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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

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.

Suggested Citation

  • Tavernier, Edmund M. & Li, Farong, 1995. "Effectiveness of Use-value Assessment in Preserving Farmland: A Search-theoretic Approach," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 27(2), pages 626-635, December.
    • Handle: RePEc:cup:jagaec:v:27:y:1995:i:02:p:626-635_02
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    Cited by:

    1. John Anderson, 2005. "Taxes and Fees as Forms of Land Use Regulation," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 413-427, December.
    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. Batabyal, Amitrajeet A., 2004. "Endogenizing The Reservation Value In Models Of Land Development Over Time And Under Uncertainty," Economics Research Institute, ERI Series 28340, Utah State University, Economics Department.
    4. Colyer, Dale, 2004. "Land, Land Use and Competitiveness," Working Papers 19099, West Virginia University, Department of Agricultural Resource Economics.
    5. Syed Shurid Khan & Shawn Arita & Richard Howitt & PingSun Leung, 2022. "Evaluating change in property tax regime on noncommercial food production using a modified positive mathematical programming model," SN Business & Economics, Springer, vol. 2(9), pages 1-20, September.

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