Econometric Modeling of the Capitalization Formula for Farmland Prices
构建了一个计量经济学模型来解释农地价格的动态行为，发现地价对租金扰动的调整路径呈现长期衰减周期，均衡状态下租金隐含的无税资本化率为4.0%。
Abstract An econometric model is formulated to explain the dynamic behavior in farmland prices. A second‐order rational distributed lag on net crop‐share rents received by landlords captures the dynamic movements of prices and performs well in conditional post‐sample forecasts. The adjustment path of land prices in response to a perturbation in rents is a protracted dampened cycle. The implicitly estimated tax‐free capitalization rate on rent associated with equilibrium land price is 4.0%. Neither the expected rate of inflation nor an exponential trend on rent expectations has a significant effect on land prices.