Land Price Volatility in a Geographically Dispersed Market

Martin Benirschka and James K. Binkley

American Journal of Agricultural Economics, 1994, vol. 76, issue 2, 185-195

Abstract: Historical evidence and theory lead to a hypothesis that land price variation increases with distance to market. This hypothesis is tested with county data from five Cornbelt states during the period 1969 to 1987, when price changes were unusually large. Our data support the hypothesis. In the 70s, prices increased more in the Western Cornbelt than in the Eastern Cornbelt; in the 80s, the Western Cornbelt experienced the more precipitous price declines. Our hypothesis explains why Great Plains farmers have experienced greater financial problems during times of stress than have many other farmers.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:76:y:1994:i:2:p:185-195.

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