Farm income, population and farmland prices: a relative information approach
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 and time periods changes in population are more informative. Results have policy implications for both equity and efficiency. , Oxford University Press.
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Volume (Year): 39 (2012)
Issue (Month): 2 (April)
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- 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.
- Theil, Henri & Theil, Henri, 1979. "World income inequality and its components," Economics Letters, Elsevier, vol. 2(1), pages 99-102.
- 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.
- Vincent E. Breneman & Richard F. Nehring, 2006. "Urban Sprawl and Farmland Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 915-929.
- Soofi, E. S. & Retzer, J. J., 2002. "Information indices: unification and applications," Journal of Econometrics, Elsevier, vol. 107(1-2), pages 17-40, March.
- 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 36232, Western Agricultural Economics Association.
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