Issues in agricultural land markets: an empirical perspective
1985
Vandeveer, L.R. | Spurlock, S.R.
Extract: Empirical estimates indicate that the traditional capitalization rate which has been viewed as a single variable in agricultural land markets is actually composed of two variables and is represented by the difference between the expected rate of return to land and the expected rate of growth in earnings. In addition, the results suggest that cash flow returns to land provide a better measure of the expected benefits from land ownership as opposed to traditional imputed return measures.
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