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Price dispersion in farmland markets: What is the role of asymmetric information?

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  • Kahle, Christoph
  • Seifert, Stefan
  • Hüttel, Silke

Abstract

This article investigates the role played by informational cost in agricultural land markets to explain price dispersion. Based on a hedonic model under incomplete information, we build a two-tier stochastic frontier. By linking costs of being information deficient to agent characteristics such as degree of professionalism, we identify relative price effects of buyers and sellers related to search. We compile a comprehensive data set of more than 10,000 transactions in Saxony-Anhalt, Germany, between 2014 and 2017. We find institutional sellers to achieve the lowest losses resulting from information deficiency while tenant buyers can benefit from informational advantages. We conclude that Germany's policy-makers can do more to support market transparency.

Suggested Citation

  • Kahle, Christoph & Seifert, Stefan & Hüttel, Silke, 2019. "Price dispersion in farmland markets: What is the role of asymmetric information?," FORLand Working Papers 11 (2019), Humboldt University Berlin, DFG Research Unit 2569 FORLand "Agricultural Land Markets – Efficiency and Regulation".
    • Handle: RePEc:zbw:forlwp:112019
    DOI: 10.18452/20661
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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. Stefan Seifert & Silke Hüttel, 2023. "Is there a risk of a winner’s curse in farmland auctions?," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 50(3), pages 1140-1177.
    3. repec:ags:aaea22:335557 is not listed on IDEAS
    4. 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.
    5. Huwei Wen & Yulin Huang & Jiayi Shi, 2024. "Revitalizing Agricultural Economy Through Rural E-Commerce? Experience from China’s Revolutionary Old Areas," Agriculture, MDPI, vol. 14(11), pages 1-19, November.
    6. Lars Isenhardt & Stefan Seifert & Silke Hüttel, 2023. "Tenant Favoritism and Right of First Refusals in Farmland Auctions: Competition and Price Effects," Land Economics, University of Wisconsin Press, vol. 99(2), pages 302-324.
    7. Henning Schaak & Luise Meissner & Oliver Musshoff, 2023. "New insights on regional differences of the farmland price structure: An extended replication study on the parcel size–price relationship," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 45(3), pages 1427-1449, September.
    8. Jauernig, Johanna & Brosig, Stephan & Hüttel, Silke, 2023. "Profession and residency matter: Farmers' preferences for farmland price regulation in Germany," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 74(3), pages 816-834.
    9. Zapata, Samuel D. & Abello, Pancho & Anderson, David P. & Palma, Marco A., 2024. "Parametric and Nonparametric Hedonic Frontier Models to Support Cattle Feeder Trading Decisions," 2024 Annual Meeting, July 28-30, New Orleans, LA 344028, Agricultural and Applied Economics Association.
    10. Burcu Aksu & Suleyman Karaman, 2022. "Estimating the effect of a land parcel index using hedonic price analysis," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 68(11), pages 427-433.
    11. Luise Meissner & Lisa Kappenberg & Oliver Musshoff, 2022. "An Analytical Framework for Evaluating Farmland Market Regulation: Examining the German Land Transaction Law," Land, MDPI, vol. 11(10), pages 1-12, October.
    12. Plogmann, Jana & Mußhoff, Oliver & Odening, Martin & Ritter, Matthias, 2022. "Farmland sales under returns and price uncertainty," Economic Modelling, Elsevier, vol. 117(C).
    13. 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.
    14. 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".
    15. Laura Onofri & Samuele Trestini & Fateh Mamine & Jason Loughrey, 2023. "Understanding agricultural land leasing in Ireland: a transaction cost approach," Agricultural and Food Economics, Springer;Italian Society of Agricultural Economics (SIDEA), vol. 11(1), pages 1-20, December.
    16. Ya-Ling Chiu & Jiangze Du & Jying-Nan Wang, 2022. "The Effects of Price Dispersion on Sales in the Automobile Industry: A Dynamic Panel Analysis," SAGE Open, , vol. 12(3), pages 21582440221, August.

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    More about this item

    Keywords

    farmland markets; hedonic pricing; information deficiency; two-tier frontier;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land

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