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Estimating Ricardian Models With Panel Data

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  • EMANUELE MASSETTI

    ()
    (Yale School of Forestry and Environment Studies, FEEM and CMCC, 195 Prospect St, New Haven, CT 06515, USA)

  • ROBERT MENDELSOHN

    ()
    (Yale University, Yale School of Forestry and Environmental Studies, 195 Prospect St., New Haven, CT 06515, USA)

Abstract

Although the Ricardian model is a cross sectional method, there are advantages to estimating the model with additional years of data. For instance, with a panel, one can more easily separate events in a single year (e.g. weather and price shocks) from longer term phenomenon such as climate. Many early studies used repeated cross sections to study panel data but one can get consistently better performance from panel methods. In this paper, we rely on two panel methods to estimate the Ricardian function for the United States across time. The results suggest that moderate warming scenarios would benefit American agriculture as a whole but more extreme climate scenarios would be damaging.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Climate Change Economics.

Volume (Year): 02 (2011)
Issue (Month): 04 ()
Pages: 301-319

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Handle: RePEc:wsi:ccexxx:v:02:y:2011:i:04:p:301-319

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Keywords: Climate change; impacts; agriculture; United States;

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  1. W. Kip Viscusi & Joseph E. Aldy, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," NBER Working Papers 9487, National Bureau of Economic Research, Inc.
  2. Wolfram Schlenker & W. Michael Hanemann & Anthony C. Fisher, 2005. "Will U.S. Agriculture Really Benefit from Global Warming? Accounting for Irrigation in the Hedonic Approach," American Economic Review, American Economic Association, vol. 95(1), pages 395-406, March.
  3. George R. Parsons & Yangru Wu, 1991. "The Opportunity Cost of Coastal Land-Use Controls: An Empirical Analysis," Land Economics, University of Wisconsin Press, vol. 67(3), pages 308-316.
  4. repec:reg:rpubli:291 is not listed on IDEAS
  5. Mendelsohn, Robert & Dinar, Ariel & Sanghi, Apurva, 2001. "The effect of development on the climate sensitivity of agriculture," Environment and Development Economics, Cambridge University Press, vol. 6(01), pages 85-101, February.
  6. Robert Mendelsohn & Ariel Dinar, 2003. "Climate, Water, and Agriculture," Land Economics, University of Wisconsin Press, vol. 79(3), pages 328-341.
  7. Conley, T. G., 1999. "GMM estimation with cross sectional dependence," Journal of Econometrics, Elsevier, vol. 92(1), pages 1-45, September.
  8. Janusz R. Mrozek & Laura O. Taylor, 2002. "What determines the value of life? a meta-analysis," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 21(2), pages 253-270.
  9. Robert Mendelsohn & William D. Nordhaus & Daigee Shaw, 1993. "Measuring the Impact of Global Warming in Agriculture," Cowles Foundation Discussion Papers 1045, Cowles Foundation for Research in Economics, Yale University.
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Cited by:
  1. Mintewab Bezabih & Salvatore Di Falco & Alemu Mekonnen, 2014. "Is it the climate or the weather? Differential economic impacts of climatic factors in Ethiopia," Grantham Research Institute on Climate Change and the Environment Working Papers 148, Grantham Research Institute on Climate Change and the Environment.
  2. 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.
  3. Karen Fisher-Vanden & Ian Sue Wing & Elisa Lanzi & David Popp, 2013. "Modeling climate change feedbacks and adaptation responses: recent approaches and shortcomings," Climatic Change, Springer, vol. 117(3), pages 481-495, April.

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