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Climate Amenities and Adaptation to Climate Change: A Hedonic-Travel Cost Approach for Europe

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  • Salvador Barrios

    (Institute for Prospective Technological Studies, Joint Research Centre, European Commission)

  • J. Nicolás Ibañez Rivas

    (Institute for Prospective Technological Studies, Joint Research Centre, European Commission)

Abstract

We investigate the impact of climatic change on welfare in European regions using a hedonic travel-cost framework and focusing on tourism demand. Our hedonic price estimations combine detailed hotel price information with tourism-specific travel cost estimations for each pair of EU region. This approach allows us to estimate different valuations of climate amenities depending on time duration of holidays. In our analysis of adaptation to climate change we therefore consider holiday duration as variable of adaptation. Our findings suggest that the rise in temperature in preferred destination choices during the summer season (i.e. southern EU) is likely to yield significant welfare losses. As a result European tourists are more likely to spend shorter (and more frequent) holidays and to diversify their destination choices in order to mitigate these losses.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2014.20.

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Date of creation: Feb 2014
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Handle: RePEc:fem:femwpa:2014.20

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Keywords: Climate Change; Hedonic Prices; Travel Cost; Tourism; Europe;

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  1. Andrea Bigano & Maria Berrittella & Roberto Roson & Richard S.J. Tol, 2004. "A General Equilibrium Analysis of Climate Change Impacts on Tourism," Working Papers 2004.127, Fondazione Eni Enrico Mattei.
  2. Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2012. "Temperature Shocks and Economic Growth: Evidence from the Last Half Century," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(3), pages 66-95, July.
  3. Kelly C. Bishop & Christopher Timmins, 2011. "Hedonic Prices and Implicit Markets: Estimating Marginal Willingness to Pay for Differentiated Products Without Instrumental Variables," NBER Working Papers 17611, National Bureau of Economic Research, Inc.
  4. Mendelsohn, Robert, 1981. "The Choice of Discount Rates for Public Projects," American Economic Review, American Economic Association, vol. 71(1), pages 239-41, March.
  5. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
  6. Won Kim, Chong & Phipps, Tim T. & Anselin, Luc, 2003. "Measuring the benefits of air quality improvement: a spatial hedonic approach," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 24-39, January.
  7. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  8. David Albouy & Walter Graf & Ryan Kellogg & Hendrik Wolff, 2013. "Climate Amenities, Climate Change, and American Quality of Life," NBER Working Papers 18925, National Bureau of Economic Research, Inc.
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  13. Salvador Barrios & Juan Nicolas Ibañez Rivas, 2013. "Tourism demand, climatic conditions and transport costs: an integrated analysis for EU regions," JRC-IPTS Working Papers JRC80898, Institute for Prospective and Technological Studies, Joint Research Centre.
  14. Maddison, David & Bigano, Andrea, 2003. "The amenity value of the Italian climate," Journal of Environmental Economics and Management, Elsevier, vol. 45(2), pages 319-332, March.
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  16. repec:reg:wpaper:291 is not listed on IDEAS
  17. Englin, Jeffrey & Mendelsohn, Robert, 1991. "A hedonic travel cost analysis for valuation of multiple components of site quality: The recreation value of forest management," Journal of Environmental Economics and Management, Elsevier, vol. 21(3), pages 275-290, November.
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  21. Olivier Desch�nes & Michael Greenstone, 2007. "The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather," American Economic Review, American Economic Association, vol. 97(1), pages 354-385, March.
  22. Nicholas Stern, 2008. "The Economics of Climate Change," American Economic Review, American Economic Association, vol. 98(2), pages 1-37, May.
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