1,755
Views
4
CrossRef citations to date
0
Altmetric
Article

Drivers for farmland value revisited: adapting the returns discount model (RDM) to the sustainable paradigm

, &
Pages 2080-2098 | Received 30 Oct 2017, Accepted 02 Oct 2018, Published online: 31 Jul 2019

References

  • Altieri, M. A. (1995). Agroecology: The science of sustainable agriculture, 2nd ed., Boulder: Westview Press.
  • Barnard, C. H., Whittaker, G., Westenbarger, D., & Ahearn, M. (1997). Evidence of capitalization of direct government payments into U.S. cropland values. American Journal of Agricultural Economics, 79(5), 1642–1650. doi: 10.2307/1244396
  • Beilin, R., Lindborg, R., Stenseke, M., Pereira, H. M., Llausàs, A., Slätmo, E., … Queiroz, C. (2014). Analysing how drivers of agricultural land abandonment affect biodiversity and cultural landscapes using case studies from Scandinavia, Iberia and Oceania. Land Use Policy, 36, 60–72. doi: 10.1016/j.landusepol.2013.07.003
  • Blaug, M. (1997). Economic theory in retrospect. Cambridge: Cambridge University Press.
  • Bringham, E. F., & Gapenski, L. C. (1990). Intermediate financial management. Hinsdale: Dryden Press.
  • Burt, O. R. (1986). Econometric modeling of the capitalization formula for farmland prices. American Journal of Agricultural Economics, 68(1), 10–26. doi: 10.2307/1241645
  • Capozza, D. R., & Helsley, R. W. (1989). The fundamentals of land prices and urban growth. Journal of Urban Economics, 26(3), 295–306. doi: 10.1016/0094-1190(89)90003-X
  • Case, K. E. (2007). The value of land in the United States: 1975–2005. Land policies and their outcomes, 1, 127–147.
  • Chatterjee, S., & Hadi, A. S. (2006). Regression analysis by example. Hoboken: Wiley-Interscience.
  • Choumert, J., & Phélinas, P. (2015). Determinants of agricultural land values in Argentina. Ecological Economics, 110, 134–140. doi: 10.1016/j.ecolecon.2014.12.024
  • Ciaian, P., D’artis, K., & Swinnen, J. (2010). EU Land Markets and Common Agricultural Policy. Brussels: CEPS.
  • Ciaian, P., & Kancs, D. A. (2012). The capitalization of area payments into farmland rents: Micro evidence from the new EU member states. Canadian Journal of Agricultural Economics/Revue Canadienne D'agroeconomie, 60(4), 517–540. doi: 10.1111/j.1744-7976.2012.01256.x
  • Cooper, T., Hart, K., & Baldock, D. (2009). The Provision of Public Goods Through Agriculture in the European Union, Report Prepared for DG Agriculture and Rural Development, Institute for European Environmental Policy, London.
  • Czyżewski, B., Guth, M., & Matuszczak, A. (2018). The impact of the CAP green programmes on farm productivity and its social contribution. Problemy Ekorozwoju/Problems of Sustainable Development, 13no (1), 173–183.
  • Czyżewski, B., & Majchrzak, A. (2018). Market versus agriculture in Poland - macroeconomic relations of incomes, prices and productivity in terms of the sustainable development paradigm. Technological and Economic Development of Economy, 24 (2), 318–334. doi: 10.3846/20294913.2016.1212743
  • Czyzewski, B., & Matuszczak, A. (2016). A new land rent theory for sustainable agriculture. Land Use Policy, 55, 222–229. doi: 10.1016/j.landusepol.2016.04.002
  • Davis, M. A. (2009). The price and quantity of land by legal form of organization in the United States. Regional Science and Urban Economics, 39(3), 350–359. doi: 10.1016/j.regsciurbeco.2009.01.002
  • Davis, M. A., & Heathcote, J. (2007). The price and quantity of residential land in the United States. Journal of Monetary Economics, 54(8), 2595–2620. doi: 10.1016/j.jmoneco.2007.06.023
  • de Haan, J., Diewert, E., & Hendriks, R. (2011). Hedonic regressions and the decomposition of a house price index into land and structure components. (No. erwin_diewert-2011-8).
  • Delbecq, B. A., Kuethe, T. H., & Borchers, A. M. (2014). Identifying the extent of the urban fringe and its impact on agricultural land values. Land Economics, 90(4), 587–600. doi: 10.3368/le.90.4.587
  • Di’az, G. I., Nahuelhual, L., Echeverri’a, C., & Mari’n, S. (2011). Drivers of land abandonment in Southern Chile and implications for landscape planning. Landscape and Urban Planning, 99, 207–217. doi: 10.1016/j.landurbplan.2010.11.005
  • Diewert, W. E. (2010). Alternative approaches to measuring house price inflation. Technical report, Discussion Paper 10-10. Department of Economics. Vancouver: The University of British Columbia.
  • Drescher, K., Henderson, J., & McNamara, K. (2001). Farmland prices determinants. Paper presented at the American Agricultural Economics Association Annual Meeting, August 5–8, Chicago.
  • Duvivier, R., Gaspart, F., & de Frahan, B. H. (2005). A panel data analysis of the determinants of farmland price: An application to the effects of the 1992 cap reform in Belgium. Paper presented at the XIth EAAE Congress “The Future of Rural Europe in the Global Agri-Food System.” Copenhagen, Denmark, August 23-27, 2005.
  • Falk, B. (1991). Formally testing the present value model of farmland prices. American Journal of Agricultural Economics, 73(1), 1–10. doi: 10.2307/1242877
  • Falk, B. (1992). Predictable excess returns in real estate markets: A study of Iowa farmland values. Journal of Housing Economics, 2(1), 84–105. doi: 10.1016/1051-1377(92)90020-Q
  • Falk, B., & Lee, B. S. (1998). Fads versus fundamentals in farmland prices. American Journal of Agricultural Economics, 80(4), 696–707. doi: 10.2307/1244057
  • Featherstone, A. M., & Baker, T. G. (1987). An examination of farm sector real asset dynamics: 1910–85. American Journal of Agricultural Economics, 69(3), 532–546. doi: 10.2307/1241689
  • Foster, W., Anríquez, G., Melo, O., Yupanqui, D., & Ortega, J. (2016). Geographic disparities in rural land appreciation in a transforming economy: Chile, 1980 to 2007. Land Use Policy, 57, 655–668. doi: 10.1016/j.landusepol.2016.06.025
  • Francis, C. A., Hansen, T. E., Fox, A. A., Hesje, P. J., Nelson, H. E., Lawseth, A. E., & English, A. (2012). Farmland conversion to non-agricultural uses in the US and Canada: Current impacts and concerns for the future. International Journal of Agricultural Sustainability, 10(1), 8–24. doi: 10.1080/14735903.2012.649588
  • Gaffney, M. (2009). The role of land markets in economic crises. American Journal of Economics and Sociology, 68(4), 855–888. doi: 10.1111/j.1536-7150.2009.00657.x
  • Gliessman S.R., & Rosemeyer M. (eds.). (2010). The conversion to sustainable agriculture principles, processes and practices. Boca Raton, London–New York: CRL Press.
  • Gordon, M. J. (1962). The investment, financing and valuation of the corporation. Homewood: Irwin.
  • Gruchociak, H. (2012). Możliwości zastosowania modelowania dwupoziomowego w badaniach ekonomicznych. Przegląd Statystyczny, 59(4), 409–433.
  • Gutierrez, L., Westerlund, J., & Erickson, K. (2007). Farmland prices, structural breaks and panel data. European Review of Agricultural Economics, 34(2), 161–179. doi: 10.1093/erae/jbm018
  • Hanson, S. D., & Myers, R. J. (1995). Testing for a time-varying risk premium in the returns to US farmland. Journal of Empirical Finance, 2(3), 265–276. doi: 10.1016/0927-5398(95)00006-G
  • Haughwout, A., Orr, J., & Bedoll, D. (2008). The price of land in the New York metropolitan area. Federal Reserve Bank of New York: Current Issues in Economics and Finance, 14(3), 1–7.
  • Huchet-Bourdon, M. (2011). Agricultural commodity price volatility: An overview. OECD Food, Agriculture and Fisheries Papers, 52 OECD Publishing. http://dx.doi.org/10.1787/5kg0t00nrthc-en.
  • IERIGŻ. (2004–2015). Rynek ziemi rolniczej. Stan I perspektywy. Warsaw: IERiGŻ. (in Polish).
  • Irwin, E. G., & Bockstael, N. E. (2007). The evolution of urban sprawl: Evidence of spatial heterogeneity and increasing land fragmentation. Proceedings of the National Academy of Sciences, 104(52), 20672–20677. doi: 10.1073/pnas.0705527105
  • Kaldor, N. (1939). Speculation and economic stability. The Review of Economic Studies, 7(1), 1–27. doi: 10.2307/2967593
  • Kowalczyk, S., & Sobiecki, R. (2011). Europejski model rolnictwa–uwarunkowania ewolucji. Roczniki Nauk Rolniczych, 98(3), 9–20. in Polish.
  • Kułyk, P. (2016). Dysproporcje w wielkości finansowego wsparcia rolnictwa w wybranych krajach UE. Problemy Rolnictwa Światowego, 16(3), 232–242. in Polish.
  • Kuminoff, N. V., & Pope, J. C. (2013). The value of residential land and structures during the great housing boom and bust. Land Economics, 89(1), 1–29. doi: 10.3368/le.89.1.1
  • Larson, W. (2015). New estimates of value of land of the United States (No. 0120). Washington: Bureau of Economic Analysis.
  • Latruffe, L., Doucha, T., Le Mouël, C., Medonos, T., & Voltr, V. (2008). Capitalisation of the government support in agricultural land prices in the Czech Republic. Agricultural Economics (Zemědělská Ekonomika)), 54(10), 451–460. doi: 10.17221/278-AGRICECON
  • Latruffe, L., & Le Mouël, C. (2009). Capitalization of government support in agricultural land prices: What do we know? Journal of Economic Surveys, 23(4), 659–691. doi: 10.1111/j.1467-6419.2009.00575.x
  • Luca, L. (2011). An estimation of agricultural land price in Romania after the accession to the EU. Agricultural Management/Lucrari Stiintifice Seria I, Management, 13(1), 59–66.
  • Luca, L., & Alexandri, C. (2010). Constraints and restrictions of land market in Romania. Agricultural Management/Lucrari Stiintifice Seria I, Management Agricol, 12(1), 1–8.
  • Lyon, G. (2009). Draft report on the Future of the common Agricultural Policy after 2013, (2009/2236 INI), Rapporteur: G. Lyon, Committee on Agriculture and Rural Development, European Parliament, http://www.europarl.europa.eu/meetdocs/2009_2014/document/agri/pr/810/810067/810067en.pdf.
  • Malkina-Pykh, I. G., & Pykh, Y. A. (2003). Sustainable food and agriculture. Southampton, Boston: WIT Press..
  • Marks-Bielska, R. (2010). Rynek ziemi rolniczej w Polsce: Uwarunkowania i tendencje rozwoju. Olsztyn: Wydawnictwo Uniwersytetu Warmińsko-Mazurskiego (in Polish).
  • Monge, J. J., Parker, W. J., & Richardson, J. W. (2016). Integrating forest ecosystem services into the farming landscape: A stochastic economic assessment. Journal of Environmental Management, 174, 87–99. doi: 10.1016/j.jenvman.2016.01.030
  • Nichols, J. B., Oliner, S. D., & Mulhall, M. R. (2013). Swings in commercial and residential land prices in the United States. Journal of Urban Economics, 73(1), 57–76. doi: 10.1016/j.jue.2012.06.004
  • Nilsson, P., & Johansson, S. (2013). Location determinants of agricultural land prices. Jahrbuch Für Regionalwissenschaft, 33(1), 1–21. doi: 10.1007/s10037-012-0071-4
  • Novelli, J. M. N. (2010). A questăo da continuidade da política macroeconômica entre o governo Cardoso e Lula (1995–2006). Revista de Sociologia e Política, 18(36), 227–240. doi: 10.1590/S0104-44782010000200014
  • OECD. (2017). Long-term interest rates (indicator). (accessed 11 January 2017). doi: 10.1787/662d712c-en
  • Patton, M., Kostov, P., McErlean, S., & Moss, J. (2008). Assessing the influence of direct payments on the rental value of agricultural land. Food Policy, 33(5), 397–405. doi: 10.1016/j.foodpol.2008.01.001
  • Plantinga, A. J., Lubowski, R. N., & Stavins, R. N. (2002). The effects of potential land development on agricultural land prices. Journal of Urban Economics, 52(3), 561–581. doi: 10.1016/S0094-1190(02)00503-X
  • 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, 5(3), 65–78. doi: 10.7160/aol.2017.090404
  • Reydon, B. P., Plata, L. E., Bueno, A. K., & Itria, A. A. (2006). Relação inversa entre a dimensão e o preço da terra rural. In: Reydon, B.R., Cornelio, F.N.M. (Org.). Mercados de Terras no Brasil: Estrutura e dinâmica. Brasília: NEAD, 207–225
  • Reydon, B. P., Plata, L. E., Sparovek, G., Goldszmidt, R. G. B., & Telles, T. S. (2014). Determination and forecast of agricultural land prices. Nova Economia, 24(2), 389–408. doi: 10.1590/0103-6351/1304
  • Sagan, A. (2007). Wielopoziomowe modele strukturalne w analizie postępowania konsumentów–porównanie modeli pomiarowych. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie, (756) (in Polish).
  • Shi, Y. J., Phipps, T. T., & Colyer, D. (1997). Agricultural land values under urbanizing influences. Land Economics, 73(1), 90–100. doi: 10.2307/3147079
  • Sikorska, A. (2013). Obrot ziemia a przemiany agrarne w indywidualnym rolnictwie. Zagadnienia Ekonomiki Rolnej, 1(334), 8–21. (in Polish).
  • Swinnen, J., Ciaian, P., & Vranken, L. (2006). Land market developments, imperfections, and effects in transition, in agriculture in the face of changing markets. In: Curtiss, J. (ed.). Institutions and Policies. Halle (Saale): IAMO.
  • Telles, T. S., Palludeto, A. W. A., & Reydon, B. P. (2016). Price movement in the Brazilian land market (1994–2010): An analysis in the light of post-Keynesian theory. Revista de Economia Política, 36(1), 109–129. doi: 10.1590/0101-31572016v36n01a07
  • Twisk, J. W. (2006). Applied multilevel analysis: A practical guide for medical researchers. Cambridge: Cambridge University Press.
  • Uphoff N. (ed.). (2002). Agroecological innovations: Increasing food production with participatory development. London: Earthscan Publications Ltd.
  • Wang, H., Qiu, F., & Ruan, X. (2016). Loss or gain: A spatial regression analysis of switching land conversions between agriculture and natural land. Agriculture, Ecosystems and Environment, 221, 222–234. doi: 10.1016/j.agee.2016.01.041
  • Wasson, J. R., McLeod, D. M., Bastian, C. T., & Rashford, B. S. (2013). The effects of environmental amenities on agricultural land values. Land Economics, 89(3), 466–478. doi: 10.3368/le.89.3.466
  • Weersink, A., Clark, S., Turvey, C. G., & Sarker, R. (1999). The effect of agricultural policy on farmland values. Land Economics, 75(3), 425–439. doi: 10.2307/3147188
  • Zhang, Y., Li, X., & Song, W. (2014). Determinants of cropland abandonment at the parcel, household and village levels in mountain areas of China: A multi-level analysis. Land Use Policy, 41, 186–192. doi: 10.1016/j.landusepol.2014.05.011
  • Zieliński, M. W., & Radkiewicz, P. (2010). Hierarchiczne modele liniowe. Co nam dają i kiedy warto je stosować. Psychologia Społeczna, 2–3(14), 217–233. (in Polish).