This article aims to demonstrate how a market exposed to a catastrophic event strives to find a balance between adaptation and mitigation policies through R&D strategies. Our analysis reveals that, within our framework, there exists no trade-off between adaptation and mitigation. Rather, the critical relationship exists between adaptation and pollution because adaptation (wealth accumulation) increases the growth rate of the economy, leading to a higher flow pollution due to the scale effect. We also investigate the long-run effects of pollution taxes on growth rates and the influence of the probability of catastrophic events on these outcomes. Our findings suggest that even with a higher likelihood of catastrophe, the economy can elevate its R&D endeavors, provided that the penalty rate stemming from an abrupt event remains sufficiently high and the economy confronts a risk of a doomsday scenario. Additionally, we illustrate that pollution taxes can foster heightened long-term growth, with the positive effects being more pronounced when the probability of catastrophe is elevated, assuming an adequately substantial penalty rate. Finally, we find that pollution growth can be higher with less polluting inputs due to a scale effect, a phenomenon akin to the Jevons-type paradox.

本文旨在展示遭受灾难性事件的市场如何通过研发策略努力在适应和缓解政策之间找到平衡。我们的分析表明，在我们的框架内，适应和减缓之间不存在权衡。相反，适应与污染之间存在关键关系，因为适应（财富积累）提高了经济增长率，由于规模效应导致更高的流量污染。我们还研究了污染税对增长率的长期影响以及灾难性事件的概率对这些结果的影响。我们的研究结果表明，即使发生灾难的可能性较高，只要突发事件造成的惩罚率保持足够高并且经济面临世界末日场景的风险，经济体也可以加大研发力度。此外，我们还表明，假设罚款率足够高，污染税可以促进长期增长，当灾难发生的可能性升高时，其积极影响会更加明显。最后，我们发现，由于规模效应，污染投入较少，污染增长可能会更高，这种现象类似于杰文斯型悖论。