The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather
通过估计温度和降水的随机年际变化对美国农业利润的影响，发现气候变化将使年利润增加13亿美元（2002年美元）或4%，并指出传统特征价格法不可靠。
This paper measures the economic impact of climate change on US agricultural land by estimating the effect of random year-to-year variation in temperature and precipitation on agricultural profits. The preferred estimates indicate that climate change will increase annual profits by $1.3 billion in 2002 dollars (2002$) or 4 percent. This estimate is robust to numerous specification checks and relatively precise, so large negative or positive effects are unlikely. We also find the hedonic approach—which is the standard in the previous literature—to be unreliable because it produces estimates that are extremely sensitive to seemingly minor choices about control variables, sample, and weighting.