EconPapers    
Economics at your fingertips  
 

Present-Value Models of Land Prices in England and Wales

T A Lloyd, A J Rayner and Chris Orme ()

European Review of Agricultural Economics, 1991, vol. 18, issue 2, 141-66

Abstract: This paper presents some parsimonious econometric models of the relationship between land prices and cash rents derived from an encompassing present-value framework. Alternatives based on adaptive, naive, and rational (or perfect foresight) expectations are applied to three separate data sets on annual land prices in England and Wales. The empirical results support the adaptive expectations versions and imply that a real rate of discount of 2-3 percent per year is used in the land market. The notion of disequilibrium pricing is examined but is not supported in the sample period. Copyright 1991 by Oxford University Press.

Date: 1991
References: Add references at CitEc
Citations: View citations in EconPapers (9) Track citations by RSS feed

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:erevae:v:18:y:1991:i:2:p:141-66

Ordering information: This journal article can be ordered from
http://www.oup.co.uk/journals

Access Statistics for this article

European Review of Agricultural Economics is currently edited by Christoph Weiss, Thomas Heckelei and Paolo Sckokai

More articles in European Review of Agricultural Economics from Foundation for the European Review of Agricultural Economics Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ( this e-mail address is bad, please contact ) and Christopher F. Baum ().

 
Page updated 2021-03-28
Handle: RePEc:oup:erevae:v:18:y:1991:i:2:p:141-66