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Climate impacts on aggregate farm value: Accounting for adaptation

Robert Mendelsohn and 2 other contributors

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    Publication Date
    JUN
    Journal
    AGRICULTURAL AND FOREST METEOROLOGY
    Location
    https://doi.org/10.1016/0168-1923(95)02316-X
    Citation
    Mendelsohn, R. ., Nordhaus, W. ., & Shaw, D. . (1996). Climate impacts on aggregate farm value: Accounting for adaptation. AGRICULTURAL AND FOREST METEOROLOGY, 80(1), 55-66. https://doi.org/10.1016/0168-1923(95)02316-X (Original work published 2024)

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    Faculty
    RO Mendelsohn

    Robert O. Mendelsohn Edwin Weyerhaeuser Davis Professor of Forest Policy; Professor of Economics; and Professor, School of Management

    Abstract

    This paper explains a Ricardian method which compares actual farmer behavior across different climates. The method incorporates farmer's adaptation because it captures the outcome of each farmer matching his behavior to local climate conditions. This paper explores a new application of the Ricardian method capturing how climate affects both the per acre value of farms and how much land is farmed. These empirical relationships are used to predict the agricultural impacts of simple climate warming scenarios.