{"title":"What moves farmland markets: decomposing the price surge in eastern Germany","authors":"Tim Hainbach, Silke Hüttel, Axel Werwatz","doi":"10.1093/erae/jbae029","DOIUrl":null,"url":null,"abstract":"Farmland prices have been surging worldwide; yet little is known about the particular strong surges in the upper quantiles of price distribution. We investigate by quantile how the composition of the farmland sales and agents’ valuation of land characteristics contribute to these price developments. Using farmland transactions from Brandenburg, Germany, we decompose the price surges between 2008–09 and 2017–18 by combining unconditional quantile regressions with propensity score reweighting. Our results show an increased valuation of land characteristics, e.g. soil quality, and their responsibility for about 25% of the price surges in the upper (>75%) quantiles of price distribution.","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":"310 1","pages":""},"PeriodicalIF":3.3000,"publicationDate":"2024-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Review of Agricultural Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1093/erae/jbae029","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"AGRICULTURAL ECONOMICS & POLICY","Score":null,"Total":0}
引用次数: 0
Abstract
Farmland prices have been surging worldwide; yet little is known about the particular strong surges in the upper quantiles of price distribution. We investigate by quantile how the composition of the farmland sales and agents’ valuation of land characteristics contribute to these price developments. Using farmland transactions from Brandenburg, Germany, we decompose the price surges between 2008–09 and 2017–18 by combining unconditional quantile regressions with propensity score reweighting. Our results show an increased valuation of land characteristics, e.g. soil quality, and their responsibility for about 25% of the price surges in the upper (>75%) quantiles of price distribution.
期刊介绍：
The European Review of Agricultural Economics serves as a forum for innovative theoretical and applied agricultural economics research.
The ERAE strives for balanced coverage of economic issues within the broad subject matter of agricultural and food production, consumption and trade, rural development, and resource use and conservation. Topics of specific interest include multiple roles of agriculture; trade and development; industrial organisation of the food sector; institutional dynamics; consumer behaviour; sustainable resource use; bioenergy; agricultural, agri-environmental and rural policy; specific European issues.
Methodological articles are welcome. All published papers are at least double peer reviewed and must show originality and innovation. The ERAE also publishes book reviews.
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