Forced Sales and Farmland Prices
研究了德国勃兰登堡州2000至2011年农田强制出售中的价格形成机制，发现公开拍卖导致价格溢价，且溢价程度取决于土地市场条件。
We analyze farmland prices in the German federal state of Brandenburg from 2000 to 2011 with the aim to understand the price formation process in farmland foreclosures. Pressured sales usually result in a price discount due to time constraints; however, the land is sold using public auctions. This may lead to a price premium. Since the effect of a foreclosure on farmland prices is ambiguous, we empirically quantify the overall effect. We use matching techniques and a regression-based approach. We find that on average, price premiums are realized, though the effect depends on prevailing land market conditions. (<i>JEL C21, Q11</i>)