Farm Land Prices: Explainable or Illogical?

Melvin G. Blase and Clyde Hesemann

Journal of Agricultural and Applied Economics, 1973, vol. 5, issue 1, 265-272

Abstract: Of all markets, the land market has been thought to be one of the most difficult to explain. Techniques for predicting land prices leave much to be desired. Nevertheless, the importance of this market continues to grow as fixed costs of commercial farm firms escalate, due to farm expansion and other factors.Conventional techniques for building models to explain farm land prices have not been as useful as when similar statistical procedures have been used elsewhere. Data problems have been conspicuous. The heterogeneity of many populations has created difficulties. Clearly, additional refinement of models is needed.

Date: 1973
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