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

@article{Deschenes2004TheEI,
  title={The Economic Impacts of Climate Change: Evidence from Agricultural Profits and Random Fluctuations in Weather},
  author={Olivier Deschenes and Michael Greenstone},
  journal={Agricultural \& Natural Resource Economics},
  year={2004}
}
This paper measures the economic impact of climate change on US agricultural land. We replicate the previous literature's implementation of the hedonic approach and find that it produces estimates of the effect of climate change that are very sensitive to decisions about the appropriate control variables, sample and weighting. We find estimates of the benchmark doubling of greenhouse gases on agricultural land values that range from a decline of $420 billion (1997$) to an increase of $265… 

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