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Inflation-Indexed Price Supports and Land Values

Author

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  • Duane G. Harris

Abstract

A theoretical model is developed to examine and illustrate some relationships between cost-indexed support prices and land values. The model is developed in the context of a single-commodity, price-uncertain world in which policy makers are allowed to control the percentage of nonland operating costs and the percentage of land costs covered by the support price. The model demonstrates that the time path of land values can be quite sensitive to policy parameters. Attempts by policy makers to guarantee a "fair" rate of return on land may have substantial impact on future land values.

Suggested Citation

  • Duane G. Harris, 1977. "Inflation-Indexed Price Supports and Land Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(3), pages 489-495.
    • Handle: RePEc:oup:ajagec:v:59:y:1977:i:3:p:489-495.
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    File URL: http://hdl.handle.net/10.2307/1239650
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    Cited by:

    1. John Garvey & Gordon Sirr & Deirdre O'Shea & Fergal O'Brien, 2019. "Risk and Planning in Agriculture: How Planning on Dairy Farms in Ireland Is Affected by Farmers’ Regulatory Focus," Risk Analysis, John Wiley & Sons, vol. 39(7), pages 1491-1502, July.
    2. François Facchini, 1997. "Politique agricole en France et prix de la terre," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00490336, HAL.
    3. Joyce Hall Krause & B. Wade Brorsen, 1995. "The Effect of Risk on the Rental Value of Agricultural Land," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 17(1), pages 71-76.
    4. G. F. Ortmann, 1987. "Land Rents and Production Costs in the South African Sugar Industry," South African Journal of Economics, Economic Society of South Africa, vol. 55(3), pages 163-169, September.
    5. Offutt, Susan & Shoemaker, Robbin, 1989. "Distribution of Domestic Policy Benefits and the Willingness to Support Trade Liberalization," 1989 Occasional Paper Series No. 5 197669, International Association of Agricultural Economists.
    6. Pope, Rulon D. & Kramer, Randall A. & Green, Richard D. & Gardner, B. Delworth, 1979. "An Evaluation Of Econometric Models Of U.S. Farmland Prices," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 4(01), pages 1-14, July.
    7. Kramer, Randall A. & Pope, Rulon D., 1980. "The Benefits And Costs Of Participation In Farm Commodity Programs: A Stochastic Dominance Analysis," Working Papers 225685, University of California, Davis, Department of Agricultural and Resource Economics.
    8. Czyżewski, Bazyli & Trojanek, Radosław, 2016. "Drivers of agricultural land prices in terms of different functions of rural areas in Poland," Problems of Agricultural Economics / Zagadnienia Ekonomiki Rolnej 249742, Institute of Agricultural and Food Economics - National Research Institute (IAFE-NRI).
    9. Langley, James A. & Price, J. Michael, 1985. "Implications of Alternative Moving Average Loan Rates," Agricultural Economic Reports 307994, United States Department of Agriculture, Economic Research Service.
    10. Moore, Kevin Clare, 1985. "Predictive econometric modeling of the United States farmland market: an empirical test of the rational expectations hypothesis," ISU General Staff Papers 198501010800008872, Iowa State University, Department of Economics.
    11. Katchova, Ani L. & Sherrick, Bruce J. & Barry, Peter J., 2002. "The Effects Of Risk On Farmland Values And Returns," 2002 Annual meeting, July 28-31, Long Beach, CA 19660, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    12. Graham, M. A. & Hayward, M. A., 1978. "Milk Production Costs in New South Wales: 1975-76," Archive 260390, New South Wales Department of Primary Industries Research Economists.
    13. Lowenberg-DeBoer, James M., 1985. "The impact of farmland price changes on farm size, financial structure enterprise choice," ISU General Staff Papers 198501010800009722, Iowa State University, Department of Economics.

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