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Annual Review of Resource Economics - Early Publication
Reviews in Advance appear online ahead of the full published volume. View expected publication dates for upcoming volumes.
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The Economics of Food Supply Chain Resilience
First published online: 09 May 2024More LessFood supply chain resilience has become a priority for policymakers in recent years. Prompted by several systemic disruptions and the increased likelihood of future shocks, significant attention and public financial investment have been devoted to preparing supply chains to be more able to absorb shocks and more nimbly respond in the future. Food and agricultural supply chains have been particularly scrutinized due to widespread shortages and food price inflation of key staples in recent years. Varied perspectives have emerged about the factors that contribute to the resiliency of food supply chains and the interventions that will be most effective. This article reviews the perspectives on food supply chain resilience generally. Furthermore, we attempt to synthesize the methodologies that have been used to study resilience and offer some guidance for economists studying the topic moving forward.
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Extreme Weather Events and Climate Change: Economic Impacts and Adaptation Policies
First published online: 09 May 2024More LessThis article reviews the literature on the economic impacts of disasters caused by extreme weather and climate events to draw lessons on how societies can better manage these risks. While evidence that richer, better-governed societies suffer less and recover faster from climate extremes suggests adaptation, knowledge gaps remain, and little is known about the efficiency of specific adaptation actions. I review various “no or low” regrets adaptation options that are recommended when uncertainties over climate change impacts are high. I discuss how governments can play an important role in adaptation by directly providing public goods to manage disaster risks or by facilitating private agents’ adaptation responses but also highlight the political economy of policy and coordination failures.
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Groundwater Institutions in the Face of Global Climate Change
First published online: 29 April 2024More LessWe review the literature on the performance of groundwater institutions, including command-and-control (CAC) approaches, market-based institutions (MBIs), and voluntary approaches, and evaluate how they will perform as agriculture adapts to climate change. Both CAC approaches and MBIs lead to uneven distributional impacts on farmers, and voluntary approaches have not been successful in reducing water withdrawal on a large scale. A polycentric approach of regulation plus local management might perform well. Climate change will increase the irrigation demand for groundwater and demand flexible and properly scoped institutions that attend to local conditions.
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The Economics of Drought
First published online: 25 April 2024More LessWater scarcity and drought have determined the structure, location, and fate of civilizations throughout history. Drought remains an important factor in the performance of developed and developing economies, especially in the agricultural sector. While significant attention has been paid to drought as a meteorological phenomenon and on its economic impact, comparative institutional analysis of the economics of drought is limited. In this review, we focus on how economic institutions, the humanly devised constraints that shape the allocation and use of water, impact the severity and incidence of droughts. Water property rights in developed countries encourage infrastructure investments and reallocations that mitigate drought impacts, although such institutions may codify inequitable water access during drought. Developing economies rely more on informal strategies for mitigating drought and remain more vulnerable, experiencing economic losses, conflict, and violence.
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Political Economy of Agriculture and Food Policy in Africa
First published online: 09 April 2024More LessThis article reviews the literature on the political economy of agricultural and food policy in sub-Saharan Africa. In doing so, it first presents a conceptual framework highlighting that agricultural and food policy decisions are contingent on the intersection between governance structures, the preferences and pressures from societal interest groups, and international dynamics. The interrelations among these three factors are then examined across several different sets of policy instruments that have been the focus of traditional political economy research in the region: trade, tax, and marketing policies; public investments and regulations; input and food subsidies; and cross-cutting policies for value chain development. Recognizing several broader demographic, technology, and governance transitions in the region, the article also highlights key areas for future analysis that examine the role of cities in food policy, the possibilities presented by expanded mobile phone and Internet access, and the efficacy of new public administration modalities for policy implementation.
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