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Using Degree Days to Value Farmland

Author

Listed:
  • Emanuele Massetti
  • Robert Mendelsohn
  • Shun Chonabayashi

Abstract

Farmland values have traditionally been valued using seasonal temperature and precipitation. A new strand of the literature uses degree days over the growing season to predict farmland value. We find that degree days and daily temperature are interchangeable over the growing season. However, the way that degree days are used in these recent studies is problematic and leads to biased and inaccurate results. These new findings have serious implications for any study that copies this methodology.

Suggested Citation

  • Emanuele Massetti & Robert Mendelsohn & Shun Chonabayashi, 2014. "Using Degree Days to Value Farmland," CESifo Working Paper Series 5148, CESifo.
    • Handle: RePEc:ces:ceswps:_5148
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    File URL: https://www.cesifo.org/DocDL/cesifo1_wp5148.pdf
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    Cited by:

    1. Chonabayashi, Shun, 2014. "Accounting for Land Use Adaptation to Climate Change Impacts on US Agriculture," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170710, Agricultural and Applied Economics Association.
    2. McFadden, Jonathan & Miranowski, John, "undated". "Climate Change Impacts on the Intensive and Extensive Margins of US Agricultural Land," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170512, Agricultural and Applied Economics Association.
    3. Ma Jiliang Jiliang & Jean-Francois Maystadt, 2016. "Weather shocks, maize yields and adaptation in rural China," Working Papers 104825642, Lancaster University Management School, Economics Department.
    4. Burke, Marshall & Hsiang, Solomon M & Miguel, Edward, 2015. "Global non-linear effect of temperature on economic production," Department of Economics, Working Paper Series qt3g72r0zv, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    5. Nittai K. Bergman & Rajkamal Iyer & Richard T. Thakor, 2015. "Financial Accelerator at Work: Evidence from Corn Fields," NBER Working Papers 21086, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    degree days; climate change impacts; agriculture; land values;
    All these keywords.

    JEL classification:

    • Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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