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Snowblind: the importance of climate information for recreational real estate

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  • Osgood, Daniel E.

Abstract

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.

Suggested Citation

  • Osgood, Daniel E., 2005. "Snowblind: the importance of climate information for recreational real estate," 2005 Annual meeting, July 24-27, Providence, RI 19571, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea05:19571
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    References listed on IDEAS

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    1. 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.
    2. Richard M. Adams & Stephen Polasky, 1998. "The Value of El NiƱo 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.
    3. Mario F. Teisl & Nancy E. Bockstael & Alan Levy, 2001. "Measuring the Welfare Effects of Nutrition Information," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(1), pages 133-149.
    4. 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.
    5. 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.
    6. Jared Carbone & Daniel Hallstrom & V. Smith, 2006. "Can Natural Experiments Measure Behavioral Responses to Environmental Risks?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 33(3), pages 273-297, March.
    7. Sengupta, Sanchita & Osgood, Daniel Edward, 2003. "The value of remoteness: a hedonic estimation of ranchette prices," Ecological Economics, Elsevier, vol. 44(1), pages 91-103, February.
    8. Nivens, Heather D. & Kastens, Terry L. & Dhuyvetter, Kevin C. & Featherstone, Allen M., 2002. "Using Satellite Imagery In Predicting Kansas Farmland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 27(02), December.
    9. 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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    Cited by:

    1. Sheriff, Glenn & Osgood, Daniel E., 2005. "Shepherd's Dilemma," 2005 Annual meeting, July 24-27, Providence, RI 19340, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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    Keywords

    Land Economics/Use;

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