Present-value models of land prices in England and Wales
基于现值框架，用节俭的计量模型研究英格兰和威尔士土地价格与现金租金的关系，发现适应性预期模型适用，土地市场实际贴现率为每年2-3%。
Presents some parsimonious econometric models of the relationship between land prices and cash rents derived from an encompassing present-value framework. Alternatives based on adaptive, naive and rational (or perfect foresight) expectations are applied to three separate data sets on annual land prices in England and Wales. The empirical results support the adaptive expectations versions and imply that a real rate of discount of 2-3% per yr is used in the land market. The notion of disequilibrium pricing is examined but is not supported in the sample period. -Authors