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Valuing the Impact of Large-Scale Ecological Change in a Market: The Effect of Climate Change on U.S. Timber

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  • Sohngen, Brent
  • Mendelsohn, Robert

Abstract

This paper establishes a methodology for valuing the impact of large-scale ecological changes in a market. Given the large capital stocks inherent in most ecological systems, the dynamic nature of most ecological change, and the dynamic response of markets, it is critical to build dynamic models to capture the resulting effects. This paper demonstrates how to construct such a model using the impacts of climate change on U.S. timber markets as an example. Across a wide range of scenarios and models, warming is predicted to expand timber supplies and thus benefit U.S. timber markets. Copyright 1998 by American Economic Association.

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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 88 (1998)
Issue (Month): 4 (September)
Pages: 686-710

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Handle: RePEc:aea:aecrev:v:88:y:1998:i:4:p:686-710

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Citations

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Environmental and Natural Resource Economics > Climate economics > Impacts of climate change
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Cited by:
  1. Guo, Christopher & Costello, Christopher, 2013. "The value of adaption: Climate change and timberland management," Journal of Environmental Economics and Management, Elsevier, vol. 65(3), pages 452-468.
  2. Latta, Gregory S. & Sjølie, Hanne K. & Solberg, Birger, 2013. "A review of recent developments and applications of partial equilibrium models of the forest sector," Journal of Forest Economics, Elsevier, vol. 19(4), pages 350-360.
  3. Wong, Grace Y. & Alavalapati, Janaki R. R., 2003. "The land-use effects of a forest carbon policy in the US," Forest Policy and Economics, Elsevier, vol. 5(3), pages 249-263, September.
  4. William D. Nordhaus & Robert Mendelsohn, 1999. "The Impact of Global Warming on Agriculture: A Ricardian Analysis: Reply," American Economic Review, American Economic Association, vol. 89(4), pages 1053-1055, September.
  5. McIntosh, Christopher R. & Shogren, Jason F. & Finnoff, David C., 2010. "Invasive species and delaying the inevitable: Valuation evidence from a national survey," Ecological Economics, Elsevier, vol. 69(3), pages 632-640, January.
  6. Buongiorno, Joseph & Raunikar, Ronald & Zhu, Shushuai, 2011. "Consequences of increasing bioenergy demand on wood and forests: An application of the Global Forest Products Model," Journal of Forest Economics, Elsevier, vol. 17(2), pages 214-229, April.
  7. Sjølie, Hanne K. & Latta, Gregory S. & Adams, Darius M. & Solberg, Birger, 2011. "Impacts of agent information assumptions in forest sector modeling," Journal of Forest Economics, Elsevier, vol. 17(2), pages 169-184, April.

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