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Testing for Hyperbolic Discounting in a Panel of U.S. Agriculture

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Author Info
Salois, Matthew J.
Moss, Charles B.

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Abstract

Many studies reject the present value model under rational expectations for explaining farmland values in both domestic and international data. Previous inquiries into the nature of land values assume a time-consistent discount factor. This study introduces intertemporal inconsistency into the model using a hyperbolic discount parameter in the asset equation.

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Paper provided by Southern Agricultural Economics Association in its series 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas with number 6808.

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Date of creation: 2008
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Handle: RePEc:ags:saeaed:6808

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Related research
Keywords: GMM; hyperbolic discounting; land values; panel data; rational expectations.; Land Economics/Use; Research Methods/ Statistical Methods; C2; D90; E3; Q1; Q24; R14;

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  1. Kirby, Kris N. & Marakovic, Nino N., 1995. "Modeling Myopic Decisions: Evidence for Hyperbolic Delay-Discounting within Subjects and Amounts," Organizational Behavior and Human Decision Processes, Elsevier, vol. 64(1), pages 22-30, October. [Downloadable!] (restricted)
  2. Plantinga, Andrew & Lubowski, Ruben & Stavins, Robert, 2002. "The Effects of Potential Land Development on Agricultural Land Prices," Working Paper Series rwp02-012, Harvard University, John F. Kennedy School of Government. [Downloadable!]
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  3. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July. [Downloadable!] (restricted)
  4. Ahumada, Hildegart A. & Garegnani, Maria Lorena, 2007. "Testing hyperbolic discounting in consumer decisions: Evidence for Argentina," Economics Letters, Elsevier, vol. 95(1), pages 146-150, April. [Downloadable!] (restricted)
  5. Hanson, Steven D. & Myers, Robert J., 1995. "Testing for a time-varying risk premiumin the returns to U.S. farmland," Journal of Empirical Finance, Elsevier, vol. 2(3), pages 265-276, September. [Downloadable!] (restricted)
  6. 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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  7. Falk, Barry L., 2003. "Formally Testing the Present Value Model of Farmland Prices," Staff General Research Papers 11093, Iowa State University, Department of Economics.
  8. Richard Arnott, 2005. "Neutral Property Taxation," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 7(1), pages 27-50, 02. [Downloadable!] (restricted)
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  9. 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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