Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/213067
Authors: 
Gornig, Martin
Werwatz, Axel
Year of Publication: 
2019
Series/Report no.: 
FORLand-Working Paper No. 13 (2019)
Abstract: 
In the last decade, many parts of the world experienced severe increases in agricultural land prices. This price surge, however, did not take place evenly in space and time. To better understand the spatial and temporal behavior of land prices, we employ a price diffusion model that combines features of market integration models and spatial econometric models. An application of this model to farmland prices in Germany shows that prices on a county-level are cointegrated. Apart from convergence towards a long-run equilibrium, we find that price transmission also proceeds through short-term adjustments caused by neighboring regions.
Subjects: 
Agricultural land markets
price diffusion
spatial dependence
ripple effect
JEL: 
Q24
C23
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc-nd/3.0/de/
Document Type: 
Working Paper

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