The value of informed agency for Torres Strait climate change

Grainger, Daniel, Watkin-Lui, Felecia, and Cheer, Karen (2021) The value of informed agency for Torres Strait climate change. Ecological Economics, 180. 106880.

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The challenge of aggregating research information for Torres Strait exists. Currently, research is often done in isolation. Now, more than ever, the aggregation of Torres Strait research information is needed to address climate change. Information aggregation leads to informed agency. Informed agency leads to best possible climate change policies and actions. Information markets can facilitate informed agency and climate change project selection and valuation. We demonstrate the benefit of employing a particular information market approach to facilitate informing agents in a real world workshop setting. The workshop considers how best to address the Torres Strait climate change problem. Our a priori theoretical model motivates a specific hypothesis on the functional form of information uptake by agents (workshop participants). Analysis of collected data supports our hypothesis. The information market implies a valuation of climate change project information. It is estimated to be as valuable as a typical flood insurance premium.

Item ID: 65991
Item Type: Article (Research - C1)
ISSN: 1873-6106
Keywords: Information market, Wicked problem, Torres Strait climate change, Informed agency, Decision support tools
Copyright Information: © 2020 Elsevier B.V. All rights reserved.
Funders: Australian Research Council (ARC), Australian Government's National Environmental Science Program, James Cook University (JCU)
Date Deposited: 11 Feb 2021 01:30
FoR Codes: 38 ECONOMICS > 3801 Applied economics > 380105 Environment and resource economics @ 25%
38 ECONOMICS > 3801 Applied economics > 380113 Public economics - public choice @ 50%
38 ECONOMICS > 3803 Economic theory > 380303 Mathematical economics @ 25%
SEO Codes: 15 ECONOMIC FRAMEWORK > 1505 Microeconomics > 150506 Market-based mechanisms @ 50%
15 ECONOMIC FRAMEWORK > 1505 Microeconomics > 150509 Preference, behaviour and welfare @ 50%
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