Fig. 3: Impact of climatic factors on crop net revenue.

a We use a panel Ricardian model, assuming that the farmer’s lagged adaptive behavior is reflected in the net revenue for the year. The marginal effects represent the influence of long-term climate change on the crop net revenue. b We use a panel fixed effects model, where minimal adaptation of farmers is assumed. Farmers had no time to respond to the short-term weather shock of that year. c We consider intertemporal (5 years difference) behavioral adjustment of farmers. All regressions were clustered at the provincial level. d We investigate the impact of annual temperature and precipitation on crop net revenue, without controlling for seasonal effects. All models include quadratic terms for temperature and precipitation, as well as interaction terms for temperature and precipitation. To control for the regional heterogeneity of market shocks, we also control for the interaction between province and year. The terrain and distance from the main road at the village level were also controlled for.