In 2022, the small community of Vinalhaven, Maine faced big questions as it embarked on a major infrastructure initiative—the Downtown Project—to revitalize its downtown and defend against a potential rise in sea levels. Vinalhaven, an unbridged island located approximately 12 miles off the coast, had a year-round population of about 1,200 people, with an additional 1,200 summer residents.
Professor Ruback and Matt Preble on location in Vinalhaven.
The downtown was located on a part of the island that made it vulnerable to rising sea levels. And the town faced other potentially serious challenges including new regulations that could negatively impact the lobstering industry, which was the major source of income for most island residents. With uncertainty coming from multiple directions, how could the town best position itself for the future?
The multimedia case was produced in partnership with Professor Rick Ruback for the EC Course Market Perspectives.
Vinalhaven: The Downtown Project was honored with a 2024 Gold Telly Award in the Education & Discovery category and two Bronze Telly Awards in the Sustainability and Online Education categories.
The course highlights the role of capitalism and markets, and one of the goals is to teach about the impact of consequences on market economies, including the impact of climate change. This case puts the debate about climate change in a decision context, so that students can grapple with the impact of sea level rise and the decisions that need to be made.
Richard S. Ruback; Baker Foundation Professor
Willard Prescott Smith Professor of Corporate Finance, Emeritus