An Evaluation of Econometric Models of U.S. Farmland Prices

Keywords

Forecasting models, Economic forecasting models, Time series forecasting, Farmlands, Autocorrelation, Time series models, Econometrics, Farmland prices, Economic value

Abstract

Previously published empirical models of U. S. farmland prices are reviewed and reestimated including recent data. It is apparent that structural changes have occurred. A simple single equation econometric model with less economic structure appears to forecast better than a simultaneous equation model. Finally, Box-Jenkins forecasts are roughly as good as those based upon a simultaneous equation econometric model, but somewhat inferior to the single equation model. The results suggest that ftirther research may be needed to explain recent movements of farmland prices.

Original Publication Citation

Pope, Rulon D., et al. “An Evaluation of Econometric Models of U.S. Farmland Prices.” Western Journal of Agricultural Economics, vol. 4, no. 1, 1979, pp. 107–119. JSTOR, JSTOR, www.jstor.org/stable/40987480.

Document Type

Peer-Reviewed Article

Publication Date

1979-7

Publisher

Western Journal of Agricultural Economics

Language

English

College

Family, Home, and Social Sciences

Department

Economics

University Standing at Time of Publication

Full Professor

Link to Full Text

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