The Implicit Value of Corn Base Acreage
通过爱荷华州租金调查数据，用特征定价法估算玉米基数面积对农田租金的贡献，发现每英亩基数约值12美元，折合资产价值约200美元，对理解农业政策与环境法规的影响有参考价值。
Abstract The impact of recent changes to the U.S. commodity program and efficacy of environmental regulations designed to discourage continuous corn rotations will depend upon the value farmers place on corn base acreage. This paper estimates this value by assuming that the benefits of access to the program are capitalized into farmland rents. Using Iowa rental survey data and a hedonic pricing approach, the rent gradient for base acreage is found to be on the order of $@@‐@@12 per acre. The discounted stream of returns to base acreage suggests an asset value for corn base of approximately $@@‐@@200 per acre.