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

North American authorities in the fields of agriculture, consumer and resource economics, agribusiness, and food policy present 21 essays addressing a variety of economic issues surrounding farmland markets. Largely drawn from a May 2002 conference held in Washington, DC titled "Government Policy and Farmland Markets: Implications for the New Economy," the contributions address farmland values from several angles: historical perspectives; government policies; capital markets; transaction costs; and urbanization and environmental quality. Annotation ©2004 Book News, Inc., Portland, OR

Suitable for students, faculty, and professionals involved in agricultural economics, finance, policy, and a host of agribusinesses, this title brings together some of the leading farmland authorities in the United States and Canada to examine the economic determinants of land value and the consequences of changes in land values. How that land was distributed is the subject of this essay: the role of government, the role of private markets, and the more common role of some combination of government and markets.