in the Small Island State of Barbados[J]. SUSTAINABILITY,2019-01-01,11(11)