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Farmland Price Determinants

Author

Listed:
  • Drescher, Klaus
  • Henderson, Jason R.
  • McNamara, Kevin T.

Abstract

This paper examines determinants of farmland prices in Minnesota. A hedonic price model is used to estimate the implicit value of the land characteristics. Farmland prices are influenced by agricultural production attributes as well as demand factors. The results also suggest that the potential for development of land for higher value non-agricultural activities creates an expectation, that is capitalised into farmland prices.

Suggested Citation

  • Drescher, Klaus & Henderson, Jason R. & McNamara, Kevin T., 2001. "Farmland Price Determinants," 2001 Annual meeting, August 5-8, Chicago, IL 20685, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea01:20685
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    File URL: http://purl.umn.edu/20685
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    References listed on IDEAS

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    1. Colyer, Dale, 1978. "Socio-Economic Determinants Of Rural Land Values In Greenbrier County, West Virginia," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 7(2:), October.
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    3. Brooks, Karen, 1991. "Price Adjustment and Land Valuation in the Soviet Agricultural Reform: A View Using Lithuanian Farm Data," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 18(1), pages 19-36.
    4. Joseph A. Herriges & Jason F. Shogren & Nancy E. Barickman, 1992. "The Implicit Value of Corn Base Acreage," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(1), pages 50-58.
    5. J. S. Shonkwiler & J. E. Reynolds, 1986. "A Note on the Use of Hedonic Price Models in the Analysis of Land Prices at the Urban Fringe," Land Economics, University of Wisconsin Press, vol. 62(1), pages 58-63.
    6. Lloyd, T A & Rayner, A J & Orme, C D, 1991. "Present-Value Models of Land Prices in England and Wales," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 18(2), pages 141-166.
    7. Howard D. Leathers, 1992. "The Market for Land and the Impact of Farm Programs on Farm Numbers," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(2), pages 291-298.
    8. Fritz M. Roka & Raymond B. Palmquist, 1997. "Examining the Use of National Databases in a Hedonic Analysis of Regional Farmland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1651-1656.
    9. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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    11. McGranahan, David A., 1999. "Natural Amenities Drive Rural Population Change," Agricultural Economics Reports 33955, United States Department of Agriculture, Economic Research Service.
    12. Charles H. Barnard & Gerald Whittaker & David Westenbarger & Mary Ahearn, 1997. "Evidence of Capitalization of Direct Government Payments into U.S. Cropland Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1642-1650.
    13. Chavas, Jean-Paul & Shumway, C. Richard, 1982. "A Pooled Time-Series Cross-Section Analysis Of Land Prices," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(01), July.
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    Cited by:

    1. Salman Khan & Ghaffar Ali & Syed Attaullah Shah & Abbas Ullah Jan & Dawood Jan & M. Fayaz, 2016. "A hedonic analysis of agricultural land prices in Pakistan`s Peshawar district," Asian Journal of Agriculture and rural Development, Asian Economic and Social Society, vol. 6(4), pages 59-67, April.

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    Keywords

    Land Economics/Use;

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