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Abstract ▼ AI-Helper

This study estimates how much climate variables affect the land prices of rice paddy and dry farm field in agriculture with the case of South Korea. To this end, we employ the Ricardian approach based upon the panel data on climate, edaphic and geography, farmland prices, other economic and social...

This study estimates how much climate variables affect the land prices of rice paddy and dry farm field in agriculture with the case of South Korea. To this end, we employ the Ricardian approach based upon the panel data on climate, edaphic and geography, farmland prices, other economic and social variables for 56 municipal units comprising South Korea during the period of 1993~2010. Our empirical results show that the temperature variable has negative economic impacts on the land prices of rice paddy and dry farm field, while the hour of sunlight variable affects them in a positive way, reconfirming that the temperature variable is much significant in explaining the economic effects of global warming. On the other hand, the social and economic determinants of farmland prices are different with the type of farmland.

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