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The Effects of Use Values, Amenities and Payments for Public Goods on Farmland Prices: Evidence from Poland

Bazyli Czyzewski (), Radoslaw Trojanek () and Anna Matuszczak ()
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Bazyli Czyzewski: Department of Education and Personnel Development, Poznan University of Economics and Business, Poland
Radoslaw Trojanek: Department of Microeconomics, Poznan University of Economics and Business, Poland
Anna Matuszczak: Department of Macroeconomics and Agricultural Economics, Poznan University of Economics and Business, Poland

Acta Oeconomica, 2018, vol. 68, issue 1, 135-158

Abstract: The article contributes to the debate on how land prices are affected by production values, by farming subsidies and by environmental amenities. The authors carried out a comprehensive review of the literature on the actual determinants of land value and made an attempt to classify different approaches to this matter. Then they performed an empirical case study of the drivers of agricultural land values in a leading agricultural region of Poland. The aim of the study is to establish how the use values of land, amenities and policy payments contribute to land values in the Single Area Payment Scheme (SAPS), which operates in Poland. The study is based on a sample of 653 transactions during the years 2010–2013. A hierarchical regression (ML–IGLS method) was used, where the unobserved heterogeneity is attributed to the location-specific factors at different levels of analysis. Results indicate that the policy payments for public goods decapitalise the value of land, whereas the environmental amenities have a relatively strong influence on farmland prices.

Keywords: land value; policy incidence; public goods; environmental amenities (search for similar items in EconPapers)
JEL-codes: Q15 Q18 Q51 (search for similar items in EconPapers)
Date: 2018
Note: The article was the outcome of the project funded by the National Science Centre, no. OPUS 6 UMO-2013/11/B/HS4/00572.
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