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The Spatial and Temporal Diffusion of Agricultural Land Prices

The Spatial and Temporal Diffusion of Agricultural Land Prices <p>ABSTRACT:</p><p>In the last decade, many parts of the world experienced severe increases in agricultural land prices. This price surge, however, did not take place evenly in space and time. To better understand the spatial and temporal behavior of land prices, we employ a price diffusion model that combines features of market integration models and spatial econometric models. An application of this model to farmland prices in Germany shows that prices on a county-level are cointegrated. Apart from convergence toward a long-run equilibrium, we find that price transmission experiences short-term adjustments caused by neighboring regions. <i>(JEL C23, Q24)</i></p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

The Spatial and Temporal Diffusion of Agricultural Land Prices

Land Economics , Volume 95 (1) – Jan 11, 2019

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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>ABSTRACT:</p><p>In the last decade, many parts of the world experienced severe increases in agricultural land prices. This price surge, however, did not take place evenly in space and time. To better understand the spatial and temporal behavior of land prices, we employ a price diffusion model that combines features of market integration models and spatial econometric models. An application of this model to farmland prices in Germany shows that prices on a county-level are cointegrated. Apart from convergence toward a long-run equilibrium, we find that price transmission experiences short-term adjustments caused by neighboring regions. <i>(JEL C23, Q24)</i></p>

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Jan 11, 2019

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