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Present-Value Models of Land Prices in England and Wales

Author

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  • Lloyd, T A
  • Rayner, A J
  • Orme, C D
Abstract
This paper presents some parsimonious econometric models of the relationship between land prices and cash rents derived from an encompassing present-value framework. Alternatives based on adaptive, naive, and rational (or perfect foresight) expectations are applied to three separate data sets on annual land prices in England and Wales. The empirical results support the adaptive expectations versions and imply that a real rate of discount of 2-3 percent per year is used in the land market. The notion of disequilibrium pricing is examined but is not supported in the sample period. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Lloyd, T A & Rayner, A J & Orme, C D, 1991. "Present-Value Models of Land Prices in England and Wales," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 18(2), pages 141-166.
    • Handle: RePEc:oup:erevae:v:18:y:1991:i:2:p:141-66
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    Cited by:

    1. Burcu Aksu & Suleyman Karaman, 2022. "Estimating the effect of a land parcel index using hedonic price analysis," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 68(11), pages 427-433.
    2. Dupraz, Pierre & Temesgen, Chalachew, 2012. "Farmland Rental Rate and Marginal Return to Land: A French FADN Perspective," 86th Annual Conference, April 16-18, 2012, Warwick University, Coventry, UK 134954, Agricultural Economics Society.
    3. L. Latruffe & T. Doucha & Ch. Le Mouël & T. Medonos & V. Voltr, 2008. "Capitalisation of government support in agricultural land prices in the Czech Republic," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 54(10), pages 451-460.
    4. David Maddison, 2009. "A Spatio‐temporal Model of Farmland Values," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(1), pages 171-189, February.
    5. 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, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 5(3), pages 1-14, September.
    6. Laure Latruffe & Chantal Le Mouël, 2009. "Capitalization Of Government Support In Agricultural Land Prices: What Do We Know?," Journal of Economic Surveys, Wiley Blackwell, vol. 23(4), pages 659-691, September.
    7. Drescher, Klaus & Henderson, Jason R. & McNamara, Kevin T., 2001. "Farmland Price Determinants," 2001 Annual meeting, August 5-8, Chicago, IL 20685, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. D. Hallam, 1993. "Co‐Integration Analysis And The Determinants Of Land Prices: Reply," Journal of Agricultural Economics, Wiley Blackwell, vol. 44(1), pages 157-159, January.
    9. Maurice J. Roche & Kieran McQuinn, 2000. "Speculation in agricultural land," Economics Department Working Paper Series n1010700, Department of Economics, National University of Ireland - Maynooth.
    10. Telles, Tiago Santos & Reydon, Bastiaan Philip & Maia, Alexandre Gori, 2018. "Effects of no-tillage on agricultural land values in Brazil," Land Use Policy, Elsevier, vol. 76(C), pages 124-129.

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