Marginal Impacts of Climate on Farmland Values
| Census Division Fixed Effects | Provincial Fixed Effects | Base | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |||||||
| Temperature (°C) | ||||||||||||
| January | −2.46 | (0.74) | −2.76 | (0.72) | 2.75 | (0.50) | 1.28 | (0.49) | −1.38 | (0.51) | −2.40 | (0.52) |
| April | 31.11 | (2.07) | 28.34 | (2.07) | 22.46 | (1.27) | 23.80 | (1.22) | 27.82 | (1.07) | 28.75 | (1.08) |
| July | −4.53 | (2.07) | 2.15 | (2.07) | 8.00 | (1.44) | 6.02 | (1.40) | −9.53 | (1.39) | −12.07 | (1.40) |
| October | −5.29 | (1.86) | −11.22 | (1.86) | 0.15 | (1.50) | −9.66 | (1.48) | 20.29 | (1.37) | 14.50 | (1.36) |
| Aggregate (%) | 18.83 | 16.51 | 33.36 | 21.44 | 37.20 | 28.78 | ||||||
| Precipitation (mm) | ||||||||||||
| January | 0.52 | (0.16) | 0.47 | (0.16) | 1.64 | (0.09) | 1.47 | (0.09) | 1.56 | (0.08) | 1.44 | (0.08) |
| April | 1.52 | (0.14) | 1.45 | (0.13) | 0.95 | (0.10) | 0.79 | (0.10) | 2.29 | (0.09) | 1.80 | (0.09) |
| July | 0.27 | (0.07) | −0.01 | (0.07) | 1.25 | (0.04) | 0.30 | (0.05) | 1.71 | (0.04) | 0.97 | (0.04) |
| October | −1.33 | (0.15) | −0.78 | (0.15) | −1.95 | (0.10) | −1.18 | (0.1) | −2.52 | (0.09) | −1.66 | (0.10) |
| Aggregate (%) | 0.98 | 1.13 | 1.89 | 1.38 | 3.04 | 2.55 | ||||||
| Proximity variable | Yes | Yes | Yes | |||||||||
Note: Marginal impacts represent the percentage change in land values attributed to a one-unit change in a specific climate variable (ceteris paribus). All marginal impacts are calculated at the mean historical climate conditions. Standard errors are in parentheses.