What moves farmland markets: decomposing the price surge in eastern Germany
研究了德国勃兰登堡州农田价格飙升的原因，发现土地特征（如土壤质量）的估值上升解释了上分位数（>75%）价格飙升的约25%。
Abstract Farmland prices have been surging worldwide; yet little is known about the particular strong surges in the upper quantiles of price distribution. We investigate by quantile how the composition of the farmland sales and agents’ valuation of land characteristics contribute to these price developments. Using farmland transactions from Brandenburg, Germany, we decompose the price surges between 2008–09 and 2017–18 by combining unconditional quantile regressions with propensity score reweighting. Our results show an increased valuation of land characteristics, e.g. soil quality, and their responsibility for about 25% of the price surges in the upper (>75%) quantiles of price distribution.