light on how the optimal balance between mitigation and adaptation changes under different stochastic scenarios. We find … that stochastic technology growth hardly affects the optimal bundle of mitigation and adaptation whereas uncertainty about … composition of the optimal mix as both persuade the risk-averse social planner to invest more in mitigation. Overall, we identify …

the catastrophic losses, and an effort strategy (mitigation) aimed at reducing the frequency of such losses. The … optimal mix of mitigation/effort strategies allows to reduce the volatility of the economic growth rate, even if its level may …