farmland, land markets, agricultural economics
Economists have long been interested in determinants of farmland prices. This interest has been heightened by large and contrasting changes in farmland market prices in the 1970's and 1980's. U.S. nominal farmland prices trended steadily upward from 1940-1972, soared upward 1972-1981 and have been declining since then. Percentage declines have been most severe in the Cornbelt and Northern Plains states (USDA, 1985). Two major econometric approaches (time series and cross-sectional models) have been and continue to be used by economists to analyze farmland price determining factors.
Janssen, Larry, "Cross- Sectional Modeling of Agricultural Land Markets- What Can It Tell Us? - South Dakota Case Study Results." (1987). Economics Research Reports. 17.