IDEAS home Printed from https://ideas.repec.org/a/oup/erevae/v18y1991i2p141-66.html
   My bibliography  Save this article

Present-Value Models of Land Prices in England and Wales

Author

Listed:
  • Lloyd, T A
  • Rayner, A J
  • Orme, C D

Abstract

This paper presents some parsimonious econometric models of the relationship between land prices and cash rents derived from an encompassing present-value framework. Alternatives based on adaptive, naive, and rational (or perfect foresight) expectations are applied to three separate data sets on annual land prices in England and Wales. The empirical results support the adaptive expectations versions and imply that a real rate of discount of 2-3 percent per year is used in the land market. The notion of disequilibrium pricing is examined but is not supported in the sample period. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Lloyd, T A & Rayner, A J & Orme, C D, 1991. "Present-Value Models of Land Prices in England and Wales," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 18(2), pages 141-166.
    • Handle: RePEc:oup:erevae:v:18:y:1991:i:2:p:141-66
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Drescher, Klaus & Henderson, Jason R. & McNamara, Kevin T., 2001. "Farmland Price Determinants," 2001 Annual meeting, August 5-8, Chicago, IL 20685, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. D. Hallam, 1993. "Co‐Integration Analysis And The Determinants Of Land Prices: Reply," Journal of Agricultural Economics, Wiley Blackwell, vol. 44(1), pages 157-159, January.
    3. Pierre Dupraz & Chalachew Temesgen Jemberie, 2012. "Farmland rental rate and marginal return to land: A french FADN perspective," Post-Print hal-01208927, HAL.
    4. L. Latruffe & T. Doucha & Ch. Le Mouël & T. Medonos & V. Voltr, 2008. "Capitalisation of government support in agricultural land prices in the Czech Republic," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 54(10), pages 451-460.
    5. Maurice J. Roche & Kieran McQuinn, 2000. "Speculation in agricultural land," Economics Department Working Paper Series n1010700, Department of Economics, National University of Ireland - Maynooth.
    6. David Maddison, 2009. "A Spatio‐temporal Model of Farmland Values," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(1), pages 171-189, February.
    7. Pletichová, D. & Gebeltová, Z., 2013. "Development of Market Prices of Agricultural Land within the Conditions of the EU," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 5(3), pages 1-14, September.
    8. Burcu Aksu & Suleyman Karaman, 2022. "Estimating the effect of a land parcel index using hedonic price analysis," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 68(11), pages 427-433.
    9. Telles, Tiago Santos & Reydon, Bastiaan Philip & Maia, Alexandre Gori, 2018. "Effects of no-tillage on agricultural land values in Brazil," Land Use Policy, Elsevier, vol. 76(C), pages 124-129.
    10. Laure Latruffe & Chantal Le Mouël, 2009. "Capitalization Of Government Support In Agricultural Land Prices: What Do We Know?," Journal of Economic Surveys, Wiley Blackwell, vol. 23(4), pages 659-691, September.

    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:oup:erevae:v:18:y:1991:i:2:p:141-66. 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: Oxford University Press (email available below). General contact details of provider: https://edirc.repec.org/data/eaaeeea.html .

    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.