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Farm Real Estate Price Components, 1920–78

Author

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  • Emery N. Castle
  • Irving Hoch

Abstract

The research reported demonstrates that farm real estate price involves important components in addition to the capitalized value of rent for the services of land and buildings in farm production, develops an expectations model for the farm real estate market, and compares predictions from the expectations model with farm real estate prices for the 1920–78 period. Capitalized rent explains only about half of real estate values both in the 1970s and over the longer 1920–78 period. The remainder can be explained by the capitalization of capital gains, including real gains or losses from price level changes.

Suggested Citation

  • Emery N. Castle & Irving Hoch, 1982. "Farm Real Estate Price Components, 1920–78," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(1), pages 8-18.
    • Handle: RePEc:oup:ajagec:v:64:y:1982:i:1:p:8-18.
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    File URL: http://hdl.handle.net/10.2307/1241167
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    Cited by:

    1. Kenneth Poon & Alfons Weersink, 2014. "Growing Forward with Agricultural Policy: Strengths and Weaknesses of Canada's Agricultural Data Sets," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 62(2), pages 191-218, June.
    2. Bergland, Olvar & Randall, Alan, 1984. "Land Prices, Capital Gains And The Returns To Farmland Ownership," 1984 Annual Meeting, August 5-8, Ithaca, New York 279089, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Li, Xin, 2016. "The Farmland Valuation Revisited," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 4(2), pages 1-14, April.
    4. D. Hallam & F. Machado & G. Rapsomanikis, 1992. "Co‐Integration Analysis And The Determinants Of Land Prices," Journal of Agricultural Economics, Wiley Blackwell, vol. 43(1), pages 28-37, January.
    5. Olsen, Jakob Vesterlund & Panduro, Toke Emil & Jensen, Cathrine Ulla & Schou, Jesper S. & Bramsen, Jens-Martin Roikjer & Lautrup, Marie & Pedersen, Michael Friis, 2019. "Pr - Evaluating Land Prices Under Environmental Regulation," 22nd Congress, Tasmania, Australia, March 3-8, 2019 345889, International Farm Management Association.
    6. Burnett, J. Wesley & Lacombe, Donald J. & Wallander, Steven, . "Spatial and Temporal Spillovers in US Cropland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 49(1).
    7. Chen, Y. & Chen, K. & Zhong, F., 2018. "Farm Subsidy and Farmland Cash Rent under Rapid Urbanization: Evidence from Chinese Farm Household Panel 2004-2013," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277513, International Association of Agricultural Economists.

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