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Valuing Farmland With Multiple Quasifixed Inputs

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  • Mishra, Ashok K.
  • Erickson, Kenneth W.
  • Moss, Charles B.

Abstract

This study examines the impact of multiple quasi-fixed assets on the imputed returns to farmland. The results indicate that the presence of additional quasi-fixed assets causes the true shadow value of farmland to deviate from its imputed value. The results also indicate that when the potential existence of multiple quasi-fixed assets is explicitly modelled, the shadow value of farmland approaches reported cash rental values.

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File URL: http://purl.umn.edu/132397
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Bibliographic Info

Paper provided by Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition in its series Proceedings: 2001 Regional Committee NC-221, October 1-2, 2001, McLean, Virginia with number 132397.

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Date of creation: Oct 2001
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Handle: RePEc:ags:nc2001:132397

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Web page: http://www.agfin.ifas.ufl.edu/
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Keywords: Land Economics/Use;

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References

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  1. Fontnouvelle, P. de & Lence, Sergio H., 2002. "Transaction Costs and the Present Value," Staff General Research Papers 5263, Iowa State University, Department of Economics.
  2. Falk, Barry L., 1991. "Formally Testing the Present Value Model of Farmland Prices," Staff General Research Papers 11093, Iowa State University, Department of Economics.
  3. Charles B. Moss, 1997. "Returns, Interest Rates, and Inflation: How They Explain Changes in Farmland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1311-1318.
  4. Susan M. Capalbo & Michael Denny, 1985. "Testing Long-Run Productivity Models for the Canadian and U.S. Agricultural Sectors," NBER Working Papers 1764, National Bureau of Economic Research, Inc.
  5. Jean-Paul Chavas & Alban Thomas, 1999. "A Dynamic Analysis of Land Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(4), pages 772-784.
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Cited by:
  1. Ball, V. Eldon & Moss, Charles B. & Erickson, Kenneth W. & Nehring, Richard F., 2003. "Modeling Supply Response In A Multiproduct Framework Revisited: The Nexus Of Empirics And Economics," 2003 Annual meeting, July 27-30, Montreal, Canada 21981, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. Dupraz, Pierre & Temesgen, Chalachew, 2012. "Farmland Rental Rate and Marginal Return to Land: A French FADN Perspective," 86th Annual Conference, April 16-18, 2012, Warwick University, Coventry, UK 134954, Agricultural Economics Society.

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