| Many studies have done econometric estimates of how climate alters crop yields and or land rents in an effort to gain information on potential effects of climate change. However, an important related factor, the atmospheric carbon dioxide (CO2) concentration, and in fact a driver of climate change is ignored. This means the prior econometric estimates are biased as they infer what will happen under climate change from observations in the recent past, but without consideration of CO2 effects. Furthermore although CO2 has been varying, it has proceeded at a very linear pace and cannot be disentangled from technological progress using historical crop yield data. This paper is designed to overcome this issue and estimate the consequences that CO2 has and... |
