Effectiveness Of Use-Value Assessment In Preserving Farmland: A Search-Theoretic Approach
AbstractSearch theory is used to present a theoretically defensible model to examine the effectiveness of use value assessment (UVA) in preserving farmland. The model is empirically tractable and supports the findings of past research. The analysis considers the impact of farm income, uncertainty, and the distribution of the offer price on the effectiveness of UVA in preserving farmland and shows, through the effect on the reservation price, that for a given distribution of the offer price, property-tax rate, and the difference between market-value and use-value of land, the preservation of agricultural land only takes place within a relevant range.
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Bibliographic InfoArticle provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.
Volume (Year): 27 (1995)
Issue (Month): 02 (December)
Farmland preservation; Offer price; Reservation price; Search theory; Uncertainty; Use-value assessment; Land Economics/Use;
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- Batabyal, Amitrajeet A., 2004.
"Endogenizing The Reservation Value In Models Of Land Development Over Time And Under Uncertainty,"
Economics Research Institute, ERI Series, Utah State University, Economics Department
28340, Utah State University, Economics Department.
- Amit Batabyal & Basudeb Biswas, 2005. "Endogenizing the Reservation Value in Models of Land Development Over Time and Under Uncertainty," ERSA conference papers ersa05p163, European Regional Science Association.
- Amitrajeet Batabyal & Basudeb Biswas, 2004. "Endogenizing the Reservation Value in Models of Land Development Over Time and Under Uncertainty," Working Papers 2004-18, Utah State University, Department of Economics.
- Temel, Tugrul, 2011. "The formation of offer prices in farmland markets: A hedonic price approach," MPRA Paper 31921, University Library of Munich, Germany.
- John Anderson, 2005. "Taxes and Fees as Forms of Land Use Regulation," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 31(4), pages 413-427, December.
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