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American Economic Review: Vol. 97 No. 1 (March 2007)
AER Volume. 97, Issue 1 | 
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The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather
Article Citation
Deschênes, Olivier, and
Michael Greenstone. 2007. "The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather."
American Economic Review,
97(1): 354-385.
DOI: 10.1257/aer.97.1.354
DOI: 10.1257/aer.97.1.354
Abstract
This paper measures the economic impact of climate change on US agricultural
land by estimating the effect of random year-to-year variation in temperature and
precipitation on agricultural profits. The preferred estimates indicate that climate
change will increase annual profits by $1.3 billion in 2002 dollars (2002$) or 4
percent. This estimate is robust to numerous specification checks and relatively
precise, so large negative or positive effects are unlikely. We also find the hedonic
approach—which is the standard in the previous literature—to be unreliable because
it produces estimates that are extremely sensitive to seemingly minor choices
about control variables, sample, and weighting. (JEL L25, Q12, Q51, Q54)
Article Full-Text Access
Full-text Article
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Download Data Set (5.27 MB) | Link to Appendix (39.67 KB)
Authors
Deschênes, Olivier
Greenstone, Michael
Greenstone, Michael
