Asset Fixity and the Distribution of Rents from Agricultural Policies
研究了农业土地是否可视为固定生产要素，以及政府政策产生的租金是否仅归土地所有者所有，通过分析长期均衡关系验证了租金归土地所有者而非农民。
We examine the concomitant claims that agricultural land can be regarded as a fixed factor of production and that rents derived from government policies accrue only to landowners. Characteristics of the long-run, equilibrium relation between farmland rental payments and government policies reveal whether farmland is a fixed factor of production. Examining whether these variables are cointegrated shows the extent to which the claims are true. Further, examining returns rather than directly examining asset price movements gives us a precise test, unencumbered by expectations hypotheses. Our results show that policy-derived rents accrue to landowners, rather than to farmers.