Farmland Prices in the Presence of Transaction Costs: A Cautionary Note
指出在农田价格模型中考虑交易成本时，理论和实证上容易出错，并通过讨论两篇重要文章中的陷阱来警示研究者。
Abstract Explicit consideration of transaction costs is highly relevant for modeling farmland price behavior in a realistic manner. Unfortunately, there are numerous theoretical and empirical difficulties associated with doing so. From a research standpoint, such difficulties greatly increase the likelihood of mistakes in the theoretical derivations and/or in the design and application of empirical methods, thereby undermining the validity of the ensuing findings. This article highlights these issues by discussing the theoretical and empirical pitfalls of two seminal recent articles analyzing farmland prices in the presence of transaction costs.