The paper “The Impact of Global Warming on Agriculture: A Ricardian Analysis” by Robert Mendelsohn, William D. Nordhaus, and Daigee Shaw was awarded the 2019 AERE Publication of Enduring Quality
Association of Environmental and Resource Economists (AERE) has recognized the paper “The Impact of Global Warming on Agriculture: A Ricardian Analysis” for the 2019 AERE Publication of Enduring Quality at the AERE summer conference on May 30-31, 2019 in Lake Tahoe. The Awards Committee announced their selection as follows:
“Mendelsohn, Nordhaus, and Shaw’s analysis of the impact of climate on land prices is one of the first papers to empirically quantify the economic impacts of climate on an important sector. The previous literature on the impacts of climate on agriculture relied on model simulation. Mendelsohn, Nordhaus and Shaw’s paper was the first to use real-world data to estimate an economic damage function. Their seminal work sparked a new literature in environmental economics that continues to unfold to this day, a literature that estimates the impacts of climate change on a diverse set of economic and health outcomes.”
Association of Environmental and Resource Economists (AERE) has recognized the paper “The Impact of Global Warming on Agriculture: A Ricardian Analysis” for the 2019 AERE Publication of Enduring Quality at the AERE summer conference on May 30-31, 2019 in Lake Tahoe. The Awards Committee announced their selection as follows:
“Mendelsohn, Nordhaus, and Shaw’s analysis of the impact of climate on land prices is one of the first papers to empirically quantify the economic impacts of climate on an important sector. The previous literature on the impacts of climate on agriculture relied on model simulation. Mendelsohn, Nordhaus and Shaw’s paper was the first to use real-world data to estimate an economic damage function. Their seminal work sparked a new literature in environmental economics that continues to unfold to this day, a literature that estimates the impacts of climate change on a diverse set of economic and health outcomes.”
Award-Winning Article
Robert Mendelsohn, William D. Nordhaus, and Daigee Shaw, “The Impact of Global Warming on Agriculture: A Ricardian Analysis,” The American Economic Review, Vol. 84, No. 4 (September 1994), pp. 753-771.
Abstract: We measure the economic impact of climate on land prices. Using cross- sectional data on climate, farmland prices, and other economic and geophysical data for almost 3,000 counties in the United States, we find that higher temperatures in all seasons except autumn reduce average farm values, while more precipitation outside of autumn increases farm values. Applying the model to a global-warming scenario shows a significantly lower estimated impact of global warming on U.S. agriculture than the traditional production-function approach and, in one case, suggests that, even without CO2 fertilization, global warming may have economic benefits for agriculture. (JEL Q10, Q25)
Note: Each year since 1989, AERE has recognized works that are of seminal nature and with enduring value in environmental and resource economics. Place and type of publication are unrestricted for the AERE Publication of Enduring Quality (PEQ) award.
Source: AREA website: https://www.aere.org/aere-awards