Now, you could argue that this is purely rational, but here's the catch: I see no evidence of people behaving as if they believed their beliefs about rising seas. For example, are real estate prices falling faster next to the beach than in the high desert, which you would predict if you believed that people believed their beliefs?
No, very much the opposite. While high desert home prices were dropping by half, Malibu's average home sale price rose from 2007 to 2008. The LA Times recently made a big deal out of the fact that quarterback Carson Palmer had sold his Manhattan Beach place for somewhat less than he paid for it around 2006, as an indicator that the Great Crash was finally hitting the beach, which mostly shows how it hasn't hit beachfront land much yet, even though the conventional wisdom implies that that property won't be there anymore not too far off in the future.
Consider the expensive homes on either side of beautiful El Matador beach out beyond Zuma Beach in far Malibu. The homes to the left of the state park are built on the sand, while the homes on the right are on top of a 100 foot sandstone bluff -- i.e., if the seas really rise ten feet like yesterday's article says, they're coming down. Ka-boom. That clifftop property won't be there anymore. And if the government builds a dyke like in Holland, then you aren't living next to a beach with beautiful crashing waves anymore, you're just living inland.
Something does not compute.