| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| The Effects of Potential Land Development on Agricultural Land Prices | |
| Andrei J. Plantinga; Ruben N. Lubowski; Robert N. Stavins | |
| 发表日期 | 2002 |
| 出处 | Climate Change and Sustainable Development |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We conduct a national-scale study of the determinants of agricultural land values to better understand how current farmland prices are influenced by the potential for future land development. The theoretical basis for the empirical analysis is a spatial city model with stochastic returns to future land development. From the theoretical model, we derive an expression for the current price of agricultural land in terms of annual returns to agricultural production, the price of recently developed land parcels, and expressions involving model parameters that are represented in the empirical model by nonlinear functions of observed variables and parameters to be estimated. We estimate the model of agricultural land values with a cross-section on approximately three thousand counties in the contiguous U.S. The results provide strong support for the model, and provide the first evidence that option values associated with irreversible and uncertain land development are capitalized into current farmland values. The empirical model is specified in a way that allows us to identify the contributions to land values of rents from near-term agricultural use and rents from potential development in the future. For each county in the contiguous U.S., we estimate the share of the current land value attributable to future development rents. These results give a clearer indication of the magnitude of land development pressures and yield insights into policies to preserve farmland and associated environmental benefits. |
| 关键词 | land use,option value |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/the-effects-of-potential-land-development-on-agricultural-land-prices/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116753 |
| 推荐引用方式 GB/T 7714 | Andrei J. Plantinga,Ruben N. Lubowski,Robert N. Stavins. The Effects of Potential Land Development on Agricultural Land Prices. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2002-041.pdf（165KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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