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Industrial Productivity in a Hotter World: The Aggregate Implications of Heterogeneous Firm Investment in Air Conditioning
How will a nation's aggregate urban productivity be affected by climate change? The joint distribution of climate conditions and economic activity across a nation's cities will together determine industrial average exposure to climate risk. Air conditioning (AC) can greatly reduce this heat exposure. We develop a simple model of air conditioning adoption by heterogeneous firms within an industry. Our analysis suggests that high productivity firms are more likely to adopt AC since they sufferdoi:10.3386/w22962 fatcat:xhjkl7orirdfdahcwc6rmqupr4