Economics of disruptive change (EDC)
The hallmark of the research undertaken under the auspices of the EDC theme is that it studies the nexus of pre-shock and post-shock behaviors within a coherent framework. Pre-shock behaviors include prevention and precaution, for example, through the build-up of adaptive capacity, while post-shock behaviors include adaptation and the potential to choose different (and more sustainable/resilient) pathways of recovery. Studies typically involve modeling and empirical applications.
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