Valuing farmland with multiple quasi-fixed inputs
This study examines the impact of multiple quasi-fixed assets on the imputed returns to farmland. The results indicate that the presence of additional quasi-fixed assets causes the true shadow value of farmland to deviate from its imputed value. The results also indicate that when the potential existence of multiple quasi-fixed assets is explicitly modelled, the shadow value of farmland approaches reported cash rental values.
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Volume (Year): 36 (2004)
Issue (Month): 15 ()
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- Susan M. Capalbo & Michael Denny, 1985. "Testing Long-Run Productivity Models for the Canadian and U.S. Agricultural Sectors," NBER Working Papers 1764, National Bureau of Economic Research, Inc.
- Fontnouvelle, P. de & Lence, Sergio H., 2002. "Transaction Costs and the Present Value," Staff General Research Papers 5263, Iowa State University, Department of Economics.
- Charles B. Moss, 1997. "Returns, Interest Rates, and Inflation: How They Explain Changes in Farmland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1311-1318.
- Jean-Paul Chavas & Alban Thomas, 1999. "A Dynamic Analysis of Land Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(4), pages 772-784.
- Falk, Barry L., 1991. "Formally Testing the Present Value Model of Farmland Prices," Staff General Research Papers 11093, Iowa State University, Department of Economics.
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