Mandatory Production Controls and Asset Values: A Case Study of Burley Tobacco Quotas
用资本化方法估算强制生产控制对白肋烟配额价值及农地价值的影响，发现配额价值年际波动可达75%，对研究生产权价值与风险的学者有参考价值。
Abstract Mandatory production control programs affect asset values. Changes in the implied value of burley tobacco quota and impacts on agricultural land values are estimated using a capitalization approach. Recent instability in the tobacco program has created uncertainty about the future profitability of quota ownership. The procedure uses data on individual parcel transactions and regresses the parcel's price on hedonic factors including the parcel's tobacco quota. Results indicate tobacco quota values have fluctuated as much as 75% between some years. The implication is that mandatory controls affect both the value and risk associated with ownership of the production right.