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The amenity value of climate to households in Germany

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  • Katrin Rehdanz
  • David Maddison

Abstract

Despite the importance of as comprehensive as possible damage cost estimates to cost benefit analyses of global attempts to reduce greenhouse gas emissions, few researchers have attempted to monetize the direct impact of climate change on households. This study uses the hedonic technique to measure the amenity value of the climate to German households. Evidence suggests that the amenity value of climate variables is capitalized mainly into hedonic house price differentials. Overall, German households appear to prefer warmer winters with less rainfall. Combining estimates of amenity values with the predicted changes in climate associated with the IPCC's A2 emissions scenario we find that the overall impact of climate change on German households, whilst negative, is typically not statistically different from zero. This occurs in part because the prediction is for warmer but wetter winters and also because the amenity value of some climate variables cannot be measured with sufficient precision. Copyright 2009 , Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/oep/gpn028
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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 61 (2009)
Issue (Month): 1 (January)
Pages: 150-167

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Handle: RePEc:oup:oxecpp:v:61:y:2009:i:1:p:150-167

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  1. Beatriz Gaitan de Soto & Richard S.J. Tol & I. Hakan Yetkiner, 2004. "The Hotelling's Rule Revisited in a Dynamic General Equilibrium Model," Working Papers FNU-44, Research unit Sustainability and Global Change, Hamburg University, revised Jun 2004.
  2. Andrea Bigano & Jacqueline M. Hamilton & Maren A. Lau & Richard S.J. Tol & Zhou Yuan, 2004. "A Global Database Of Domestic And International Tourist Numbers At National And Subnational Level," Working Papers FNU-54, Research unit Sustainability and Global Change, Hamburg University, revised Nov 2004.
  3. P. Michael Link & Richard S.J. Tol, 2004. "Possible Economic Impacts of a Shutdown of the Thermohaline Circulation: an Application of FUND," Working Papers FNU-42, Research unit Sustainability and Global Change, Hamburg University, revised Apr 2004.
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Cited by:
  1. Thomas Murray & David Maddison & Katrin Rehdanz, 2011. "Do Geographical Variations in Climate Influence Life Satisfaction?," Kiel Working Papers 1694, Kiel Institute for the World Economy.
  2. Howard, Peter H., 2012. "Climate Change, Vegetation, and Welfare: Estimating the Welfare Loss to Landowners of Marginal Shifts in Blue Oak Habitat," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124744, Agricultural and Applied Economics Association.
  3. Leonardo Becchetti & Sara Savastano, 2009. "The money-happiness relationship in transition countries: evidence from Albania," Econometica Working Papers wp11, Econometica.
  4. Kopmann, Angela & Rehdanz, Katrin, 2013. "A human well-being approach for assessing the value of natural land areas," Ecological Economics, Elsevier, vol. 93(C), pages 20-33.
  5. Zhou Yuan & Richard S.J. Tol, 2005. "Water Use in China’s Domestic, Industrial and Agricultural Sectors: An Empirical Analysis," Working Papers FNU-67, Research unit Sustainability and Global Change, Hamburg University, revised Jun 2005.

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