Three decision frameworks

Here, we’ll survey three decision-making models that have been proposed for situations of deep uncertainty:  Real Options; Adaptation Pathways; and Robust Decision Making (RDM).

Before viewing the videos, read sections 3.5 – 3.11 (pp. 406 – 410) in Watkiss, P., Hunt, A., Blyth, W., & Dyszynski, J.  (2015). The use of new economic decision support tools for adaptation assessment: A review of methods and applications, towards guidance on applicability. Climatic Change, 132(3).  These sections provide a brief overview to each of the three methods.  (NOTE:  Watkiss et al use the term “Adaptive Management” rather than “Adaptation Pathways”).