Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/235184
Authors: 
Feichtinger, Paul
Salhofer, Klaus
Year of Publication: 
2015
Series/Report no.: 
Diskussionspapier No. DP-58-2015
Abstract: 
Based on 7,300 agricultural land sales transactions we estimate the effect of the 2003 reform of the Common Agricultural Policy on land prices. As opposed to the main body of the literature on agricultural land values, we do not start from a demand-oriented net present value approach or hedonic prizing method, but derive our reduced form pricing equation from a spatial land sales market model. Our empirical model accounts for spatial dependence and endogeneity of explanatory variables. A reduction of payments by 50 €/ha would decrease land sales prices by 445 €/ha before and by 984 €/ha after the reform.
Subjects: 
agricultural land prices
Common Agricultural Policy
spatial econometrics
JEL: 
Q15
Q18
C21
Document Type: 
Working Paper

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