A Forward-Looking Ricardian Approach: Do land markets capitalize climate change forecasts?
نویسندگان
چکیده
منابع مشابه
Price setting in forward-looking customer markets
We propose a new explanation for price rigidity. If consumers form habits in individual goods, then firms face a time-inconsistency problem. The consumers’ habits imply that low prices in the future help attract customers in the present. Firms would therefore like to promise low prices in the future. But when the future arrives they have an incentive to exploit consumers’ habits and price gouge...
متن کاملClimate Change or Land Use Dynamics: Do We Know What Climate Change Indicators Indicate?
Different components of global change can have interacting effects on biodiversity and this may influence our ability to detect the specific consequences of climate change through biodiversity indicators. Here, we analyze whether climate change indicators can be affected by land use dynamics that are not directly determined by climate change. To this aim, we analyzed three community-level indic...
متن کاملConditionally Optimal Weights and Forward-Looking Approaches to Combining Forecasts
In applied forecasting, there is a trade-off between in-sample fit and out-ofsample forecast accuracy. Parsimonious model specifications typically outperform richer model specifications. Consequently, there is often predictable information in forecast errors that is difficult to exploit. However, we show how this predictable information can be exploited in forecast combinations. In this case, o...
متن کاملThe impact of climate change on agriculture: nonlinear effects and aggregation bias in Ricardian models of farm land values
Ricardian (hedonic) analyses of the impact of climate change on farmland values typically assume additively separable effects of temperature and precipitation. Model estimation is implemented on data aggregated across counties or large regions. We investigate the potential bias induced by such approaches by using a large panel of farm-level data. Consistent with the literature on plant physiolo...
متن کاملAppendix for: Price Setting in Forward-Looking Customer Markets
It is straightforward to show that the steady state price with full commitment is p(z) = θ θ − 1 S, where variables without subscripts denote steady state values. Notice furthermore that equation (1) in the paper implies that C = (1 − γ)c(z) and equation (2) in the paper implies that (1 − γβ)P = p(z). A second order Taylor series approximation of the value of the firm around the steady state of...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Environmental Economics and Management
سال: 2018
ISSN: 0095-0696
DOI: 10.1016/j.jeem.2018.03.009