Climate, adaptation, and the value of forestland: A national Ricardian analysis of the United States

Christopher Mihiar; David J. Lewis

doi:muse.jhu.edu/article/848296

Climate, adaptation, and the value of forestland: A national Ricardian analysis of the United States

Formally Refereed

Authors:	Christopher Mihiar, David J. Lewis
Year:	2021
Type:	Scientific Journal
Station:	Southern Research Station
DOI:	https://doi.org/muse.jhu.edu/article/848296
Source:	Land Economics

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Abstract

This study estimates an econometric Ricardian model of the effects of climate on forestry using a novel national data set of county-level net economic returns to forestland. Results show that climate change projections to 2050 will increase forest net returns on the middle latitudes of eastern U.S. timberland. We quantify the value of extensive margin adaptation to climate change by separately estimating climate's effect on 11 distinct forest types. We find that approximately 69% of the positive climate change effect on eastern U.S. forestry arises from the value of extensive margin adaptation. Climate change impacts in the western United States are inconclusive.

Keywords

Climate change, Forest Economics, Environmental and Resource Economics

Citation

Mihiar, Christopher; Lewis, David J. 2021. Climate, adaptation, and the value of forestland: A national Ricardian analysis of the United States. Land Economics 97, no. 4 (. 2021. : 911-932. muse.jhu.edu/article/848296.