The Effect of Agricultural Policy on Farmland Values
研究农业支持计划在多大程度上被资本化到农田价格中，通过现值土地价格模型分解土地收益来源，发现加拿大安大略省的政府补贴比市场收益的折现率更低，表明补贴被视为更稳定的收入来源。
The extent to which agricultural support programs have been capitalized into farmland prices has been examined in this study. A present value land price model was developed which decomposes returns to the land base into its two possible sources (farm production and government subsidies) and allows the discount rates associated with these two income sources to vary. The empirical results indicate that government payments are discounted less than marketbased returns in Ontario. Thus, government payments have been viewed as a more stable source of income to Ontario farm operators during the last half century than market-based returns.