Environment

Climate Volatility Change and Precautionary Behaviour

  • Blog Post Date 30 September, 2012
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Giacomo De Giorgi

Barcelona Graduate School of Economics

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Luigi Pistaferri

Stanford University

Climate change has generated much attention. Upward trends in average temperature are well documented facts. Relatively less studies have been undertaken on the impact of the increase in climate volatility, including weather extreme events, on behaviour. In standard models with risk or uncertainty, precautionary behaviour, and lack of formal insurance, agents self-insure themselves by building up assets, or engaging in other type of behaviour designed to reduce the impact of risk on outcomes. The goal of this project is to look at the impact of increasing climate volatility on choices made by farmers around the world, and in particular in developing countries.

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