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...

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...

Most U.S. farmers prepare their soil for seeding and weed and pest control through tillage—plowing operations that disturb the soil. Tillage practices affect soil carbon, water pollution, and farmers’ energy and pesticide use, and therefore data on tillage can be valuable for understanding...

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...