The Inconsistency of Land Values, Land Rents, and Capitalization Formulas
利用两个常用数据集，证明土地价格与地租的时间序列特征不一致，挑战了简单资本资产定价理论在土地市场的适用性，提示需要更复杂的模型来解释土地价格。
Abstract This paper examines relationships that exist between farm income, land values, and capital asset pricing theory. Using two commonly referenced data sets, it is shown that land prices and land rents do not have the same time‐series representations, a necessary condition for the simple capital asset pricing theory to hold. This suggests that a fundamental rethinking of the way in which land prices are viewed and modeled is needed. More complex models that allow for rational bubbles, risk aversion, and future shifts in government policy or commodity prices may be required.