IDEAS home Printed from https://ideas.repec.org/p/ags/aaea05/19571.html
   My bibliography  Save this paper

Snowblind: the importance of climate information for recreational real estate

Author

Listed:
  • Osgood, Daniel E.

Abstract

Seasonal climate forecasting systems have made substantial gains in recent years. Since climate forecasting technologies are quite new, it is difficult to value them by studying the impacts of existing systems. In pursuing the research necessary to develop and refine these technologies it is worthwhile to know if they have any benefit before their implementation. In this manuscript I determine that there is robust pre-implementation evidence that new vegetation index forecasting technologies could provide non-zero benefits in ranchette markets in Arizona. The magnitudes of the benefits are subtle, but nontrivial when aggregated across the population. In addition, intriguing results for parameters introduced in order to control for confounding impacts are found, suggesting potential rents on information asymmetries.

Suggested Citation

  • Osgood, Daniel E., 2005. "Snowblind: the importance of climate information for recreational real estate," 2005 Annual meeting, July 24-27, Providence, RI 19571, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea05:19571
    DOI: 10.22004/ag.econ.19571
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/19571/files/sp05os01.pdf
    Download Restriction: no

    File URL: https://libkey.io/10.22004/ag.econ.19571?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Xu, Feng & Mittelhammer, Ronald C. & Torell, L. Allen, 1994. "Modeling Nonnegativity Via Truncated Logistic And Normal Distributions: An Application To Ranch Land Price Analysis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(1), pages 1-13, July.
    2. Foster, William & Just, Richard E., 1989. "Measuring welfare effects of product contamination with consumer uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 266-283, November.
    3. Jared Carbone & Daniel Hallstrom & V. Smith, 2006. "Can Natural Experiments Measure Behavioral Responses to Environmental Risks?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 33(3), pages 273-297, March.
    4. James W. Mjelde & Harvey S.J. Hill & John F. Griffiths, 1998. "A Review of Current Evidence on Climate Forecasts and Their Economic Effects in Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(5), pages 1089-1095.
    5. Sengupta, Sanchita & Osgood, Daniel Edward, 2003. "The value of remoteness: a hedonic estimation of ranchette prices," Ecological Economics, Elsevier, vol. 44(1), pages 91-103, February.
    6. Nivens, Heather D. & Kastens, Terry L. & Dhuyvetter, Kevin C. & Featherstone, Allen M., 2002. "Using Satellite Imagery In Predicting Kansas Farmland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 27(2), pages 1-17, December.
    7. Richard M. Adams & Stephen Polasky, 1998. "The Value of El Niño Forecasts in the Management of Salmon: A Stochastic Dynamic Assessment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(4), pages 765-777.
    8. Mario F. Teisl & Nancy E. Bockstael & Alan Levy, 2001. "Measuring the Welfare Effects of Nutrition Information," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(1), pages 133-149.
    9. Maddison, David & Bigano, Andrea, 2003. "The amenity value of the Italian climate," Journal of Environmental Economics and Management, Elsevier, vol. 45(2), pages 319-332, March.
    10. N/A, 2004. "Index for 2004," European Union Politics, , vol. 5(4), pages 511-512, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sheriff, Glenn & Osgood, Daniel E., 2005. "Shepherd's Dilemma," 2005 Annual meeting, July 24-27, Providence, RI 19340, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. James R. Wasson & Donald M. McLeod & Christopher T. Bastian & Benjamin S. Rashford, 2013. "The Effects of Environmental Amenities on Agricultural Land Values," Land Economics, University of Wisconsin Press, vol. 89(3), pages 466-478.
    2. Allais, Olivier & Etilé, Fabrice & Lecocq, Sébastien, 2015. "Mandatory labels, taxes and market forces: An empirical evaluation of fat policies," Journal of Health Economics, Elsevier, vol. 43(C), pages 27-44.
    3. Stéphan Marette & John Beghin & Anne‐Célia Disdier & Eliza Mojduszka, 2023. "Can foods produced with new plant engineering techniques succeed in the marketplace? A case study of apples," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 45(1), pages 414-435, March.
    4. Matthew Rousu & Wallace E. Huffman & Jason F. Shogren & Abebayehu Tegene, 2007. "Effects And Value Of Verifiable Information In A Controversial Market: Evidence From Lab Auctions Of Genetically Modified Food," Economic Inquiry, Western Economic Association International, vol. 45(3), pages 409-432, July.
    5. Disdier, Anne-Célia & Marette, Stéphan, 2012. "How do consumers in developed countries value the environment and workers’ social rights in developing countries?," Food Policy, Elsevier, vol. 37(1), pages 1-11.
    6. Xue, Hong & Mainville, Denise Y. & You, Wen & Nayga, Rodolfo M., Jr., 2009. "Nutrition Knowledge, Sensory Characteristics and Consumers’ Willingness to Pay for Pasture-Fed Beef," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49277, Agricultural and Applied Economics Association.
    7. Vickner, Steven S., 2005. "Estimating the Impact of Voluntary Labeling of Trans Fats on the Market Demand for Processed Foods: A Nested PIGLOG Model Approach," 2005 Annual meeting, July 24-27, Providence, RI 19342, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Katz, G. & Colby, Bonnie G. & Osgood, Daniel E. & Bark-Hodgins, Rosalind H. & Stromberg, J., 2005. "Do Homebuyers Care about the 'Quality' of Natural Habitats?," 2005 Annual meeting, July 24-27, Providence, RI 19283, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    9. S. Marette & L. Nabec & F. Durieux, 2019. "Improving Nutritional Quality of Consumers’ Food Purchases With Traffic-Lights Labels: An Experimental Analysis," Journal of Consumer Policy, Springer, vol. 42(3), pages 377-395, September.
    10. Jo, Jisung & Lusk, Jayson L. & Muller, Laurent & Ruffieux, Bernard, 2016. "Value of parsimonious nutritional information in a framed field experiment," Food Policy, Elsevier, vol. 63(C), pages 124-133.
    11. Rousu, Matthew C. & Nonnemaker, James & Farrelly, Matthew, 2009. "The Value of Countermarketing Information to Smokers: Evidence from Field Auctions," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49219, Agricultural and Applied Economics Association.
    12. O'Brien, Kelly A. & Teisl, Mario F., 2004. "Eco-information and its effect on consumer values for environmentally certified forest products," Journal of Forest Economics, Elsevier, vol. 10(2), pages 75-96, September.
    13. Vickner, Steven S. & Bailey, DeeVon & Dustin, Al, 2006. "Estimating the Market Demand for Value-Added Beef: Testing for BSE Announcement Effects Using a Nested PIGLOG Model Approach," 2006 Annual meeting, July 23-26, Long Beach, CA 21209, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    14. Joshua P. Berning & Hayley H. Chouinard & Jill J. McCluskey, 2009. "Measuring the Impact of Nutrition Labels on Food Purchasing Decisions: A field experiment with scanner data," Food Marketing Policy Center Research Reports 117, University of Connecticut, Department of Agricultural and Resource Economics, Charles J. Zwick Center for Food and Resource Policy.
    15. Marette, Stephan & Roosen, Jutta & Blanchemanche, Sandrine & Verger, Philippe, 2008. "The Choice of Fish Species: An Experiment Measuring the Impact of Risk and Benefit Information," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 33(01), pages 1-18, April.
    16. Colson, Gregory & Huffman, Wallace E. & Rousu, Matthew C., 2011. "Improving the Nutrient Content of Food through Genetic Modification: Evidence from Experimental Auctions on Consumer Acceptance," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 36(2), pages 1-22, August.
    17. Frank van Tongeren & John Beghin & Stéphane Marette, 2009. "A Cost-Benefit Framework for the Assessment of Non-Tariff Measures in Agro-Food Trade," OECD Food, Agriculture and Fisheries Papers 21, OECD Publishing.
    18. Stefani, Gianluca & Valli, Carlotta, 2004. "Exploring the Impacts of Risk Communication Policies on Welfare: Theoretical Aspects," 84th Seminar, February 8-11, 2004, Zeist, The Netherlands 24989, European Association of Agricultural Economists.
    19. Olivier Allais; & Fabrice Etile; & Sebastien Lecocq, 2012. "Mandatory labelling, nutritional taxes and market forces: An empirical evaluation of fat policies in the French fromage blanc and yogurt market," Health, Econometrics and Data Group (HEDG) Working Papers 12/14, HEDG, c/o Department of Economics, University of York.
    20. Bark, R.H. & Osgood, D.E. & Colby, B.G. & Katz, G. & Stromberg, J., 2009. "Habitat preservation and restoration: Do homebuyers have preferences for quality habitat?," Ecological Economics, Elsevier, vol. 68(5), pages 1465-1475, March.

    More about this item

    Keywords

    Land Economics/Use;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:aaea05:19571. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.