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Land Quality and Prices

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  • Willis Peterson

Abstract

Although land values reflect land quality, the quality characteristics that determine values are only partly related to agricultural uses. The results of estimating a reduced-form equation explaining differences in land prices among states suggest that nearly two-thirds of this variation is attributed to nonagricultural uses. Therefore, a land quality index based on raw land prices will be biased, which in turn will result in biased coefficients in a production function or its dual. A cross-section land quality index which excludes the influence of nonagricultural uses is constructed.

Suggested Citation

  • Willis Peterson, 1986. "Land Quality and Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(4), pages 812-819.
    • Handle: RePEc:oup:ajagec:v:68:y:1986:i:4:p:812-819.
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    File URL: http://hdl.handle.net/10.2307/1242127
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    Citations

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    Cited by:

    1. Peterson, Willis L., 1987. "International Land Quality Indexes," Staff Papers 13877, University of Minnesota, Department of Applied Economics.
    2. Shehryar Rashid & Asjad Tariq Sheikh, 2015. "Farmers’ Perceptions of Agricultural Land Values in Rural Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 54(4), pages 809-821.
    3. Vasavada, Utpal & White, Fred, 1987. "Capital Asset Valuation Under Risk Aversion," Regional Research Projects > 1987: S-180 Annual Meeting, March 22-25, 1987, San Antonio, Texas 272335, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    4. Nicolas Devijlder & Koen Schoors, 2020. "Land rights, local financial development and industrial activity: evidence from Flanders (nineteenth–early twentieth century)," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 14(3), pages 507-550, September.
    5. Wiebe, Keith D., 2003. "Linking Land Quality, Agricultural Productivity, And Food Security," Agricultural Economic Reports 34073, United States Department of Agriculture, Economic Research Service.
    6. Chan-Kang, Connie & Pardey, Philip G. & Wood, Stanley & Roseboom, Johannes & Cremers, Marleen, 1999. "Reassessing Productivity Growth In African Agriculture," 1999 Annual meeting, August 8-11, Nashville, TN 21600, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Weisensel, Ward P. & van Kooten, G. Cornelis, 1990. "Estimation Of Soil Erosion Time Paths: The Value Of Soil Moisture And Topsoil Depth Information," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 15(1), pages 1-10, July.
    8. Coelli, Tim J. & Lloyd-Smith, J. & Morrison, D. & Thomas, J., 1991. "Hedonic Pricing For A Cost Benefit Analysis Of A Public Water Supply Scheme," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(1), pages 1-20, April.
    9. Chambers, Robert G. & Pope, Rulon D., 1989. "What Do Aggregate Agricultural Supply and Demand Curves Mean?," Working Papers 197605, University of Maryland, Department of Agricultural and Resource Economics.
    10. Nicolas De Vijlder & Koen Schoors, 2019. "Land Rights, Local Financial Development And Industrial Activity: Evidence From Flanders (19th – Early 20th Century)," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 19/962, Ghent University, Faculty of Economics and Business Administration.
    11. Ian A. Munn & Anwar Hussain, 2010. "Factors Determining Differences in Local Hunting Lease Rates: Insights from Blinder-Oaxaca Decomposition," Land Economics, University of Wisconsin Press, vol. 86(1), pages 66-78.
    12. Janssen, Larry & Button, Brian, 2004. "Impacts Of Federal Farm Program Payments On Cropland Values And Rental Rates: Evidence From County-Level Data In South Dakota," 2004 Annual meeting, August 1-4, Denver, CO 20398, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Chambers, Robert G. & Pope, Rulon D., 1989. "What Do Aggregate Agricultural Supply and Demand Curves Mean?," 1990 Conference (34th), February 13-15, 1990, Brisbane, Australia 144922, Australian Agricultural and Resource Economics Society.

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