Does the Minimum Lot Size Program Affect Farmland Values? Empirical Evidence Using Administrative Data and Regression Discontinuity Design in Taiwan
This study empirically assesses the causal effect of the minimum lot size program on farmland values in Taiwan. A unique dataset of 4,032 parcels of farmland drawn from administrative foreclosure auction profiles between 2000 and 2008 and regression discontinuity design were applied to cope with the...
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| Veröffentlicht in: | American journal of agricultural economics 2016-04, Vol.98 (3), p.785-801 |
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| container_title | American journal of agricultural economics |
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| creator | Chang, Hung-Hao Lin, Tzu-Chin |
| description | This study empirically assesses the causal effect of the minimum lot size program on farmland values in Taiwan. A unique dataset of 4,032 parcels of farmland drawn from administrative foreclosure auction profiles between 2000 and 2008 and regression discontinuity design were applied to cope with the endogeneity issue of land use regulations. The results of the parametric and nonparametric estimations indicate that the minimum lot size program significantly increases farmland value by approximately 18% and 15%, respectively. Moreover, the program effect is more pronounced for farmland located in urban/suburban areas. In the absence of a tax effect and externality resulting from non-agricultural activities, the significant program effect on farmland values is likely to result from the effect of the program on farmland's option value for future development. |
| doi_str_mv | 10.1093/ajae/aav064 |
| format | Article |
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Empirical Evidence Using Administrative Data and Regression Discontinuity Design in Taiwan</title><source>PAIS Index</source><source>Business Source Complete</source><source>Access via Wiley Online Library</source><source>JSTOR Archive Collection A-Z Listing</source><creator>Chang, Hung-Hao ; Lin, Tzu-Chin</creator><creatorcontrib>Chang, Hung-Hao ; Lin, Tzu-Chin</creatorcontrib><description>This study empirically assesses the causal effect of the minimum lot size program on farmland values in Taiwan. A unique dataset of 4,032 parcels of farmland drawn from administrative foreclosure auction profiles between 2000 and 2008 and regression discontinuity design were applied to cope with the endogeneity issue of land use regulations. The results of the parametric and nonparametric estimations indicate that the minimum lot size program significantly increases farmland value by approximately 18% and 15%, respectively. Moreover, the program effect is more pronounced for farmland located in urban/suburban areas. In the absence of a tax effect and externality resulting from non-agricultural activities, the significant program effect on farmland values is likely to result from the effect of the program on farmland's option value for future development.</description><identifier>ISSN: 0002-9092</identifier><identifier>EISSN: 1467-8276</identifier><identifier>DOI: 10.1093/ajae/aav064</identifier><identifier>CODEN: AJAEBA</identifier><language>eng</language><publisher>Malden: Oxford University Press</publisher><subject>Agricultural economics ; Agricultural land ; Auctions ; Discontinuity ; Externality ; farmland values ; Farms ; Foreclosure ; foreclosure auction data ; Land use ; Minimum lot size program ; Property values ; Regression analysis ; regression discontinuity design ; Regulation ; Studies ; Suburban areas ; Suburban development ; Taiwan ; Taxation ; Urban agriculture ; Values</subject><ispartof>American journal of agricultural economics, 2016-04, Vol.98 (3), p.785-801</ispartof><rights>Copyright © 2016 Agricultural and Applied Economics Association</rights><rights>2015 Agricultural and Applied Economics Association</rights><rights>Copyright Oxford University Press, UK Apr 2016</rights><rights>Agricultural and Applied Economics Association</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c4564-4400a953dd202e1136cbac813461ca37b755c79f28ea3912886cf84254a408a73</citedby><cites>FETCH-LOGICAL-c4564-4400a953dd202e1136cbac813461ca37b755c79f28ea3912886cf84254a408a73</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/24739989$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/24739989$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,780,784,803,1417,27866,27924,27925,45574,45575,58017,58250</link.rule.ids></links><search><creatorcontrib>Chang, Hung-Hao</creatorcontrib><creatorcontrib>Lin, Tzu-Chin</creatorcontrib><title>Does the Minimum Lot Size Program Affect Farmland Values? 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In the absence of a tax effect and externality resulting from non-agricultural activities, the significant program effect on farmland values is likely to result from the effect of the program on farmland's option value for future development.</description><subject>Agricultural economics</subject><subject>Agricultural land</subject><subject>Auctions</subject><subject>Discontinuity</subject><subject>Externality</subject><subject>farmland values</subject><subject>Farms</subject><subject>Foreclosure</subject><subject>foreclosure auction data</subject><subject>Land use</subject><subject>Minimum lot size program</subject><subject>Property values</subject><subject>Regression analysis</subject><subject>regression discontinuity design</subject><subject>Regulation</subject><subject>Studies</subject><subject>Suburban areas</subject><subject>Suburban development</subject><subject>Taiwan</subject><subject>Taxation</subject><subject>Urban agriculture</subject><subject>Values</subject><issn>0002-9092</issn><issn>1467-8276</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2016</creationdate><recordtype>article</recordtype><sourceid>7TQ</sourceid><recordid>eNp9kUtv1DAUhSMEEkNhxRrJEhskFOpXYnuFos6UhwaBoO02unWcwaPEHmxnqunv6A_GQ1AXXXRxZV3pO0fn-hTFa4I_EKzYKWzBnALscc2fFAvCa1FKKuqnxQJjTEuFFX1evIhxm1dMlFwUd0tvIkq_DfpmnR2nEa19Qr_srUE_gt8EGFHT90YndA5hHMB16AqGycSPaDXubLAaBrTa2844bdBltG6Dmm7MXjEFSHZv0BISoKPwp9kEE6P1Di1t1N4l6yabDmhpot04ZB26AHsD7mXxrIchmlf_35Pi8nx1cfa5XH__9OWsWZeaVzUvOccYVMW6jmJqCGG1vgYtCeM10cDEtagqLVRPpQGmCJWy1r3ktOLAsQTBTop3s-8u-D_5ptSOOZcZ8pnGT7ElIv-YYFwc0bcP0K2fgsvpWloRIknOgh-jshdRWPC6ytT7mdLBxxhM3-6CHSEcWoLbY4_tscd27jHTYqZv7GAOj6Ft87VZ_Zvmala-mZXbmHy4V1IumFJSsb8C0awE</recordid><startdate>201604</startdate><enddate>201604</enddate><creator>Chang, Hung-Hao</creator><creator>Lin, Tzu-Chin</creator><general>Oxford University Press</general><general>Blackwell Publishing Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>7ST</scope><scope>8BJ</scope><scope>C1K</scope><scope>FQK</scope><scope>JBE</scope><scope>SOI</scope><scope>7TQ</scope><scope>DHY</scope><scope>DON</scope></search><sort><creationdate>201604</creationdate><title>Does the Minimum Lot Size Program Affect Farmland Values? 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Empirical Evidence Using Administrative Data and Regression Discontinuity Design in Taiwan</atitle><jtitle>American journal of agricultural economics</jtitle><date>2016-04</date><risdate>2016</risdate><volume>98</volume><issue>3</issue><spage>785</spage><epage>801</epage><pages>785-801</pages><issn>0002-9092</issn><eissn>1467-8276</eissn><coden>AJAEBA</coden><abstract>This study empirically assesses the causal effect of the minimum lot size program on farmland values in Taiwan. A unique dataset of 4,032 parcels of farmland drawn from administrative foreclosure auction profiles between 2000 and 2008 and regression discontinuity design were applied to cope with the endogeneity issue of land use regulations. The results of the parametric and nonparametric estimations indicate that the minimum lot size program significantly increases farmland value by approximately 18% and 15%, respectively. Moreover, the program effect is more pronounced for farmland located in urban/suburban areas. In the absence of a tax effect and externality resulting from non-agricultural activities, the significant program effect on farmland values is likely to result from the effect of the program on farmland's option value for future development.</abstract><cop>Malden</cop><pub>Oxford University Press</pub><doi>10.1093/ajae/aav064</doi><tpages>17</tpages></addata></record> |
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| ispartof | American journal of agricultural economics, 2016-04, Vol.98 (3), p.785-801 |
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| source | PAIS Index; Business Source Complete; Access via Wiley Online Library; JSTOR Archive Collection A-Z Listing |
| subjects | Agricultural economics Agricultural land Auctions Discontinuity Externality farmland values Farms Foreclosure foreclosure auction data Land use Minimum lot size program Property values Regression analysis regression discontinuity design Regulation Studies Suburban areas Suburban development Taiwan Taxation Urban agriculture Values |
| title | Does the Minimum Lot Size Program Affect Farmland Values? Empirical Evidence Using Administrative Data and Regression Discontinuity Design in Taiwan |
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