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Snowblind: the importance of climate information for recreational real estate

  • Osgood, Daniel E.
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    Seasonal climate forecasting systems have made substantial gains in recent years. Since climate forecasting technologies are quite new, it is difficult to value them by studying the impacts of existing systems. In pursuing the research necessary to develop and refine these technologies it is worthwhile to know if they have any benefit before their implementation. In this manuscript I determine that there is robust pre-implementation evidence that new vegetation index forecasting technologies could provide non-zero benefits in ranchette markets in Arizona. The magnitudes of the benefits are subtle, but nontrivial when aggregated across the population. In addition, intriguing results for parameters introduced in order to control for confounding impacts are found, suggesting potential rents on information asymmetries.

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    File URL: http://purl.umn.edu/19571
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    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2005 Annual meeting, July 24-27, Providence, RI with number 19571.

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    Date of creation: 2005
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    Handle: RePEc:ags:aaea05:19571
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    1. 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.
    2. Corrado Benassi & Antonello E. Scorcu, 2003. "Indexation Rules, Risk Aversion and Imperfect Information," Manchester School, University of Manchester, vol. 71(3), pages 330-340, 06.
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    6. James W. Mjelde & Harvey S.J. Hill & John F. Griffiths, 1998. "A Review of Current Evidence on Climate Forecasts and Their Economic Effects in Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(5), pages 1089-1095.
    7. Richard M. Adams & Stephen Polasky, 1998. "The Value of El Ni´┐Żo Forecasts in the Management of Salmon: A Stochastic Dynamic Assessment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(4), pages 765-777.
    8. Xu, Feng & Mittelhammer, Ronald C. & Torell, L. Allen, 1994. "Modeling Nonnegativity Via Truncated Logistic And Normal Distributions: An Application To Ranch Land Price Analysis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(01), July.
    9. Foster, William & Just, Richard E., 1989. "Measuring welfare effects of product contamination with consumer uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 266-283, November.
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