Urban Sprawl and Farmland Prices
AbstractA theoretical model of farmland valuation is developed that allows urban sprawl to affect farmland values through the conversion of farmland to urban uses, shifts in production to higher-valued crops, and the speculative effect of urban pressure on farmland values. This model is estimated using county level data in the continental United States. Evidence is found for all three effects of urban sprawl on farmland values, with a significant contribution of urban pressure on net agricultural returns around major urban centers. Ancillary evidence supports that the latter effect is attributable to shifts to high-valued crops.
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Bibliographic InfoPaper provided by University of Florida, International Agricultural Trade and Policy Center in its series Working Papers with number 15657.
Date of creation: 2005
Date of revision:
hedonic determinants; land prices; spatial productivity; urban sprawl; Land Economics/Use; R14; Q15; D24; C33;
Find related papers by JEL classification:
- R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
- Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
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