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Endogenous Land use and the Ricardian Valuation of Climate Change

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  • Christopher Timmins

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    Abstract

    The Ricardian technique uses cross-sectional variation in the capitalized value of climate in land to infer the agricultural costs or benefits of dynamic climate change. While a practical approach for predicting the consequences of global warming with readily available data, it may yield biased results when land-use decisions depend on the climate attributes being valued and when land has unobserved attributes that differ with the use to which it is put. This paper illustrates the conditions under which such a bias will occur, describes an empirical model that corrects for it, and estimates that model with agricultural census data from Brazil. The approach, moreover, allows constraints on adjustment to be explicitly incorporated into the Ricardian framework, relaxing one of that technique’s most conspicuous assumptions. Copyright Springer 2006

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    File URL: http://hdl.handle.net/10.1007/s10640-005-2646-9
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    Bibliographic Info

    Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

    Volume (Year): 33 (2006)
    Issue (Month): 1 (01)
    Pages: 119-142

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    Handle: RePEc:kap:enreec:v:33:y:2006:i:1:p:119-142

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    Web page: http://www.springerlink.com/link.asp?id=100263

    Related research

    Keywords: adjustment costs; endogenous land use; global climate change; Ricardian valuation; Q1; Q51; Q54; R14;

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    Cited by:
    1. Wolfram Schlenker & Michael J. Roberts, 2008. "Estimating the Impact of Climate Change on Crop Yields: The Importance of Nonlinear Temperature Effects," NBER Working Papers 13799, National Bureau of Economic Research, Inc.
    2. De Salvo, Maria & Raffaelli, Roberta & Moser, Riccarda, 2013. "The impact of climate change on permanent crops in an Alpine region: A Ricardian analysis," Agricultural Systems, Elsevier, vol. 118(C), pages 23-32.
    3. Jared Carbone & Daniel Hallstrom & V. Smith, 2006. "Can Natural Experiments Measure Behavioral Responses to Environmental Risks?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 33(3), pages 273-297, 03.
    4. Carlo Fezzi & Ian Bateman, 2013. "The Impact of Climate Change on Agriculture: Nonlinear Effects and Aggregation Bias in Ricardian Models of Farm Land Values," Working Papers 2013.94, Fondazione Eni Enrico Mattei.
    5. Steven Van Passel & Emanuele Massetti & Robert Mendelsohn, 2012. "A Ricardian Analysis of the Impact of Climate Change on European Agriculture," Working Papers 2012.83, Fondazione Eni Enrico Mattei.

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