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Estimating the Amenity Costs of Global Warming in Brazil: Getting the Most from Available Data

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  • Christopher Timmins

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    (Economic Growth Center, Yale University)

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    Abstract

    This paper develops a theoretically consistent technique for valuing non-marketed local attributes using compensating income differentials in the absence of housing market data. The individual's indirect utility function is identified with aggregate data describing equilibrium location decisions, and this function is used in place of the unidentified equation describing how housing prices are determined. The model is used to value climate amenities in Brazil, where such data problems are prevalent. Similar problems arise in other developing countries, particularly when one looks outside of the largest cities.

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    File URL: http://www.econ.yale.edu/growth_pdf/cdp809.pdf
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    Bibliographic Info

    Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 809.

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    Length: 42 pages
    Date of creation: Nov 1999
    Date of revision:
    Handle: RePEc:egc:wpaper:809

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    Related research

    Keywords: wage-hedonics; discrete-choice analysis; climate amenity; global warming;

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    References

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    1. William D. Nordhaus & James Tobin, 1971. "Is Growth Obsolete?," Cowles Foundation Discussion Papers 319, Cowles Foundation for Research in Economics, Yale University.
      • William D. Nordhaus & James Tobin, 1972. "Is Growth Obsolete?," NBER Chapters, in: Economic Research: Retrospect and Prospect Vol 5: Economic Growth, pages 1-80 National Bureau of Economic Research, Inc.
      • William D. Nordhaus & James Tobin, 1973. "Is Growth Obsolete?," NBER Chapters, in: The Measurement of Economic and Social Performance, pages 509-564 National Bureau of Economic Research, Inc.
    2. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July.
    3. Cropper, Maureen L, et al, 1993. "Valuing Product Attributes Using Single Market Data: A Comparison of Hedonic and Discrete Choice Approaches," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 225-32, May.
    4. Henderson, J. Vernon, 1982. "Evaluating consumer amenities and interregional welfare differences," Journal of Urban Economics, Elsevier, vol. 11(1), pages 32-59, January.
    5. 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.
    6. Cragg, M. & Kahn, M., 1995. "New Estimates on Climate Demand: Evidence from Location Choice," Discussion Papers 1995_34, Columbia University, Department of Economics.
    7. Blomquist, Glenn C & Berger, Mark C & Hoehn, John P, 1988. "New Estimates of Quality of Life in Urban Areas," American Economic Review, American Economic Association, vol. 78(1), pages 89-107, March.
    8. Berry, Steven & Levinsohn, James & Pakes, Ariel, 1995. "Automobile Prices in Market Equilibrium," Econometrica, Econometric Society, vol. 63(4), pages 841-90, July.
    9. Getz, Malcom & Huang, Yuh-ching, 1978. "Consumer Revealed Preference for Environmental Goods," The Review of Economics and Statistics, MIT Press, vol. 60(3), pages 449-58, August.
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