Land Prices and Farm‐Based Returns
从理论和实证上分析农业剩余回报、农田机会成本与土地价格的关系，利用格兰杰因果检验发现农业回报单向驱动土地价格，支持土地价格主要由农业部门内部决定。
Abstract The theoretical and empirical relationship between farm‐based residual returns, the opportunity cost of farmland, and farmland prices is developed. Temporal hypotheses concerning the source of land price movements are tested using a variant of Granger causality. In the aggregate, farmland prices are found to be unidirectionally “caused” by residual farm‐based returns. The findings support the hypothesis that farmland prices are determined mainly within the farm sector and lend credence to the use of extrapolative expectations processes in structural farmland price models.