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Deschênes, Olivier, and
Michael Greenstone. 2007. "The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather."
,
97(1): 354-385.
Show Article Details
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)
Additional links:
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Link to Appendix
Authors:
Deschênes, Olivier
Greenstone, Michael
JEL Classifications:
:
None
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