Government Policy and Farmland Markets: The Maintenance of Farmer Wealth

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.Content: Chapter 1 Farmland Markets in the Development of U.S. Agriculture (pages 1–13): Willard W. CochraneChapter 2 Disaggregating Farmland Markets (pages 15–25): Philip M. RaupChapter 3 Farmland Markets: Historical Perspectives and Contemporary Issues (pages 27–49): Bruce J. Sherrick and Peter J. BarryChapter 4 The Economics and Politics of Farmland Values (pages 51–79): Andrew Schmitz and Richard E. JustChapter 5 U.S. Commodity Policies and Land Values (pages 81–95): Bruce GardnerChapter 6 Explaining Regional Differences in the Capitalization of Policy Benefits into Agricultural Land Values (pages 97–114): Barry K. Goodwin, Ashok K. Mishra and Francois N. Ortalo?MagneChapter 7 Do Direct Payments Have Inter?Temporal Effects on U.S. Agriculture? (pages 115–139): Terry Roe, Agapi Somwaru and Xinshen DiaoChapter 8 Economies of Farm Size, Government Payments, and Land Costs (pages 141–156): Luther Tweeten and Jeffrey HopkinsChapter 9 Capital Markets, Land Values, and Boom?Bust Cycles (pages 157–178): Allen M. Featherstone and Charles B. MossChapter 10 Hysteresis and the Value of Farmland: A Real?Options Approach to Farmland Valuation (pages 179–207): Calum TurveyChapter 11 The Certainty Equivalence of Farmland Values: 1910 to 2000 (pages 209–222): Charles B. Moss, J.S. Shonkwiler and Andrew SchmitzChapter 12 Cash Rents, Imputed Returns, and the Valuation of Farmland Revisited (pages 223–235): Kenneth Erickson, Ashok K. Mishra and Charles B. MossChapter 13 On the Dynamics of Land Markets Under Transaction Costs (pages 237–253): Jean?Paul ChavasChapter 14 Spectral Evidence on the Investment Horizon and Transaction Costs for Present?Value Models of Iowa Farmland Prices (pages 255–264): Douglas J. MillerChapter 15 Using Threshold Autoregressions to Model Farmland Prices Under Transaction Costs and Variable Discount Rates (pages 265–282): Sergio H. LenceChapter 16 Local Land Markets and Agricultural Preservation Programs (pages 283–302): Lori Lynch and Sabrina J. LovellChapter 17 Efficiency, Equity, and Farmland Protection: An Economic Perspective (pages 303–317): Lawrence W. LibbyChapter 18 Urban Influence: Effects on U.S. Farmland Markets and Value (pages 319–341): Charles Barnard, Keith Wiebe and Vince BrenemanlChapter 19 Rural Amenities and Farmland Values (pages 343–364): Lawrence W. Libby and Elena G. IrwinChapter 20 Micro?Markets for Farmland: The Case of Florida and California (pages 365–390): John E. Reynolds and Warren JohnstonChapter 21 Effects of Government Restrictions on Land Ownership: The Saskatchewan Case (pages 391–406): Jared Carlberg and Hartley Furtan