Quantifying the costs of drought: new evidence from life satisfaction data

Carroll, Nicholas; Frijters, Paul; Shields, Michael A

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Quantifying the costs of drought: new evidence from life satisfaction data

Date

2009

Authors

Carroll, Nicholas

Frijters, Paul

Shields, Michael A

Publisher

Springer

Abstract

We estimate the cost of droughts by matching rainfall data with individual life satisfaction. Our context is Australia over the period 2001 to 2004, which included a particularly severe drought. Using fixed-effect models, we find that a drought in spring