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Measuring the Impact of Global Warming in Agriculture

This paper develops a "Ricardian" approach for measuring the economic impact of environmental factors such as climate by examining the direct impact of the environmental factor on land prices. Estimating the model using cross-sectional data on climate, farm-land prices, and other economic and geophysical data for almost 3,000 countries in the United States, we find that higher temperatures in all seasons except autumn reduce average farm values in the United States and more precipitation in all seasons except autumn increases farm values. Applying the model to a global-warming scenario finds a range of impacts depending upon whether the model emphasize the grains through crop-land weights or a broader set of crops through crop-revenue weights. The results of the Ricardian approach show a significantly lower estimated impact of global warming than the traditional production-function approach.

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File URL: http://cowles.econ.yale.edu/P/cd/d10a/d1045.pdf
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Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1045.

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Length: 42 pages
Date of creation: Apr 1993
Date of revision:
Handle: RePEc:cwl:cwldpp:1045
Contact details of provider: Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/

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Order Information: Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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  1. William R. Cline, 1992. "Economics of Global Warming, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 39, May.
  2. Adams, Richard M. & McCarl, Bruce A. & Dudek, Daniel J. & Glyer, J. David, 1988. "Implications Of Global Climate Change For Western Agriculture," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(02), December.
  3. Beach, Robert H. & Thomson, Allison M. & McCarl, Bruce A., 2010. "Climate Change Impacts On Us Agriculture," Proceedings Issues, 2010: Climate Change in World Agriculture: Mitigation, Adaptation, Trade and Food Security, June 2010, Stuttgart- Hohenheim, Germany 91393, International Agricultural Trade Research Consortium.
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