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The Impact of Climate on Agriculture: A Ricardian Approach

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Author Info
Robert Mendelsohn (School of Forestry, Yale University)
William D. Nordhaus () (Cowles Foundation, Yale University)
Shaw, Daigee (Inst. of Economics, Academia Sinica)

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Abstract

Because of the potential for global warming, there are widespread concerns about the impact of changing climate upon the productivity of land in farming and other sectors. This paper develops a new approach for measuring the economic impact of environmental factors such as climate on production by examining the direct impact of the environmental factor on land productivity as measured by land prices. This new method is applied to examine the effect of climate on agriculture using cross-sectional farm data for almost 3000 counties in the United States. It finds substantial impacts of climatic variation on both land values and farm revenues. Among the central findings are that higher temperatures in all seasons except autumn reduce all seasons except autumn increases farm values. The relationships are, however, nonlinear and complex.

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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1010.

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Length: 49 pages
Date of creation: Feb 1992
Date of revision:
Publication status: Published in American Economic Review (1994), 84(4): 753-771
Handle: RePEc:cwl:cwldpp:1010

Note: CFP 876.
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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
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Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Climate; agriculture; land productivity; land prices;

Find related papers by JEL classification:
Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
R32 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Other Production and Pricing Analysis
Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation

Cited by:
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  1. Charles D. Kolstad David L. Kelly Glenn Mitchell, . "Adjustment Costs from Environmental Change Induced by Incomplete Information and Learning," University of California at Santa Barbara, Economics Working Paper Series 10-99, Department of Economics, UC Santa Barbara. [Downloadable!]
    Other versions:
  2. Cynthia Rosenzweig & Francesco Tubiello, 2007. "Adaptation and mitigation strategies in agriculture: an analysis of potential synergies," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 12(5), pages 855-873, June. [Downloadable!] (restricted)
  3. Wietze Lise & Richard S.J. Tol, 2000. "Impact of Climate on Tourist Demand," Working Papers FNU-1, Research unit Sustainability and Global Change, Hamburg University, revised Aug 2000. [Downloadable!]
  4. Richard S.J. Tol & Thomas E. Downing & Samuel Fankhauser & Richard G. Richels & Joel B. Smith, 2001. "Progress In Estimating The Marginal Costs Of Greenhouse Gas Emissions," Working Papers FNU-4, Research unit Sustainability and Global Change, Hamburg University, revised Jan 2001. [Downloadable!]
  5. Richard S.J. Tol & Samuel Fankhauser & Richard G. Richels & Joel B. Smith, 2000. "How Much Damage Will Climate Change Do? Recent Estimates," Working Papers FNU-2, Research unit Sustainability and Global Change, Hamburg University, revised Sep 2000. [Downloadable!]
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