Drivers For Land Value Revisited: Is The Returns Discount Model (RDM) Obsolete In Sustainable Agriculture?
Piotr Kułyk and
No 261270, 2017 International Congress, August 28-September 1, 2017, Parma, Italy from European Association of Agricultural Economists
Although mainstream economics says that farmland values are determined by the discounted stream of returns, many researchers have identified non-agricultural attributes of land that significantly contribute to its value. It is claimed that in sustainable agriculture, an increasing proportion of the value of land is explained by amenities. It is necessary to consider whether the neoclassical RDM remains applicable to the valuation of farmland. The main aim of this work was to test RDM of Saphiro–Gordon type for farmland prices in Poland. It was found that in spite of changes to the CAP, the RDM continues to perform well.
Keywords: Land; Economics/Use (search for similar items in EconPapers)
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