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What Do We Know about the Influence of Agricultural Support on Agricultural Land Prices?

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  • Feichtinger, Paul
  • Salhofer, Klaus

Abstract

This study gives an overview of the theoretical foundations, the empirical procedures and the derived results of the literature on the determinants of agricultural land prices. A particular interest is given to the effects of government support policies. Almost all empirical studies on the determination of land prices either refer to the net present value method or the hedonic pricing approach. While the two approaches have different theoretical basis, they converge in their empirical implementation. Empirical studies use a broad range of variables to explain land values and we systematise these into six categories. In order to investigate the influence of different measures of government support on land prices, a meta-regression analysis is carried out based on 242 observations from 26 articles. Results indicate that a 10% decrease of agricultural support would decrease land prices by 3.3% to 5%. Therefore, a considerable part of farm subsidies is realized by initial owners of land instead of operating farmers. Results in regard to differences in capitalization for different support measures are ambiguous. Model assumptions, data structure and estimation techniques do have a significant influence on capitalization estimates. Das Ziel dieser Arbeit ist die Zusammenfassung der theoretischen Grundlagen, der empirischen Anwendungen und der bisherigen Ergebnisse hinsichtlich der Literatur zu den Determinanten landwirtschaftlicher Bodenpreise. Spezielles Augenmerk liegt auf der Wirkung von landwirtschaftlichen Stützungsprogrammen. Nahezu alle bisherigen Arbeiten berufen sich auf die Barwertmethode oder das hedonische Preismodell als theoretische Grundlage für die empirische Analyse. Trotz der methodologischen Unterschiede dieser beiden Ansätze ist ihre empirische Implementation sehr ähnlich. In den empirischen Studien wird eine große Bandbreite an Erklärungsvariablen genutzt. Dieser Artikel teilt diese Vielzahl an Variablen in sechs Kategorien ein. Um die Unterschiede im Einfluss verschiedener Stützungsmaßnahmen auf die Bodenpreise zu untersuchen, wird eine Meta-Regressionsanalyse, basierend auf 242 Beobachtungen aus 26 Artikeln, durchgeführt. Die Resultate deuten darauf hin, dass eine Senkung der landwirtschaftlichen Stützungsprogramme um 10 % eine Reduktion der landwirtschaftlichen Bodenpreise um etwa 3.3 % bis 5 % mit sich bringt. Demnach fließt ein beachtlicher Teil der Agrarstützungen an die ursprünglichen Landeigentümer anstatt an praktizierende Landwirte. Über eine unterschiedliche Kapitalisierung verschiedener Stützungsprogramme kann keine klare Aussage getroffen werden. Modellannahmen, die Art der Daten und die Schätzmethode haben einen signifikanten Einfluss auf die geschätzte Kapitalisierung.

Suggested Citation

  • Feichtinger, Paul & Salhofer, Klaus, 2013. "What Do We Know about the Influence of Agricultural Support on Agricultural Land Prices?," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 62(02), pages 1-15, May.
  • Handle: RePEc:ags:gjagec:232333
    DOI: 10.22004/ag.econ.232333
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