The Economic Impacts of Global Warming on Agriculture: the Role of Adaptation
Kaixing Huang ()
No 2015-20, School of Economics Working Papers from University of Adelaide, School of Economics
Studies of climate change impacts on agricultural profits using panel data typically do not take account of adaptations over time by farmers, and those that do tend to use the standard hedonic approach which is potentially biased. As an alternative, this paper develops a panel framework that includes farmer adaptation. When tested with United States data, this study finds that the negative impact of expected climate change on farm profits by 2100 is only one-third as large once likely adaptation by farmers is taken into account.
JEL-codes: Q15 Q51 Q54 (search for similar items in EconPapers)
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