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Factors Influencing Kansas Agricultural Farm Land Values

Author

Listed:
  • Leah J. Tsoodle
  • Bill B. Golden
  • Allen M. Featherstone

Abstract

Land transactions typically involve a substantial investment of time and money for parties involved in the sale. Because of the size of the investment and infrequency of purchases/sales, significant personal interaction between buyer and seller often results. In this study, farmland sales in 104 of 105 Kansas counties from 1986–2000 were examined to quantify the influence of personal relationships and changes over time. Transactions between related parties resulted in a 43% discount on the per acre sales price. Results indicated that social capital effects have increased over time, with the discount on sales between related parties growing 2% per year.

Suggested Citation

  • Leah J. Tsoodle & Bill B. Golden & Allen M. Featherstone, 2006. "Factors Influencing Kansas Agricultural Farm Land Values," Land Economics, University of Wisconsin Press, vol. 82(1), pages 124-139.
  • Handle: RePEc:uwp:landec:v:82:y:2006:i:1:p:124-139
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    References listed on IDEAS

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    1. Featherstone, Allen M. & Schurle, Bryan W. & Duncan, Steven S. & Postier, Kevin D., 1993. "Clearance Sales In The Farmland Market?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(02), December.
    2. Brock, W.A. & Durlauf, S.N., 1995. "Discrete Choice with Social Interactions I: Theory," Working papers 9521, Wisconsin Madison - Social Systems.
    3. Robinson, Lindon J. & Siles, Marcelo E., 1999. "Social capital and household income distributions in the United States: 1980, 1990," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 28(1), pages 43-93.
    4. John Faux & Gregory M. Perry, 1999. "Estimating Irrigation Water Value Using Hedonic Price Analysis: A Case Study in Malheur County, Oregon," Land Economics, University of Wisconsin Press, vol. 75(3), pages 440-452.
    5. Gregory M. Perry & Lindon J. Robison, 2001. "Evaluating the Influence of Personal Relationships on Land Sale Prices: A Case Study in Oregon," Land Economics, University of Wisconsin Press, vol. 77(3), pages 385-398.
    6. Nivens, Heather D. & Kastens, Terry L. & Dhuyvetter, Kevin C. & Featherstone, Allen M., 2002. "Using Satellite Imagery In Predicting Kansas Farmland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 27(02), December.
    7. C. Arden Pope III & H. L. Goodwin, 1984. "Impacts of Consumptive Demand on Rural Land Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(5), pages 750-754.
    8. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-326, June.
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    Citations

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    Cited by:

    1. Pavel Ciaian & d’Artis Kancs & Johan Swinnen, 2010. "EU Land Markets and the Common Agricultural Policy," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 53(3), pages 1-31.
    2. Ciaian, Pavel, & Kancs, d’Artis & Swinnen, Jo & Van Herck, Kristine & Vranken, Liesbet, 2012. "Rental Market Regulations for Agricultural Land in EU Member States and Candidate Countries," Factor Markets Working Papers 117, Centre for European Policy Studies.
    3. Jerzy Michalek & Pavel Ciaian & d’Artis Kancs, 2014. "Capitalization of the Single Payment Scheme into Land Value: Generalized Propensity Score Evidence from the European Union," Land Economics, University of Wisconsin Press, vol. 90(2), pages 260-289.
    4. Henderson, Jason R. & Moore, Sean, 2006. "The Capitalization of Wildlife Recreation Income into Farmland Values," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 38(03), December.
    5. Tsoodle, Leah J. & Featherstone, Allen M. & Golden, Bill B., 2005. "Estimating the Market Value of Agricultural Land in Kansas Using a Combination of Hedonic and Negative Exponential Techniques," Proceedings: 2005 Agricultural and Rural Finance Markets in Transition,October 3-4, 2005; Minneapolis, Minnesota 132763, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
    6. Ciaian, Pavel & Kancs, d'Artis & Swinnen, Johan F.M. & Van Herck, Kristine & Vranken, Liesbet, 2012. "Institutional Factors Affecting Agricultural Land Markets," Working Papers 120251, Factor Markets, Centre for European Policy Studies.
    7. Chad Lawley, 2014. "Changes in Implicit Prices of Prairie Pothole Habitat," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 62(2), pages 171-190, June.
    8. Swanepoel, G.D. & Hadrich, Joleen & Goemans, Christopher, 2015. "Estimating the Contribution of Groundwater Irrigation to Farmland Values in Phillips County, Colorado," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers.
    9. Curtiss, Jarmila & Jelínek, Ladislav & Hruška, Martin & Medonos, Tomáš & Vilhelm, Václav, 2013. "The Effect of Heterogeneous Buyers on Agricultural Land Prices: The Case of the Czech Land Market," Journal of International Agricultural Trade and Development, Journal of International Agricultural Trade and Development, vol. 62(2).

    More about this item

    JEL classification:

    • Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
    • Q14 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Finance

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