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Costs of adjustment to climate change

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Author Info

  • Quiggin, John C.
  • Horowitz, John K.

Abstract

The present paper argues that the costs of climate change are primarily adjustment costs. The central result is that climate change will reduce welfare whenever it occurs more rapidly than the rate at which capital stocks (interpreted broadly to include natural resource stocks) would naturally adjust through market processes. The costs of climate change can be large even when lands are close to their climatic optimum, or evenly distributed both above and below that optimum.

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File URL: http://purl.umn.edu/118147
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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

Volume (Year): 47 (2003)
Issue (Month): 4 (December)
Pages:

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Handle: RePEc:ags:aareaj:118147

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Keywords: Environmental Economics and Policy;

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References

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  1. Kahneman, Daniel & Knetsch, Jack L., 1992. "Valuing public goods: The purchase of moral satisfaction," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 57-70, January.
  2. Mendelsohn, Robert & Nordhaus, William D & Shaw, Daigee, 1994. "The Impact of Global Warming on Agriculture: A Ricardian Analysis," American Economic Review, American Economic Association, vol. 84(4), pages 753-71, September.
  3. Quiggin, John, 1998. "Existence Value and the Contingent Valuation Method," Australian Economic Papers, Wiley Blackwell, vol. 37(3), pages 312-29, September.
  4. John K. Horowitz & John Quiggin, 1999. "The Impact of Global Warming on Agriculture: A Ricardian Analysis: Comment," American Economic Review, American Economic Association, vol. 89(4), pages 1044-1045, September.
  5. Bockstael, Nancy E. & McConnell, Kenneth E., 1981. "Theory and estimation of the household production function for wildlife recreation," Journal of Environmental Economics and Management, Elsevier, vol. 8(3), pages 199-214, September.
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Citations

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Cited by:
  1. Hans-Werner Sinn, 2007. "Pareto Optimality in the Extraction of Fossil Fuels and the Greenhouse Effect: A Note," CESifo Working Paper Series 2083, CESifo Group Munich.
  2. Armbruster, Walter J. & Coyle, William T., 2009. "Climate Change and the Asia-Pacific Food System," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 48152, Australian Agricultural and Resource Economics Society.
  3. Kingwell, Ross S., 2006. "Is Hanrahan sort of right? Will climate change ruin us all?," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 137961, Australian Agricultural and Resource Economics Society.
  4. David Zilberman & Xuemei Liu & David Roland-Holst & David Sunding, 2004. "The economics of climate change in agriculture," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 9(4), pages 365-382, October.
  5. John Horowitz, 2009. "The Income–Temperature Relationship in a Cross-Section of Countries and its Implications for Predicting the Effects of Global Warming," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 44(4), pages 475-493, December.
  6. Quiggin, John C., 2009. "Agriculture and global climate stabilization," 2009 Conference, August 16-22, 2009, Beijing, China 53204, International Association of Agricultural Economists.
  7. Kingwell, Ross S., 2006. "Climate change in Australia: agricultural impacts and adaptation," Australasian Agribusiness Review, University of Melbourne, Melbourne School of Land and Environment, vol. 14.
  8. Zeynep K. Hansen & Gary D. Libecap & Scott E. Lowe, 2011. "Climate Variability and Water Infrastructure: Historical Experience in the Western United States," NBER Chapters, in: The Economics of Climate Change: Adaptations Past and Present, pages 253-280 National Bureau of Economic Research, Inc.
  9. Balvers, Ronald & Du, Ding & Zhao, Xiaobing, 2012. "The Adverse Impact of Gradual Temperature Change on Capital Investment," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124676, Agricultural and Applied Economics Association.
  10. Zeynep K. Hansen & Gary D. Libecap & Scott E. Lowe, 2009. "Climate Variability and Water Infrastructure: Historical Experience in the Western United States," NBER Working Papers 15558, National Bureau of Economic Research, Inc.

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