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Investors’ impact on Czech farmland prices: a microstructural analysis

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Listed:
  • Jarmila Curtiss
  • Ladislav JelínekD
  • Tomáš Medonos
  • Martin Hruška
  • Silke Hüttel

Abstract

This paper analyses farmland price formation under investors’ increased demand in the Czech Republic from 2008 to 2014. We adopt a stochastic metafrontier approach to hedonic price modelling and investigate the relative differences in farm and investor pricing. Our results provide evidence of buyer group-specific land valuations, asymmetric price dispersions and their temporal changes. These changes reflect the developments of market microstructures and market-supporting institutions induced by buyer competition. While initially significantly lower due to high market and bargaining power, prices paid by corporate/cooperative farms converged with high-level investor prices over time. Individual and family farms were largely unable to compete at the new price levels.

Suggested Citation

  • Jarmila Curtiss & Ladislav JelínekD & Tomáš Medonos & Martin Hruška & Silke Hüttel, 2021. "Investors’ impact on Czech farmland prices: a microstructural analysis," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 48(1), pages 97-157.
    • Handle: RePEc:oup:erevae:v:48:y:2021:i:1:p:97-157.
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    File URL: http://hdl.handle.net/10.1093/erae/jbaa029
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    Citations

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    Cited by:

    1. Seifert, Stefan & Hüttel, Silke & Werwatz, Axel, 2023. "Organic cultivation and farmland prices: Does certification matter?," FORLand Working Papers 28 (2023), Humboldt University Berlin, DFG Research Unit 2569 FORLand "Agricultural Land Markets – Efficiency and Regulation".
    2. Johanna Jauernig & Stephan Brosig & Silke Hüttel, 2023. "Profession and residency matter: Farmers' preferences for farmland price regulation in Germany," Journal of Agricultural Economics, Wiley Blackwell, vol. 74(3), pages 816-834, September.
    3. Marlene Kionka & Martin Odening & Jana Plogmann & Matthias Ritter, 2021. "Measuring liquidity in agricultural land markets," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 82(4), pages 690-713, September.
    4. Kionka, Marlene & Kuethe, Todd H. & Musshoff, Oliver & Odening, Martin & Ritter, Matthias, 2022. "Bargaining Power in the Agricultural Land Rental Market," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322186, Agricultural and Applied Economics Association.
    5. Graubner, Marten & Hüttel, Silke, 2024. "Rental and sale prices of agricultural lands under spatial competition," FORLand Working Papers 29 (2024), Humboldt University Berlin, DFG Research Unit 2569 FORLand "Agricultural Land Markets – Efficiency and Regulation".
    6. Marlene Kionka, Todd Kuethe, Oliver Mußhoff, Matthias Ritter, Martin Odening, 2022. "Bargaining Power in the Agricultural Land Market," 2022 Agricultural and Rural Finance Markets in Transition, October 17-18, 2022, Detroit, Michigan 329249, Regional Research Committee NC-1177 (formerly NC-1014): Agricultural and Rural Finance Markets in Transition.
    7. Maximilian Humpesch & Stefan Seifert & Alfons Balmann & Silke Hüttel, 2022. "How does tenancy affect farmland prices? Effects of lease status, lease term and buyer type," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 83(2), pages 242-263, September.
    8. Alecos Papadopoulos & Christopher F. Parmeter & Subal C. Kumbhakar, 2021. "Modeling dependence in two-tier stochastic frontier models," Journal of Productivity Analysis, Springer, vol. 56(2), pages 85-101, December.
    9. B. James Deaton & Chad Lawley, 2022. "A survey of literature examining farmland prices: A Canadian focus," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 70(2), pages 95-121, June.
    10. Rouven E. Haschka, 2024. "Endogeneity in stochastic frontier models with 'wrong' skewness: copula approach without external instruments," Statistical Methods & Applications, Springer;Società Italiana di Statistica, vol. 33(3), pages 807-826, July.

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