“…In recent years, literature on the impacts of climate change on agriculture and food security has grown considerably (see, Cline, 1996;Sanghi et al, 1998;Mendelsohn et al, 2001;Kumar and Parikh, 2001;Schlenker and Roberts, 2006;Stern, 2006;Guiteras, 2007;Sanghi and Mendelsohn, 2008;Mendelsohn and Dinar, 2009;Nelson et al, 2009;Jacoby et al, 2011;Kurukulasuriya et al, 2011;De Salvo et al, 2013;Birthal et al, 2014). However, to the best of our knowledge a rigorous analysis of the impacts of extreme climatic events, including droughts, is still lacking.…”