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Farmland Price Determinants

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  • Drescher, Klaus
  • Henderson, Jason R.
  • McNamara, Kevin T.
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    Abstract

    This paper examines determinants of farmland prices in Minnesota. A hedonic price model is used to estimate the implicit value of the land characteristics. Farmland prices are influenced by agricultural production attributes as well as demand factors. The results also suggest that the potential for development of land for higher value non-agricultural activities creates an expectation, that is capitalised into farmland prices.

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    File URL: http://purl.umn.edu/20685
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    Bibliographic Info

    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2001 Annual meeting, August 5-8, Chicago, IL with number 20685.

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    Date of creation: 2001
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    Handle: RePEc:ags:aaea01:20685

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    Keywords: Land Economics/Use;

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    1. Charles H. Barnard & Gerald Whittaker & David Westenbarger & Mary Ahearn, 1997. "Evidence of Capitalization of Direct Government Payments into U.S. Cropland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 79(5), pages 1642-1650.
    2. Colyer, Dale, 1978. "Socio-Economic Determinants Of Rural Land Values In Greenbrier County, West Virginia," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, Northeastern Agricultural and Resource Economics Association, vol. 7(2:), October.
    3. Fritz M. Roka & Raymond B. Palmquist, 1997. "Examining the Use of National Databases in a Hedonic Analysis of Regional Farmland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 79(5), pages 1651-1656.
    4. Sherman T. Folland & Robbin R. Hough, 1991. "Nuclear Power Plants and the Value of Agricultural Land," Land Economics, University of Wisconsin Press, vol. 67(1), pages 30-36.
    5. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    6. Lloyd, T A & Rayner, A J & Orme, C D, 1991. "Present-Value Models of Land Prices in England and Wales," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 18(2), pages 141-66.
    7. McGranahan, David A., 1999. "Natural Amenities Drive Rural Population Change," Agricultural Economics Reports, United States Department of Agriculture, Economic Research Service 33955, United States Department of Agriculture, Economic Research Service.
    8. Brooks, Karen, 1991. "Price Adjustment and Land Valuation in the Soviet Agricultural Reform: A View Using Lithuanian Farm Data," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 18(1), pages 19-36.
    9. Herriges, Joseph A. & Shogren, Jason F., 1992. "The Implicit Value of Corn Base Acreage," Staff General Research Papers 10788, Iowa State University, Department of Economics.
    10. Chavas, Jean-Paul & Shumway, C. Richard, 1982. "A Pooled Time-Series Cross-Section Analysis Of Land Prices," Western Journal of Agricultural Economics, Western Agricultural Economics Association, Western Agricultural Economics Association, vol. 7(01), July.
    11. J. S. Shonkwiler & J. E. Reynolds, 1986. "A Note on the Use of Hedonic Price Models in the Analysis of Land Prices at the Urban Fringe," Land Economics, University of Wisconsin Press, vol. 62(1), pages 58-63.
    12. David L. Chicoine, 1981. "Farmland Values at the Urban Fringe: An Analysis of Sale Prices," Land Economics, University of Wisconsin Press, vol. 57(3), pages 353-362.
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