This paper studies a land use switching model as a measure of adaptation to climate change in tart cherry industry in Michigan. In order to capture the effects of extreme events, we employ a real options land conversion model where an underlying stochastic process allows a Poisson-type jump...

When assessing climate change impact, adaptation is an important behavioral response to reduce potential risk. But it has been widely recognized that there are barriers to adaptation. And attempts to estimate impacts may be biased when these barriers neglected. Potential barrier on adaptation...

When assessing climate change impact, adaptation is an important behavioral response to reduce potential risk. But it has been widely recognized that there are barriers to adaptation. And attempts to estimate impacts may be biased when these barriers neglected. Potential barrier on adaptation...