Farm income, population and farmland prices: a relative information approach

This paper uses an entropy-based information approach to determine if farmland values are more closely associated with urban pressure or farm income. The basic question is: how much information on changes in farm real estate values is contained in changes in population versus changes in returns to p...

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Bibliographic Details
Published in:European review of agricultural economics 2012-04, Vol.39 (2), p.289-307
Main Authors: Salois, Matthew, Moss, Charles, Erickson, Kenneth
Format: Article
Language:English
Subjects:
Agricultural economics
Agricultural policy
Agricultural production
Agriculture
Entropy
Equity
Farm income
farmland values
Farms
Income
Information economics
issues and policy
Land prices
Population
Prices
Production
Property values
Real estate
Real estate business
Studies
urbanization
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Summary:This paper uses an entropy-based information approach to determine if farmland values are more closely associated with urban pressure or farm income. The basic question is: how much information on changes in farm real estate values is contained in changes in population versus changes in returns to production agriculture? Results suggest population is informative, but changes in farmland values are more strongly associated with changes in the distribution of returns. However, this relationship is not true for every region nor does it hold over time, as for some regions and time periods changes in population are more informative. Results have policy implications for both equity and efficiency.
ISSN:1464-3618
0165-1587
1464-3618
DOI:10.1093/erae/jbr032