The Amenity Value of the Global Climate
This book develops and applies a far-reaching account of the economic value of climate, derived from its 'amenity value', or, the benefits which a particular climate provides to the people of that region or country. As climate change moves higher on the economic and policy agendas, reliable measures of the benefits and costs of specific climates, and of changes to them, become ever more critical.
Detailed studies of a range of countries, including Britain, the US, India and Russia, show that the mobility of the population is crucial. When individuals are able to move, the amenity value of the climate is reflected in land prices and wage rates. Without mobility, amenity values emerge in patterns of purchasing, either to compensate for the disadvantages of the climate or to make best use of it. Indices are generated for the cost of living as a function of climate variables, and optimal climates are identified to determine who wins and who loses from climate change.
Among other applications, the book also demonstrates how the value of climate for agriculture can be derived from agricultural land prices and how much of the value of climate change can be calculated from its consequences for tourism.
This volume is a significant contribution to environmental economics. Its practical and policy implications offer a basis for valuing the consequences of climate change.
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amenity value analysis annually averaged areas assumption benefits Cantril cent level chapter characteristics climate amenities climate change climate variables coefficients commodity consumer surplus cooling degree days cost of living countries data set Dependent variable different climate disamenity dummy variables effect of climate empirical environmental amenities equivalence scales estimate expected expenditure Global hedonic price Hedonic Regressions hedonic technique Hedonic Wage Regression household Household Production Function impact of climate included income increase India indirect utility function individual Italy Kavaratti labour land prices Maddison marginal changes measure negative observed parameters POPDEN population density Praag PREC PRECIP predicted price equation price of climate price regressions property prices quadratic R-squared rents Rents Service Russia scenarios sector significant statistically Table TEMP tion tourists travel cost unemployment utility function value of climate variation wage rates wage wage wage warming welfare and well-being welfare level winter workers zero otherwise