This paper employs a stochastic frontier approach to examine how climate change and extreme weather affect U.S. agricultural productivity using 1940-1970 historical weather data (mean and variation) as the norm. We have four major findings. First, using temperature humidity index (THI) load and...

A cost-function-based production model is used to represent patterns of input use and output production in U.S. agriculture, and the implied costs of induced reductions in risk from agricultural chemicals ("bad outputs"). We estimate and evaluate shadow values for these harmful outputs, and the...