FEEM working papers "Note di lavoro" series
2011 .050

Estimating Ricardian Models With Panel Data


Authors: Emanuele Massetti, Robert Mendelsohn
Series: Climate Change and Sustainable Development
Editor: Carlo Carraro
Type: Journal
Keywords: Climate Change, Impacts, Agriculture, Hedonic Models
JEL n.: Q1, Q12, Q51, Q54
JEL: Climate Change Economics, Vol. 2, N. 4
Date: 11/2011

Abstract

Many nonmarket valuation models, such as the Ricardian model, have been estimated using cross sectional methods with a single year of data. Although multiple years of data should increase the robustness of such methods, repeated cross sections suggest the results are not stable. We argue that repeated cross sections do not properly specify the model. Panel methods that correctly specify the Ricardian model are stable over time. The results suggest that many cross sectional methods including hedonic studies and travel cost studies could be enhanced using panel data.

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Suggested citation: Emanuele Massetti and Robert Mendelsohn, Estimating Ricardian Models With Panel Data, Clim. Change Econ. 02, 301 (2011), http://dx.doi.org/10.1142/S2010007811000322

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