Climate Impacts on Capital Accumulation in the Small Island State of Barbados

Eric Kemp-Benedict; Jonathan Lamontagne; Tim Laing; Crystal Drakes

doi:10.3390/su11113192

Climate Impacts on Capital Accumulation in the Small Island State of Barbados

Eric Kemp-Benedict, Jonathan Lamontagne, Tim Laing, Crystal Drakes

Research output: Contribution to journal › Article › peer-review

Abstract

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.

Original language	English
Article number	3192
Pages (from-to)	1-23
Number of pages	23
Journal	Sustainability
Volume	11
Issue number	11
DOIs	https://doi.org/10.3390/su11113192
Publication status	Published - 7 Jun 2019

Bibliographical note

© 2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).

Keywords

climate change
adaptation
loss and damage
damage function
return period
tropical cyclone

Access to Document

10.3390/su11113192Licence: CC BY

Climate Impacts on Capital Accumulation in the Small Island State of BarbadosFinal published version, 939 KBLicence: CC BY

Tim Laing
- Business and Economic Change Research Excellence Group
- School of Business and Law - Visiting Research Fellow
Person: Academic

Cite this

@article{8af696b65cda46e38949ae3a8c4415ff,

title = "Climate Impacts on Capital Accumulation in the Small Island State of Barbados",

abstract = "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.",

keywords = "climate change, adaptation, loss and damage, damage function, return period, tropical cyclone",

author = "Eric Kemp-Benedict and Jonathan Lamontagne and Tim Laing and Crystal Drakes",

note = "{\textcopyright} 2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).",

year = "2019",

month = jun,

day = "7",

doi = "10.3390/su11113192",

language = "English",

volume = "11",

pages = "1--23",

journal = "Sustainability",

issn = "2071-1050",

publisher = "MDPI",

number = "11",

}

TY - JOUR

T1 - Climate Impacts on Capital Accumulation in the Small Island State of Barbados

AU - Kemp-Benedict, Eric

AU - Lamontagne, Jonathan

AU - Laing, Tim

AU - Drakes, Crystal

N1 - © 2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).

PY - 2019/6/7

Y1 - 2019/6/7

N2 - 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.

AB - 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.

KW - climate change

KW - adaptation

KW - loss and damage

KW - damage function

KW - return period

KW - tropical cyclone

U2 - 10.3390/su11113192

DO - 10.3390/su11113192

M3 - Article

SN - 2071-1050

VL - 11

SP - 1

EP - 23

JO - Sustainability

JF - Sustainability

IS - 11

M1 - 3192

ER -

Climate Impacts on Capital Accumulation in the Small Island State of Barbados

Abstract

Bibliographical note

Keywords

Access to Document

Fingerprint

Profiles

Tim Laing

Cite this