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Effectiveness Of Use-Value Assessment In Preserving Farmland: A Search-Theoretic Approach

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  • Tavernier, Edmund M.
  • Li, Farong
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    Abstract

    Search 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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    File URL: http://purl.umn.edu/15258
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    Bibliographic Info

    Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

    Volume (Year): 27 (1995)
    Issue (Month): 02 (December)
    Pages:

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    Handle: RePEc:ags:joaaec:15258

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    Web page: http://www.saea.org/jaae/jaae.htm
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    Related research

    Keywords: Farmland preservation; Offer price; Reservation price; Search theory; Uncertainty; Use-value assessment; Land Economics/Use;

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    Cited by:
    1. 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.
    2. Temel, Tugrul, 2011. "The formation of offer prices in farmland markets: A hedonic price approach," MPRA Paper 31921, University Library of Munich, Germany.
    3. 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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