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Extreme weather events and life satisfaction Climate Economics need to broaden valuation perspectives

Climate change – and this holds for adaptation measures as well – might impact not only on income and employment. Its consequences could affect diverse normative concerns: subjective attitudes like degrees of satisfaction or happiness with social states, but also valuable properties like biodiversity, social relationships, health, security. Usually, cost-benefit analyses either neglect the broad variety of affected normative concerns or they translate only a narrow selection of affected values into monetary values. An extended CBA comprises not only an evaluation of market impacts of a measure to which market prices can easily be attached; it also includes an evaluation of impacts of a measure on goods and services that are not traded on markets.

(Article in German, more information on the project econCCadapt on the English project website