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Farm Income, Population, and Farmland Prices: A Relative Information Approach

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  • Salois, Matthew
  • Moss, Charles
  • Erickson, Kenneth

Abstract

This paper uses an entropy-based information approach to determine if farmland values are more closely associated with urban pressure or farm income. The basic question is: how much information on changes in farm real estate values is contained in changes in population versus changes in returns to production agriculture? Results suggest population is informative, but changes in farmland values are more strongly associated with changes in the distribution of returns. However, this relationship is not true for every region nor does it hold over time, as for some regions changes in population are more informative. Results have policy implications for both equity and efficiency.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 26848.

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Date of creation: 25 Oct 2010
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Handle: RePEc:pra:mprapa:26848

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Keywords: entropy; land values; information theory; population growth.;

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  1. Soofi, E. S. & Retzer, J. J., 2002. "Information indices: unification and applications," Journal of Econometrics, Elsevier, Elsevier, vol. 107(1-2), pages 17-40, March.
  2. Yue Jin Shi & Timothy T. Phipps & Dale Colyer, 1997. "Agricultural Land Values under Urbanizing Influences," Land Economics, University of Wisconsin Press, vol. 73(1), pages 90-100.
  3. Vincent E. Breneman & Richard F. Nehring, 2006. "Urban Sprawl and Farmland Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 88(4), pages 915-929.
  4. C. W. Granger & E. Maasoumi & J. Racine, 2004. "A Dependence Metric for Possibly Nonlinear Processes," Journal of Time Series Analysis, Wiley Blackwell, vol. 25(5), pages 649-669, 09.
  5. Theil, Henri & Theil, Henri, 1979. "World income inequality and its components," Economics Letters, Elsevier, Elsevier, vol. 2(1), pages 99-102.
  6. Erickson, Kenneth W. & Blank, Steven C. & Moss, Charles B. & Mishra, Ashok K., 2004. "Regional Changes In The Distribution Of Net Value Added In U.S. Agriculture, 1960-2002," 2004 Annual Meeting, June 30-July 2, 2004, Honolulu, Hawaii, Western Agricultural Economics Association 36232, Western Agricultural Economics Association.
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Cited by:
  1. Feichtinger, Paul & Salhofer, Klaus, 2011. "The Valuation of Agricultural Land and the Influence of Government Payments," Factor Markets Working Papers 112, Centre for European Policy Studies.
  2. Jean-Sauveur Ay & Laure Latruffe, 2013. "The empirical content of the present value model: a survey of the instrumental uses of farmland prices," Working Papers 209441, Institut National de la Recherche Agronomique, France.
  3. Salois, Matthew J., 2013. "Regional changes in the distribution of foreign aid: An entropy approach," Physica A: Statistical Mechanics and its Applications, Elsevier, Elsevier, vol. 392(13), pages 2893-2902.
  4. Feichtinger, Paul & Salhofer, Klaus, 2011. "The Valuation of Agricultural Land and the Influence of Government Payments," Working Papers, Factor Markets, Centre for European Policy Studies 119103, Factor Markets, Centre for European Policy Studies.

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