Preprint Article Version 1 This version is not peer-reviewed

Climate Impacts on Capital Accumulation in a Small Island Developing State

Version 1 : Received: 9 May 2019 / Approved: 13 May 2019 / Online: 13 May 2019 (10:07:41 CEST)

How to cite: Kemp-Benedict, E.; Lamontagne, J.; Laing, T.; Drakes, C. Climate Impacts on Capital Accumulation in a Small Island Developing State. Preprints 2019, 2019050151 (doi: 10.20944/preprints201905.0151.v1). Kemp-Benedict, E.; Lamontagne, J.; Laing, T.; Drakes, C. Climate Impacts on Capital Accumulation in a Small Island Developing State. Preprints 2019, 2019050151 (doi: 10.20944/preprints201905.0151.v1).

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 & 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.

Subject Areas

climate change; adaptation; loss & damage; damage function; return period; tropical cyclone

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