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Climate, Adaptation, and the Value of Forestland: A National Ricardian Analysis of the United States

Author

Listed:
  • Christopher Mihiar
  • David J. Lewis

Abstract

This study estimates an econometric Ricardian model of the effects of climate on forestry using a novel national data set of county-level net economic returns to forestland. Results show that climate change projections to 2050 will increase forest net returns on the middle latitudes of eastern U.S. timberland. We quantify the value of extensive margin adaptation to climate change by separately estimating climate’s effect on 11 distinct forest types. We find that approximately 69% of the positive climate change effect on eastern U.S. forestry arises from the value of extensive margin adaptation. Climate change impacts in the western United States are inconclusive.

Suggested Citation

  • Christopher Mihiar & David J. Lewis, 2021. "Climate, Adaptation, and the Value of Forestland: A National Ricardian Analysis of the United States," Land Economics, University of Wisconsin Press, vol. 97(4), pages 911-932.
    • Handle: RePEc:uwp:landec:v:97:y:2021:i:4:p:911-932
    Note: DOI: 10.3368/le.97.4.011620-0004R1
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    File URL: http://le.uwpress.org/cgi/reprint/97/4/911
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    Citations

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    Cited by:

    1. Hashida, Yukiko & Lewis, David J., 2022. "Estimating welfare impacts of climate change using a discrete-choice model of land management: An application to western U.S. forestry," Resource and Energy Economics, Elsevier, vol. 68(C).
    2. Wang, Yuhan & Lewis, David J., 2024. "Wildfires and climate change have lowered the economic value of western U.S. forests by altering risk expectations," Journal of Environmental Economics and Management, Elsevier, vol. 123(C).
    3. Johnson, Kelsey K. & Lewis, David J., 2024. "Weather variability risks slow climate adaptation: An empirical analysis of forestry," Journal of Environmental Economics and Management, Elsevier, vol. 125(C).

    More about this item

    JEL classification:

    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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