Government Policy and Farmland Markets

Of immeasurable value to lenders, agricultural economists, and a host of agribusinesses this unique volume brings together leading farmland authorities in the United States and Canada to examine the economic determinants of land value and the consequences of change in land values. As the most basic factor of production in the agricultural enterprise, farmland dominates the agricultural balance sheet, accounting for an average of 70% of all agricultural assets. The authors of this timely book provide expert analysis and review of this subject.

Of immeasurable value to lenders, agricultural economists, and ahost of agribusinesses this unique volume brings together leadingfarmland authorities in the United States and Canada to examine theeconomic determinants of land value and the consequences of changein land values.As the most basic factor of production in the agriculturalenterprise, farmland dominates the agricultural balance sheetaccounting for an average of 70% of all agricultural assets. Theauthors of this timely book provide expert analysis and review ofthis subject.

Contributors.Acknowledgments.Foreword.Section I: Historical Perspectives on FarmlandValues.1 Farmland Markets in the Development of U.S. Agriculture(Willard W. Cochrane).2 Disaggregating Farmland Markets (Philip M. Raup).3 Farmland Markets: Historical Perspectives and ContemporaryIssues (Bruce J. Sherrick and Peter J. Barry).Section II: Government Policies and Farmland Values.4 The Economics and Politics of Farmland Values (AndrewSchmitz and Richard E. Just).5 U.S. Commodity Policies and Land Values (BruceGardner).6 Explaining Regional Differences in the Capitalization ofPolicy Benefits into Agricultural Land Values (Barry K. GoodwinAshok K. Mishra, and FranFois N. Ortalo-Magne)7 Do Direct Payments Have Inter-Temporal Effects on U.S.Agriculture? (Terry Roe, Agapi Somwaru, and XinshenDiao).8 Economies of Farm Size, Government Payments, and Land Costs(Luther Tweeten and Jeffrey Hopkins).Section III: Capital Markets and Farmland Values.9 Capital Markets, Land Values, and Boom-Bust Cycles (AllenM. Featherstone and Charles B. Moss).10 Hysteresis and the Value of Farmland: A Real-Options Approachto Farmland Valuation (Calum Turvey).11 The Certainty Equivalence of Farmland Values: 1910 to 2000(Charles B. Moss, J.S. Shonkwiler, and Andrew Schmitz).12 Cash Rents, Imputed Returns, and the Valuation of FarmlandRevisited (Kenneth Erichon, Ashok K. Mishra. and Charles B.Moss).Section IV: Transaction Costs and Farmland Values.13 On the Dynamics of Land Markets under Transaction Costs(Jean-Paul Chavas).14 Spectral Evidence on the Investment Horizon and TransactionCosts for Present-Value Models of Iowa Farmland Prices (DouglasJ. Miller).15 Using Threshold Autoregressions to Model Farmland Pricesunder Transaction Costs and Variable Discount Rates (Sergio H.Lence).Section V: Urbanization, Environmental Quality, and FarmlandValues.16 Local Land Markets and Agricultural Preservation Programs(Lori Lynch and Sabrina J. Lovell).17 Efficiency, Equity, and Farmland Protection: An EconomicPerspective (Lawrence W. Libby).18 Urban Influence: Effects on U.S. Farmland Markets and Value(Charles Barnard, Keith Wiebe, and Vince Breneman).19 Rural Amenities and Farmland Values (Lawrence W. Libby andElena G. Irwin).Section VI: Regional and International Dimensions.20 Micro-Markets for Farmland: The Case of Florida andCalifornia (John E. Reynolds and Warren Johnston).21 Effects of Government Restrictions on Land Ownership: TheSaskatchewan Case (Jared Carlberg and Hartley Furtan).Index.