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Estimating Ricardian Models With Panel Data

  • 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)

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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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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  1. Viscusi, W Kip & Aldy, Joseph E, 2003. " The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," Journal of Risk and Uncertainty, Springer, vol. 27(1), pages 5-76, August.
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