Agriculture could play a prominent role in U.S. efforts to address climate change if farms and ranches undertake activities that reduce greenhouse gas (GHG) emissions or take greenhouse gases out of the atmosphere. These activities may include shifting to conservation tillage, reducing the...

This paper studies bidder behavior in an innovative program in which farmers compete to sell their development rights to the State. We derive a reduced form bidding model that includes both private value and common value components. This model allows us to estimate the role of bidder...

The present paper argues that the costs of climate change are primarily adjustment costs. The central result is that climate change will reduce welfare whenever it occurs more rapidly than the rate at which capital stocks (interpreted broadly to include natural resource stocks) would naturally...