FEDERAL RESERVE BANK OF SAN FRANCISCO WORKING PAPER SERIES Climate Change and Housing Prices: Hedonic Estimates for Ski Resorts in Western North America Van Butsic Department of Forest and Wildlife Ecology University of Wisconsin Ellen Hanak Public Policy Institute of California Robert G. Valletta Federal Reserve Bank of San Francisco November 2009 Working Paper 2008-12 http://www.frbsf.org/publications/economics/papers/2008/wp08-12bk.pdf The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Climate Change and Housing Prices: Hedonic Estimates for Ski Resorts in Western North America Van Butsic Department of Forest and Wildlife Ecology University of Wisconsin 429 Taylor Hall 427 Lorch St. Madison, WI 53706 Phone: (608) 263-4585 Email:
[email protected] Ellen Hanak Public Policy Institute of California 500 Washington Street, Suite 800 San Francisco, CA 94111 Phone: (415) 291-4433 Email:
[email protected] Robert G. Valletta Federal Reserve Bank of San Francisco 101 Market Street San Francisco, CA 94105 Phone: (415) 974-3345 Email:
[email protected] First version: January 2008 This version: October 2009 JEL Codes: Q54, R21 Keywords: global warming, house prices, ski resorts, hedonic The authors thank John Karevoll of Dataquick and Jeff Puhl of Landcor Corp. for providing data on home transactions, Jim Mulligan from the University of Delaware for providing selected data on ski resort characteristics, and Michael Dettinger from the Scripps Institute of Oceanography for helpful discussions on the use of climate data.