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The Implicit Value of Corn Base Acreage

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  • Herriges, Joseph A.
  • Shogren, Jason F.

Abstract

The impact of recent changes to the U.S. commodity program and efficacy of environmental regulations designed to discourage continuous corn rotations will depend upon the value farmers place on corn base acreage. This paper estimates that value by assuming that the benefits of access to the program are capitalized into farmland rents. Using Iowa rental survey data and a hedonic pricing approach, the rent gradient for base acreage is found to be on the order of $12 per acre. The discounted stream of returns to base acreage suggests an asset value for corn base of approximately $200 per acre.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10788.

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Date of creation: 01 Jan 1992
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Publication status: Published in American Journal of Agricultural Economics, January 1992, vol. 74 no. 2, pp. 50-58
Handle: RePEc:isu:genres:10788

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Cited by:
  1. Jason Henderson & Sean Moore, 2005. "The impact of wildlife recreation on farmland values," Research Working Paper RWP 05-10, Federal Reserve Bank of Kansas City.
  2. Giuliani, Gianluca & Rieder, Peter, 2003. "Landwirtschaftlicher Bodenmarkt - Dominanz der nicht-landwirtschaftlichen uber die landwirtschaftlichen Faktoren?," Agrarwirtschaft und Agrarsoziologie/ Economie et Sociologie Rurales, Swiss Society for Agricultural Economics and Rural Sociology, issue 1.
  3. Breustedt, Gunnar & Habermann, Hendrik, 2009. "Determinants of Agricultural Cash Rents in Germany: A Spatial Econometric Analysis for Farm-Level Data," 2009 Conference, August 16-22, 2009, Beijing, China 51685, International Association of Agricultural Economists.
  4. Drescher, Klaus & Henderson, Jason R. & McNamara, Kevin T., 2001. "Farmland Price Determinants," 2001 Annual meeting, August 5-8, Chicago, IL 20685, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Henderson, Jason R. & Gloy, Brent A., 2008. "The Impact of Ethanol Plants on Cropland Values in the Great Plains," Working Papers 51080, Cornell University, Department of Applied Economics and Management.
  6. Forster, D. Lynn, 2006. "An Overview of U.S. Farm Real Estate Markets," Working Papers 28319, Ohio State University, Department of Agricultural, Environmental and Development Economics.
  7. Henderson, Jason R. & Moore, Sean, 2006. "The Capitalization of Wildlife Recreation Income into Farmland Values," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 38(03), December.
  8. März, Alexander & Klein, Nadja & Kneib, Thomas & Mußhoff, Oliver, 2014. "Analysing farmland rental rates using Bayesian geoadditive quantile regression," DARE Discussion Papers 1403, Georg-August University of Göttingen, Department of Agricultural Economics and Rural Development (DARE).
  9. Sahrbacher, Amanda, 2012. "Impacts of CAP reforms on farm structures and performance disparities: An agent-based approach," Studies on the Agricultural and Food Sector in Central and Eastern Europe, Leib­niz Institute of Agricultural Development in Central and Eastern Europe (IAMO), volume 65, number 65.
  10. Duffy, Patricia A. & Taylor, C. Robert, 1994. "The Effects Of Increasing Flex Acres On Farm Planning And Profitability," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 23(1), April.
  11. Roger Claassen & Richard Horan, 2001. "Uniform and Non-Uniform Second-Best Input Taxes," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(1), pages 1-22, May.
  12. Zakrzewicz, Christopher J. & Brorsen, B. Wade & Briggeman, Brian C., 2011. "Comparison of Alternative Sources of Farmland Values," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 103758, Agricultural and Applied Economics Association.
  13. Jason Henderson & Brent A. Gloy, 2008. "The impact of ethanol plants on cropland values in the Great Plains," Regional Research Working Paper RRWP 08-01, Federal Reserve Bank of Kansas City.
  14. Henderson, Jason R. & Gloy, Brent A., 2008. "The Impact of Ethanol Plants on Land Values in the Great Plains," Proceedings: 2007 Agricultural and Rural Finance Markets in Transition, October 4-5, 2007, St. Louis, Missouri 48148, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.

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