Using Degree Days to Value Farmland

49 Pages Posted: 16 Jan 2015

See all articles by Emanuele Massetti

Emanuele Massetti

Georgia Institute of Technology; CESifo (Center for Economic Studies and Ifo Institute); CMCC - Euro Mediterranean Centre for Climate Change

Robert O. Mendelsohn

Yale University - School of Forestry & Environmental Studies; Yale University

Shun Chonabayashi

World Bank

Multiple version iconThere are 2 versions of this paper

Date Written: December 30, 2014

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.

Keywords: degree days, climate change impacts, agriculture, land values

JEL Classification: Q120, Q240, Q510, Q540

Suggested Citation

Massetti, Emanuele and Mendelsohn, Robert O. and Chonabayashi, Shun, Using Degree Days to Value Farmland (December 30, 2014). CESifo Working Paper Series No. 5148. Available at SSRN: https://ssrn.com/abstract=2550177

Emanuele Massetti (Contact Author)

Georgia Institute of Technology ( email )

685 Cherry St.
Atlanta, GA 30332-0345
United States

CESifo (Center for Economic Studies and Ifo Institute)

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CMCC - Euro Mediterranean Centre for Climate Change

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Lecce, I-73100
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Robert O. Mendelsohn

Yale University - School of Forestry & Environmental Studies ( email )

195 Prospect Street
New Haven, CT 06511
United States

Yale University ( email )

New Haven, CT 06520
United States
2034325128 (Phone)

Shun Chonabayashi

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

HOME PAGE: http://sites.google.com/a/cornell.edu/shunchonabayashi

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