Impacts of Consumptive Demand on Rural Land Values

Pope, C. Arden; Goodwin, Harold L.

doi:10.2307/1240991

Cited by 20 publications

(8 citation statements)

References 4 publications

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“…Pope III and Goodwin Jr [6] suggested that the factors affecting agricultural land price include income level, population level, location of urbanized areas and location characteristics. Similarly, Borchers, Ifft and Kuethe [25] claimed that the factors governing agricultural land prices can be classified into population and urban influence (population density, time to commute to urban area, etc.…”

Section: Literature Reviewmentioning

confidence: 99%

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Multilevel Analysis of the Pressure of Agricultural Land Conversion, Degree of Urbanization and Agricultural Land Prices in Taiwan

Lee

Chen

et al. 2020

Land

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In 2000, to efficiently implement land-use policies, the Taiwanese government amended the Agricultural Development Act by easing restrictions on agricultural land purchases. As a result of increasing land development and investment needs, agricultural land prices have surged. This study aims to examine whether agricultural land prices in Pingtung County are affected by land control policy measures, the pressure of agricultural land conversion and the degree of urbanization. A multilevel analysis approach was used to analyze land price differences in townships in Pingtung County. The estimation results derived from the null model indicated significant differences between the mean land price in each administrative division. Specifically, the ratio of agricultural land prices affected by differences in Level 2 township-related factors was 21.8%, while the ratio of those affected by differences in Level 1 land-related factors was 78.2%. An empirical intercepts-and-slopes-as-outcomes regression model demonstrated that Level 2 township-related factors, such as the pressure of agricultural land conversion and the degree of urbanization, had cross-level, direct and positive impacts on agricultural land prices; while Level 1 land-related factors, such as lot size control measures on farmhouse construction and land-use zoning, had positive and significant impacts on agricultural land prices.

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Section: Literature Reviewmentioning

confidence: 99%

“…As agricultural land can be used to build farmhouses for residential purposes as well as for trading, it has become a product of speculative investment, which leads to land conversion and surging land prices [1,4,5]. Moreover, agricultural land prices are associated with the degree of urbanization in the area [6][7][8].…”

Section: Introductionmentioning

confidence: 99%

Multilevel Analysis of the Pressure of Agricultural Land Conversion, Degree of Urbanization and Agricultural Land Prices in Taiwan

Lee

Chen

et al. 2020

Land

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“…Pope and Goodwin (1984) argued that rural land has value because of its agricultural productivity but also because it can be enjoyed for its own sake -what the authors label as a consumptive component of value. We might expect the value of land whose demand comes primarily from people who want to escape city life and enjoy the outdoors to be more sensitive to the disamenities of drilling.…”

Section: Heterogeneous Effectsmentioning

confidence: 99%

What Can We Learn about Shale Gas Development from Land Values? Opportunities, Challenges, and Evidence from Texas and Pennsylvania

Weber

Hitaj

2015

Agric. resour. econ. rev.

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We study farm real estate values in the Barnett shale (Texas) and the northeastern part of the Marcellus shale (Pennsylvania and New York). We find that shale gas development caused appreciation in real estate values in both areas but the effect was much larger for the Marcellus, suggesting broader ownership of oil and gas rights by surface owners. In both regions, the greatest appreciation occurred when land was leased for drilling, not when drilling and production boomed. We find evidence that effects vary by farm type, which may reflect correlation between farm type and ownership of oil and gas rights.

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“…Landowners obtain commercial capital income from marketing commodities generated from their land investment (i.e., timber, meat), but they also seek amenities (i.e., landscape enjoyment, recreational opportunities, legacy values, rural lifestyle). Thus, landowners do not seem to be profitmaximizing commercially but to be utility-maximizing (Pope and Goodwin 1984), implying that they have mixed investorconsumer rationality. They give up or are willing to give up potentially higher commercial returns from alternative investments to consume amenity returns provided from their land investment.…”

Section: The Concept Of Private Amenities As a Landowner Incomementioning

confidence: 99%

Contingent Valuation of Woodland-Owner Private Amenities in Spain, Portugal, and California

Campos

Oviedo

Caparrós

et al. 2009

Rangeland Ecology & Management

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Most of the Mediterranean woodlands in Spain, Portugal, and California are managed as agrosilvopastoral enterprises, producing some combination of livestock, wood, cork products, and crops, as well as wildlife habitat and diverse environmental services. Private amenity benefits to landowners have been suggested as an explanation for high land prices and the persistence of such rangeland enterprises despite apparently marginal cash returns. In this study, private amenity values are estimated using a contingent valuation technique in surveys of private woodland owners as part of five case studies, using a design developed to separate landowner amenity income and capital values. Nonindustrial private landowners were asked about the maximum amount of money that they were willing to give up (to pay) before selling their property to invest in more commercially profitable assets, and the proportion of the market price of their woodland that they think is explained by privately consumed amenities. Amenity values were found to be relevant because, in all cases, landowners were willing to pay. J120 ? ha 21 ? yr 21 , at 2002 prices, and attributed. 30% of land market price to amenities. These values represent an amenity profitability rate. 2% in all case studies. The data analysis shows some similarities, but mostly divergences, in the different land-simulated and amenity-simulated markets. Resumen La mayor parte de los bosques Mediterráneos en Españ a, Portugal y California se gestionan como empresas agro-silvopastorales con el fin de producir ganado, madera y corcho y/o cultivos agrícolas, así como hábitat para la fauna salvaje y diversos servicios ambientales. Los beneficios ambientales privados de los propietarios de la tierra han sido sugeridos como un factor importante a la hora de explicar tanto los precios de la tierra como la persistencia de estas empresas agro-silvo-pastorales, a pesar de los aparentemente escasos beneficios monetarios obtenidos por los propietarios. En este trabajo se presenta una valoración de servicios ambientales privados de bosques a través de la te´cnica de la valoración contingente aplicada a una encuesta de propietarios privados de bosques mediterráneos en cinco casos de estudios, empleando un diseñ o que permite obtener de manera separada los valores de renta y capital de estos servicios ambientales privados. A los propietarios se les preguntó la máxima cantidad de dinero que estaban dispuestos a dejar de ganar (a pagar) antes de vender su tierra para invertir en otros activos comercialmente más rentables, y la proporción del precio de su finca que piensan que viene explicado por los servicios ambientales privados. Estos valores son relevantes en todos los casos, en la medida en que los propietarios estaban dispuestos a pagar. 120 J ? ha 21 ? añ o 21 , a precios de 2002, y atribuyeron. 30% del precio de la tierra a los servicios ambientales. Estos valores representan una tasa de rentabilidad ambiental. 2% en todos los casos de estudio. El análisis de los datos muestra algunas similitudes ...

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Impacts of Consumptive Demand on Rural Land Values

Cited by 20 publications

References 4 publications

Multilevel Analysis of the Pressure of Agricultural Land Conversion, Degree of Urbanization and Agricultural Land Prices in Taiwan

Multilevel Analysis of the Pressure of Agricultural Land Conversion, Degree of Urbanization and Agricultural Land Prices in Taiwan

What Can We Learn about Shale Gas Development from Land Values? Opportunities, Challenges, and Evidence from Texas and Pennsylvania

Contingent Valuation of Woodland-Owner Private Amenities in Spain, Portugal, and California

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