Gutierrez, Luciano; Erickson, Kenneth W.; Westerlund, Joakim - European Association of Agricultural Economists - EAAE - 2005
We review the constant discount rate present value model of farmland prices using non-stationary panel data analysis. We use panel unit root and cointegration analysis to test if the present value model holds for a sample of 31 U.S. States covering the period 1960-2000. Preliminary results...