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The Fischler Reform of the Common Agricultural Policy and Agricultural Land Prices

The Fischler Reform of the Common Agricultural Policy and Agricultural Land Prices <p>Based on 7,300 agricultural land sales transactions, we estimate the effect of the 2003 reform of the E.U. Common Agricultural Policy on land prices. As opposed to the main body of the literature on agricultural land values, we do not start from a demand-oriented net present value approach or hedonic pricing method, but derive our reduced form pricing equation from a spatial land sales market model. Our empirical model accounts for spatial dependence and endogeneity of explanatory variables. A reduction of payments by 50 €/ha would decrease land sales prices by 445 €/ha before and by 984 €/ha after the reform. <italic>(JEL Q15, Q18)</italic></p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

The Fischler Reform of the Common Agricultural Policy and Agricultural Land Prices

Land Economics , Volume 92 (3) – Jul 7, 2016

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Publisher
University of Wisconsin Press
Copyright
Copyright by the Board of Regents of the University of Wisconsin System.
ISSN
1543-8325

Abstract

<p>Based on 7,300 agricultural land sales transactions, we estimate the effect of the 2003 reform of the E.U. Common Agricultural Policy on land prices. As opposed to the main body of the literature on agricultural land values, we do not start from a demand-oriented net present value approach or hedonic pricing method, but derive our reduced form pricing equation from a spatial land sales market model. Our empirical model accounts for spatial dependence and endogeneity of explanatory variables. A reduction of payments by 50 €/ha would decrease land sales prices by 445 €/ha before and by 984 €/ha after the reform. <italic>(JEL Q15, Q18)</italic></p>

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Jul 7, 2016

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