The impact of no‐till on agricultural land values in the United States Midwest
研究使用县级面板数据和卫星数据，发现免耕采用率提高会显著提升美国中西部农业土地价值，表明土壤保护的经济和环境效益可能转化为更高的土地价值。
Abstract This study investigates the impact of no‐till practice on agricultural land values in the United States (US) Midwest. Two county‐level panel data sets—the agricultural census farmland value data and the Iowa Farmland Values Survey data—are separately merged with a novel satellite‐based data set on no‐till adoption rates to achieve the study objective. Based on linear fixed effect econometric models, recently developed “external‐instrument‐free” estimation procedures, and a number of robustness checks, we find that increasing no‐till adoption rates has a statistically significant positive effect on agricultural land values at the county level. Results from the empirical analysis support the notion that economic and environmental benefits from adopting soil conservation practices, such as no‐till, are likely capitalized into higher farmland values.