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Urban Sprawl and Farmland Prices

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Author Info
Grigorios Livanis
Charles B. Moss
Vincent E. Breneman
Richard F. Nehring

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Abstract

A theoretical model of farmland valuation is developed to explicitly account for three effects of urban sprawl: conversion of farmland to urban uses, effect on agricultural returns, and speculative effect as represented by farmland conversion risk. This model is estimated using county-level data in the continental United States. Evidence is found for all three effects of urban sprawl on farmland values. Counties more accessible to major urban centers have higher net agricultural returns. Subsidiary evidence supports that the latter effect may be attributed to survival of (or conversion to) high-valued agriculture around urban centers. Copyright 2006 American Agricultural Economics Association.

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Article provided by American Agricultural Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 88 (2006)
Issue (Month): 4 (November)
Pages: 915-929
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Handle: RePEc:bla:ajagec:v:88:y:2006:i:4:p:915-929

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Plantinga, Andrew J. & Lubowski, Ruben N. & Stavins, Robert N., 2002. "The effects of potential land development on agricultural land prices," Journal of Urban Economics, Elsevier, vol. 52(3), pages 561-581, November. [Downloadable!] (restricted)
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  2. Hardie, Ian W & Narayan, Tulika A & Gardner, Bruce L, 2001. " The Joint Influence of Agricultural and Nonfarm Factors on Real Estate Values: An Application to the Mid-Atlantic Region," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 83(1), pages 120-32, February. [Downloadable!] (restricted)
  3. Capozza, Dennis R. & Helsley, Robert W., 1990. "The stochastic city," Journal of Urban Economics, Elsevier, vol. 28(2), pages 187-203, September. [Downloadable!] (restricted)
  4. Mendelsohn, Robert & Nordhaus, William D & Shaw, Daigee, 1994. "The Impact of Global Warming on Agriculture: A Ricardian Analysis," American Economic Review, American Economic Association, vol. 84(4), pages 753-71, September. [Downloadable!] (restricted)
  5. Arnott, Richard J & Lewis, Frank D, 1979. "The Transition of Land to Urban Use," Journal of Political Economy, University of Chicago Press, vol. 87(1), pages 161-69, February. [Downloadable!] (restricted)
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  6. Lahiri, Kajal & Schmidt, Peter, 1978. "On the Estimation of Triangular Structural Systems," Econometrica, Econometric Society, vol. 46(5), pages 1217-21, September. [Downloadable!] (restricted)
  7. Capozza, Dennis R. & Helsley, Robert W., 1989. "The fundamentals of land prices and urban growth," Journal of Urban Economics, Elsevier, vol. 26(3), pages 295-306, November. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Du, Xiaodong (Sheldon) & Hennessy, David A. & Edwards, William M., 2008. "Does a Rising Biofuels Tide Raise All Boats? A Study of Cash Rent Determinants for Iowa Farmland under Hay and Pasture," Staff General Research Papers 12997, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  2. Henderson, Jason & Gloy, Brent, 2008. "The Impact of Ethanol Plants on Land Values in the Great Plains," Proceedings: 2007 Agricultural and Rural Finance Markets in Transition, October 4-5, 2007, St. Louis, Missouri 48148, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition. [Downloadable!]
  3. Pavel Ciaian & d'Artis Kancs, 2009. "The Capitalisation of Area Payments into Farmland Rents: Theory and Evidence from the New EU Member States," EERI Research Paper Series EERI_RP_2009_04, Economics and Econometrics Research Institute (EERI). [Downloadable!]
  4. Erickson, Kenneth W. & Moss, Charles B. & Mishra, Ashok K., 2006. "Farm Wealth Inequality Within and Across States in the United States," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(2), October. [Downloadable!]
  5. Blank, Steven C. & Erickson, Kenneth W. & Nehring, Richard & Hallahan, Charles, 2006. "Agricultural Profits and Farm Household Wealth: A Farm-level and Cross-sectional Analysis," 2006 Annual meeting, July 23-26, Long Beach, CA 21436, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  6. Flores-Lagunes, Alfonso & Moss, Charles, 2008. "State Level Evidence of the Boom/Bust Cycle for Farmland," Proceedings: 2007 Agricultural and Rural Finance Markets in Transition, October 4-5, 2007, St. Louis, Missouri 48146, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition. [Downloadable!]
  7. Jason Henderson & Brent A. Gloy, 2008. "The impact of ethanol plants on cropland values in the Great Plains," Regional Research Working Paper RRWP 08-01, Federal Reserve Bank of Kansas City. [Downloadable!]
  8. Henderson, Jason & Gloy, Brent A., 2008. "The Impact of Ethanol Plants on Cropland Values in the Great Plains," Working Papers 51080, Cornell University, Department of Applied Economics and Management. [Downloadable!]
  9. Bell, Kathleen P. & Dalton, Timothy J., 2006. "Spatial Economic Analysis in Data-Rich Environments," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25241, International Association of Agricultural Economists. [Downloadable!]
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