Adaptation to climate change is becoming increasingly important in the political and scientific debate. The reason for this is that climate change impacts are visible already today and will intensify in the next decades. Furthermore, the prospects for an effective international agreement on...

Given the ubiquitous scarcity of resources an economic approach is necessary in order to determine an optimal strategy of adaptation to climate change. In this paper we develop an economic framework for the study of adaptation which allows us to distinguish between decentralized adaptation by...

Opponents of the voluntary labeling scheme for genetically modified (GM) food products often argue that consumers have the right to knowʺ and therefore advocate mandatory labeling. In this paper we argue against this line of reasoning. Using experimental auctions conducted with a sample of the...

Opponents of the voluntary labeling scheme for genetically modified (GM) food products often argue that consumers have the right to know and therefore advocate mandatory labeling. In this paper we argue against this line of reasoning. Using experimental auctions conducted with a sample of the...