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