| This study estimates the impact of climate change on South American agriculture taking into account farm adaptations. The study used a Ricardian analysis of 2300 farms to explore the effects of global warming on land values. In order to predict climate change impacts for this century, were examined climate change scenarios predicted by three Atmospheric Oceanic General Circulation Models (AOGCM): the Canadian Climate Center (CCC), the Centre for Climate System Research (CCSR), and the Parallel Climate Model (PCM) models. Several econometric specifications were tested, and five separate regressions were run: for all farms, small household farms, large commercial farms, rainfed farms, and irrigated farms. Farmland values will decrease as temperature... |
