An empirical review of the effect of climate change on agriculture: a contingent valuation method

Abstract

This study is an empirical review of the effect of climate change on agriculture: a contingent valuation method. The paper relied on content analysis of extant literature. The paper viewed contingency valuation or the Contingent Valuation Method (CVM) is an economic, non-market based valuation method especially used to infer individual's preferences for public goods, notably environmental quality and more precisely it is used to place a monetary value on nonmarket goods. Available of the literature investigated suggest that there is a paucity of empirical literature in this area of study. However, findings from the empirical literature showed that climate impact negatively on agricultural production which suggests the need for proactive a mitigation and adaptation policy measures to help address the consequences of extreme events of climate change.