FEEM working papers "Note di lavoro"
Date: 20/2/2015

Using Degree Days to Value Farmland

Emanuele Massetti (Georgia Institute of Technology, CESIfo); Robert Mendelsohn (Yale University); Shun Chonabayashi (Cornell University)
JEL n.: Q12, Q24, Q51, Q54
Keywords: Degree Days, Climate Change Impacts, Agriculture, Land Values


Farmland values have traditionally been valued using seasonal temperature and precipitation. A new strand of the literature uses degree days over the growing season to predict farmland value. We find that degree days and daily temperature are interchangeable over the growing season. However, the way that degree days are used in these recent studies is problematic and leads to biased and inaccurate results. These new findings have serious implications for any study that copies this methodology.

Suggested citation: Massetti, E., R. Mendelsohn, S. Chonabayashi, (2015), 'Using Degree Days to Value Farmland', Nota di Lavoro 12.2015, Milan, Italy: Fondazione Eni Enrico Mattei.

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