We develop an aggregated model to study rational environmental adaptation policies that compensate negative consequences of climate change. The model distinguishes three categories of adaptation measures that (a) compensate the decrease of environmental amenity value, (b) compensate the decrease...

We develop an aggregated model to study rational environmental adaptation policies that compensate negative consequences of certain environmental hazards and changes. The model distinguishes three categories of adaptation measures that (a) compensate the decrease of the environmental amenity...