Did 1933 new deal legislation contribute to farm real estate values: A regional analysis

Autor:	Saleem Shaik, Glenn A. Helmers, Joseph A. Atwood
Rok vydání:	2012
Předmět:	Estimation Economics and Econometrics business.industry media_common.quotation_subject Real estate Payment Agricultural economics Simultaneous equations model Renting Agriculture Agricultural land Economics business Capitalization media_common
Zdroj:	Journal of Policy Modeling. 34:801-816
ISSN:	0161-8938
DOI:	10.1016/j.jpolmod.2012.10.001
Popis:	The proportion of land values generated by farm program payments and farm returns are examined using an extended income capitalization model. The extended income capitalization model addresses the identification issue introduced by the counter-cyclical nature of farm program payments and farm returns. Procedures are presented that allow the estimation of agriculture land value shares without requiring explicit knowledge or assumptions with respect to the net land rental shares of farm returns or farm program payments. Results from the panel recursive or triangular-structure simultaneous equation model applied to 48 states in the U.S. for the period 1938–2010 indicate on average 24–29.2 percent and 76–70.8 percent of the agricultural land values can be identified with farm program payments and farm returns, respectively. Spatially, at the resource regional level the contribution of farm program payments was as low as 20.5 percent in the Eastern Upland region compared to a high of 69 percent in the Mississippi Seaboard region.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::cdc0b059c6235ab15c3d5752b3afc6bd https://doi.org/10.1016/j.jpolmod.2012.10.001 Zobrazit plný text záznamu Full Text from ScienceDirect