The microeconomics of adaptation: Evidence from smallholders in Ethiopia and Niger

•The ability to cope with ongoing and future risks of climate change depends on the vulnerability and exposure of livelihoods.•To accelerate adaptation we require an understanding of local climate risks and economic behavior of farm households.•As a central element of adaptive capacity, education is associated with reduced exposure and vulnerability of households.•Female headed households are more food insecure and less engaged in on-farm adaptation.•Because spatial poverty traps exist, interventions need to be targeted to be efficient in accelerating adaptation.