The Impact of Farmland Price Changes on Farm Size and Financial Structure
用修改的Vickers模型说明农地资本收益激励农场扩大面积和增加债务，而资本损失则相反，并指出美国农业部门当前的财务脆弱性部分源于1970年代对农地资本收益的管理决策。
Abstract A modified Vickers model is used to show that farmland capital gains provide incentive to increase farm acreage and debt use. Farmland capital losses have the opposite effect. The model indicates that part of the current financial vulnerability of the U.S. farm sector can be traced to management decisions made in response to the farmland capital gains of the 1970s. The effects are not purely tax driven, though taxes can affect the magnitude of incentives. The Vickers model is modified to allow a finite horizon, taxes, and the recognition of unrealized capital gain or loss.