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Estimating Ricardian Models With Panel Data

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    Abstract

    Many nonmarket valuation models, such as the Ricardian model, have been estimated using cross sectional methods with a single year of data. Although multiple years of data should increase the robustness of such methods, repeated cross sections suggest the results are not stable. We argue that repeated cross sections do not properly specify the model. Panel methods that correctly specify the Ricardian model are stable over time. The results suggest that many cross sectional methods including hedonic studies and travel cost studies could be enhanced using panel data.

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    File URL: http://www.nber.org/papers/w17101.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17101.

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    Date of creation: Jun 2011
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    Publication status: published as Emanuele Massetti & Robert Mendelsohn, 2011. "Estimating Ricardian Models With Panel Data," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 2(04), pages 301-319.
    Handle: RePEc:nbr:nberwo:17101

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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. 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.
    3. 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.
    4. 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.
    5. 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.
    6. Conley, T. G., 1999. "GMM estimation with cross sectional dependence," Journal of Econometrics, Elsevier, vol. 92(1), pages 1-45, September.
    7. 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.
    8. repec:reg:rpubli:291 is not listed on IDEAS
    9. Robert Mendelsohn & Ariel Dinar, 2003. "Climate, Water, and Agriculture," Land Economics, University of Wisconsin Press, vol. 79(3), pages 328-341.
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    Cited by:
    1. 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.
    2. Steven Van Passel & Emanuele Massetti & Robert Mendelsohn, 2014. "A Ricardian Analysis of the Impact of Climate Change on European Agriculture," CESifo Working Paper Series 4842, CESifo Group Munich.

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