Understanding farmland price changes

This paper develops a structural model of land prices which includes the multidimensional effects of inflation on capital-erosion, savings-return erosion, and real debt reduction as well as the effect of changes in the opportunity cost of capital. The results show that inflation and changes in the r...

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Veröffentlicht in:	American journal of agricultural economics 1993-02, Vol.75 (1), p.156-168
Hauptverfasser:	Just, R.E. (University of Maryland), Miranowski, J.A
Format:	Artikel
Sprache:	eng
Schlagworte:	Agricultural economics Agricultural land AHORROS ANALISIS DE COSTOS ANALYSE DES COUTS CAPITAL COSTOS DE OPORTUNIDAD COUT D'OPPORTUNITE Debt DETTE DEUDAS Economic models EPARGNE ESTADOS UNIDOS DE AMERICA ETATS UNIS Farming Farmland prices Income taxes INFLACION INFLATION Inflation rates Land Land prices MODELE ECONOMETRIQUE MODELOS ECONOMETRICOS Opportunity costs PRECIOS Prices PRISE DE DECISION PRIX Q150 Savings TERRE TERRE AGRICOLE TIERRAS TIERRAS AGRICOLAS TOMA DE DECISIONES Transaction costs U.S.A
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Zusammenfassung:	This paper develops a structural model of land prices which includes the multidimensional effects of inflation on capital-erosion, savings-return erosion, and real debt reduction as well as the effect of changes in the opportunity cost of capital. The results show that inflation and changes in the real returns on capital are major explanatory factors in farmland price swings in addition to returns to farming. Additionally, the effects of credit market constraints and expectations schemes are considered explicitly in the analytical model
ISSN:	0002-9092 1467-8276
DOI:	10.2307/1242964