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Cost-benefit analysis has important uses – and crucial blind spots. It represents only one of several economic tools that can be used to assess options for adapting to climate change in developing countries. The Nairobi Work Programme would best serve governments by considering not just cost-benefit approaches, but the entire range of tools. By developing a ‘toolkit’ that helps users choose from a variety of evaluation methods, we can support adaptation decisions that promote equity, put local people in control and allow for dynamic responses to climate change as it unfolds.