This seems to be relevant to calculations of climate change externalities, where the research is almost always based on the direct costs of climate change if no one modified their behaviour, rather than the cost of building a sea wall, or planting trees.
This seems to be relevant to calculations of climate change externalities, where the research is almost always based on the direct costs of climate change if no one modified their behaviour, rather than the cost of building a sea wall, or planting trees.