Do Wealth Gains from Land Appreciation Cause Farmers to Expand Acreage or Buy Land?
研究美国谷物农民的土地财富增长是否影响其扩大种植面积或土地所有权，发现土地财富对农场规模影响不大，但高所有权份额的农民更倾向于增加自有土地，且土地增值可能减缓年轻农民的土地获取速度。
Recent increases in farm real estate values in the United States have increased farm equity. By exploiting periods of high and low appreciation that caused various increases in wealth for farmers owning various shares of their farmland, we examine whether U.S. grain farmers expanded their acres harvested or acres owned in response to an increase in their land wealth. We find that land wealth had little effect on farm size. However, for similarly‐sized farms, a larger ownership share (10 percentage points) led to an increase in the growth of land owned (2 percentage points). Because older farmers own more of the land that they farm, greater land appreciation slows the rate at which younger farmers acquire land relative to older farmers.