Farm Real Estate Price Components, 1920–78
研究发现农场不动产价格不仅包含农业生产的租金资本化价值，还包含资本利得的资本化部分，租金仅能解释约一半的价格，其余由资本利得（含价格水平变动带来的实际损益）解释。
Abstract The research reported demonstrates that farm real estate price involves important components in addition to the capitalized value of rent for the services of land and buildings in farm production, develops an expectations model for the farm real estate market, and compares predictions from the expectations model with farm real estate prices for the 1920–78 period. Capitalized rent explains only about half of real estate values both in the 1970s and over the longer 1920–78 period. The remainder can be explained by the capitalization of capital gains, including real gains or losses from price level changes.