The value of informed agency for Torres Strait climate change

Grainger, Daniel;Watkin-Lui, Felecia;Cheer, Karen

Abstract

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.

Journal

Ecological Economics

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180

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1873-6106

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Elsevier

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DOI

10.1016/j.ecolecon.2020.106880