ISBInsight is the Flagship Research Periodical of the Indian School of Business

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Jul-Sep 2016

Climate and Society: Beyond General Circulation Models

Past Issues

Mitigating Risk and Vulnerability: Household-Level Responses to Drought

A survey of five drought prone states across India by ISB researchers shows that even as farming households wait for elusive government support, they devise their own coping mechanisms to address the fallout of drought. Having said that, the findings of the study point to the urgency for decision makers to prioritise drought mitigation, and adaptation strategies and for better targeting of investments in rain-fed agriculture.

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Past Issues

Impact of Climatic Conditions on GDP

A one degree Celsius increase in daily mean temperatures would on an average decrease agricultural output by 11% in India. The overall GDP, as a result, would reduce by 28%, making the 8% per annum GDP growth rate a pipedream. The consequences of climate change could be devastating, if policy makers continue to ignore it. Agricultural output would fall resulting in food shortages and inflationary pressures in the years to come.

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Past Issues

Crop Diversification to Reduce Exposure to Climatic Changes: Associated Risks and Mitigation Strategies

Lack of well-developed supply chain systems for alternative crops expose farmers to considerable risk, making it difficult for them to move away from the paddy/wheat crop rotation cycle. Public policy interventions and supply chain innovations such as targeted insurance products, pooling practices, investments in skill development, entrepreneurial models for service provision, market-side initiatives and a better understanding of supply chain risks are needed to enable farmers to adopt crop diversification.

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Past Issues

Coping with the Effects of Climate Change

Arun Agrawal is the Samuel Trask Dana Professor of Governance and Sustainability, at the University of Michigan, USA. He is the Editor-in-Chief of the renowned journal World Development, and is considered an authority on environmental governance as well as social dimensions of climate change. He has published two books and dozens of peer-reviewed journal articles, including several in Science, Nature, and PNAS. Arun is also the Coordinator of IFRI, the international research network on people and forests, and a founding member of ICARUS, the global initiative on social science research on adaptation to climate change.

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Past Issues

“Any time an economist writes down a model, it is wrong”

Lars Peter Hansen, the recipient of the 2013 Noble Prize in Economics, was at the Indian School of Business (ISB) recently to address the Summer Research Conference in Finance. The David Rockefeller Distinguished Service Professor of Economics at the University of Chicago, is a leading expert in economic dynamics who works at the boundaries of macroeconomics, fi nance, and econometrics. Best known for his work on the Generalized Method of Moments, he is also a distinguished macroeconomist, focusing on the linkages between the financial sector and the macro economy. His current collaborative research develops and applies methods for pricing the exposure to macroeconomic shocks over alternative investment horizons and investigates the implications of the pricing of long-term uncertainty.

Ahead of the event at its Hyderabad campus, ISB hosted Professor Hansen in Mumbai for interaction with senior financial sector representatives and ISB alumni. Bhagwan Chowdhry, Professor of Finance at UCLA Anderson School of Management engaged the Nobel Laureate in a conversation bringing deep insights into the latter’s work and views on world issues. Edited excerpts from the interview are produced below.

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