Capitalization of the Single Payment Scheme into Land Value: Generalized Propensity Score Evidence from the European Union
利用欧盟农场面板数据和广义倾向得分匹配法，估计单一支付计划（SPS）资本化进入土地价值的比率，发现平均资本化率为6%-10%，非农地主仅获得4%的收益，但各国差异很大（3%-94%）。
This paper estimates the capitalization of the single payment scheme (SPS) into land values. The theory suggests a nonlinear and discontinuous relationship between the SPS and land rents. In empirical analysis we employ unique farm-level panel data and apply the generalized propensity score matching approach. Our estimates suggest a 6% to 10% SPS capitalization rate. On average in the European Union, the nonfarming landowners' gains from the SPS are only 4%. However, there is a large variation in the capitalization rate for different SPS levels and between different member states (3% to 94%).