What moves farmland markets: decomposing the price surge in eastern Germany

IF 3.3 2区经济学 Q2 AGRICULTURAL ECONOMICS & POLICY

European Review of Agricultural Economics Pub Date : 2024-12-28 DOI:10.1093/erae/jbae029

Tim Hainbach, Silke Hüttel, Axel Werwatz

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.

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是什么推动了农田市场：分解德国东部的价格飙升

全球农地价格一直在飙升；然而，对于价格分布中较高的分位数的特别强劲的飙升，人们知之甚少。我们通过分位数研究了农地销售的组成和代理人对土地特征的估值如何影响这些价格的发展。我们以德国勃兰登堡的农田交易为例，结合无条件分位数回归和倾向得分重新加权，对2008-09年至2017-18年间的价格上涨进行了分解。我们的研究结果显示，土地特征（如土壤质量）的价值增加了，它们对价格分布中较高（>75%）分位数的价格飙升负有大约25%的责任。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Review of Agricultural Economics 管理科学-农业经济与政策

CiteScore

6.60

自引率

5.90%

发文量

审稿时长

>24 weeks

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.