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VERSION:2.0
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X-WR-CALNAME:Global Environmental Policy Seminar with Eric Zou
X-WR-TIMEZONE:Pacific Time (US & Canada)
BEGIN:VEVENT
DTSTAMP:20260610T114534Z
UID:tag:localist.com\,2008:EventInstance_52091130760793
DTSTART:20260430T201500Z
DTEND:20260430T213000Z
DESCRIPTION:Microclimate Risks and Consumer Adaptation\n\nThe economic cons
 equences of climate change are typically studied at aggregate spatial scal
 es\, such as across countries or cities. This paper examines within-city c
 limate variation\, or microclimate\, and shows that it has important econo
 mic effects. Using satellite temperature data at 1 km resolution matched t
 o transaction records from over 150\,000 restaurants in a major Chinese ci
 ty\, we estimate that a day of localized heat above 30°C reduces weekly r
 estaurant revenue by roughly 7%\, driven primarily by changes in consumer 
 behavior rather than supply-side adjustments. To study how consumers adapt
 \, we estimate a discrete choice model of restaurant demand incorporating 
 microclimate amenities\, travel costs\, and prices. Consumers respond to l
 ocal heat by shifting dining trips toward restaurants in cooler\, greener 
 areas\, with an estimated willingness to pay of about 0.76 yuan per meal f
 or a 1°C reduction in dining-location temperature. This behavioral adapta
 tion accounts for roughly 60% of the reduced-form revenue losses. Counterf
 actual simulations show that existing urban green infrastructure contribut
 es approximately 20 billion yuan in annual restaurant revenue citywide\, i
 mplying a benefit–cost ratio of around 3 relative to the city’s green 
 space investment. Our results demonstrate that microclimate is an economic
 ally important source of urban business risk and that ecological infrastru
 cture provides substantial\, measurable returns as a vehicle for climate a
 daptation.\n\nBio\n\nEric Zou is an Assistant Professor of Business Econom
 ics and Public Policy at the Stephen M. Ross School of Business at the Uni
 versity of Michigan and a Faculty Research Fellow at the National Bureau o
 f Economic Research. He studies the impacts of environmental risks on huma
 n and ecosystem health\, with a focus on regulatory and consumer technolog
 ical solutions. Prior to joining Michigan\, Zou was an Assistant Professor
  at the University of Oregon and a postdoctoral fellow at the Cornell Inst
 itute for China Economic Research. He received his Ph.D. in Economics from
  the University of Illinois at Urbana–Champaign and holds a B.S. in Econ
 omics from East China Normal University.
GEO:37.42816;-122.175935
LOCATION:Y2E2 Building\, 299
SUMMARY:Global Environmental Policy Seminar with Eric Zou
URL;VALUE=URI:https://events.stanford.edu/event/global-environmental-policy
 -seminar-with-eric-zou
CATEGORIES:Class/Seminar
CATEGORIES:Conference/Symposium
CATEGORIES:Lecture/Presentation/Talk
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