Land has long been neglected in economics. That is now changing. Recently, seven teams from Australia, the European Union, and the USA have, for the first time, included land use in their computable general equilibrium models, the work horses of economic policy analysis. This book describes and critically assesses the underlying data, the methodologies used, and the first applications. The applications are all to climate change and climate policy, but the methods and data can also be used for other applications, such as land use change and nature conservation.
This book outlines key empirical and analytical issues associated with modeling land use and land use change in the context of global climate change policy. It places special emphasis on the economy-wide competition for land and other resources, drawing out: the implications of changes in land use for the cost of climate change mitigation, land use change as a result of mitigation, and feedback from changes in the global climate to land use. By offering synthesis and evaluation of a variety of different approaches to this challenging field of research, this book will serve as a key reference for future work in the economic analysis of land use and climate change policy.
'Across the material we find three aspects in this book that we think are particularly valuable. The first is the emphasis on the economics of global scale land-based mitigation, land competition, and conventional land use opportunity costs. Second, there is material presented on the design of CGE models to capture land availability, competition, and physical characteristics. Third and finally, the authors discuss and assess deficiencies in the studies presented and identify directions for future research'. - Jianhong Mu, Siyi Feng and Bruce A. McCarl, Texas A&M University, USA
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