This research investigates the impact of heatwaves on European agriculture, additional to the impact of gradual climate change. Using a dataset of more than 60,000 European farms, the study examines whether adding a measure for heatwaves to the Ricardian model influences its results. The study finds that the marginal impact of heatwave frequency, i.e. the percentage change in agricultural land values caused by one more heatwave day per year, is negligible in comparison to the effect of average temperature increases. Non-marginal effects are found to be relevant, but only in the unlikely case of increased heatwave frequency.
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