Transaction costs and the present value “puzzle” of farmland prices.
The present study introduces a theoretical land pricing model that allows for proportional transaction costs, and a corresponding kernel regression test. The model is tested with farmland returns data for 20 individual states, and also with two aggregate U.S. level series. The constant discount rate...
| Publicado en: | Southern Economic Journal Vol. 68; no. 3; pp. 549 - 566 |
|---|---|
| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Southern Economic Association
January 2002
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510218265&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510218265 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: January 2002 vid: 68 iid: 3 pid: 1482 pub: Southern Economic Association artinfo: ui: 510218265 10.2307/1061717 ppf: 549 ppct: 17 formats: fmt: @attributes: type: T tig: atl: Transaction costs and the present value “puzzle” of farmland prices. aug: au: De Fontnouvelle, Patrick Lence, Sergio H. su: Agricultural prices Valuation of farms Present value Mathematical models Rural conditions Iowa United States sug: subj: Iowa United States Agricultural prices Valuation of farms Present value Mathematical models Rural conditions ab: The present study introduces a theoretical land pricing model that allows for proportional transaction costs, and a corresponding kernel regression test. The model is tested with farmland returns data for 20 individual states, and also with two aggregate U.S. level series. The constant discount rate (CDR) present value model (PVM) of farmland prices is strongly rejected. However, it is found that the behavior of land prices and rents is consistent with the CDR-PVM in the presence of empirically observed values of transaction costs. Findings are very robust in that they apply to both individual state-level data and the U.S. aggregate-level series. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
|---|