IDEAS home Printed from https://ideas.repec.org/a/bla/jageco/v44y1993i3p443-455.html
   My bibliography  Save this article

Outliers In Agriculture: An Intervention Analysis Of Agricultural Land Values

Author

Listed:
  • T. A. Lloyd

Abstract

Intervention analysis offers a framework for the identification and modelling of outlying observations in empirical time series. Within this framework, there are two types of outlier; an additive outlier, representing a one‐period blip in the series, and an innovational outlier, whose effect is spread over many time periods. Intervention analysis is used here to study an agricultural land price boom of the early 1970s that is generally believed to have been caused by speculative activity, and the statistical results are consonant with that view. The procedure detects an innovational outlier in the land price series at 1972 with dynamic effects that resemble the life cycle of a speculative bubble. It is inferred from these results that speculation added 52 per cent to the rate of growth of land prices in 1972, 19 per cent in 1973 and caused a fall in the rate of change in land prices of 19 per cent in 1974 and 17 per cent in 1975.

Suggested Citation

  • T. A. Lloyd, 1993. "Outliers In Agriculture: An Intervention Analysis Of Agricultural Land Values," Journal of Agricultural Economics, Wiley Blackwell, vol. 44(3), pages 443-455, September.
    • Handle: RePEc:bla:jageco:v:44:y:1993:i:3:p:443-455
    DOI: 10.1111/j.1477-9552.1993.tb00286.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1477-9552.1993.tb00286.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1477-9552.1993.tb00286.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jageco:v:44:y:1993:i:3:p:443-455. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0021-857X .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.