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American Economic Review: Vol. 102 No. 7 (December 2012)

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The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather: Comment

Article Citation

Fisher, Anthony C., W. Michael Hanemann, Michael J. Roberts, and Wolfram Schlenker. 2012. "The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather: Comment." American Economic Review, 102(7): 3749-60.

DOI: 10.1257/aer.102.7.3749

Abstract

In a series of studies employing a variety of approaches, we have found that the potential impact of climate change on US agriculture is likely negative. Deschênes and Greenstone (2007) report dramatically different results based on regressions of agricultural profits and yields on weather variables. The divergence is explained by (1) missing and incorrect weather and climate data in their study; (2) their use of older climate change projections rather than the more recent and less optimistic projections from the Fourth Assessment Report; and (3) difficulties in their profit measure due to the confounding effects of storage.

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Authors

Fisher, Anthony C. (U CA, Berkeley)
Hanemann, W. Michael (U CA, Berkeley)
Roberts, Michael J. (NC State U)
Schlenker, Wolfram (Columbia U)

JEL Classifications

L25: Firm Performance: Size, Diversification, and Scope
Q12: Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
Q15: Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
Q51: Valuation of Environmental Effects
Q54: Climate; Natural Disasters; Global Warming


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