Massetti, E., and R. Mendelsohn. 2019. “The Effect of Extreme Temperatures and Adaptation across Eastern American Farms” Revise and Resubmit.
Abstract. Previous Ricardian models of climate change impacts on agriculture have been criticized because they rely on mean temperatures and do not explicitly include extreme temperatures. This paper compares results using the entire distribution of daily temperature versus just the mean seasonal or growing season temperature in a Ricardian model. Including all temperatures does not increase measured long run damage. The warmest and coldest temperatures cause only modest harm to farmland values suggesting farmers have adapted to these extremes. The paper shows a few examples of these adaptations by farmers.
