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  • 1
    Online Resource
    Online Resource
    Berlin : Albrecht Daniel Thaer-Institut für Agrar- und Gartenbauwissenschaften
    Language: English
    Pages: 1 Online-Ressource (23 Seiten)
    DDC: 630
    Keywords: Farmland ; lease rate ; term structure ; hedonic price model ; privatization ; Landwirtschaft und verwandte Bereiche ; Sozialwissenschaften
    Abstract: This paper applies the concept of a term structure to agricultural land rental prices. Based on theoretical considerations, we develop a hedonic pricing model that allows for different shapes of the term structure curve while controlling for other price-relevant characteristics. We apply this model to land lease contracts in Saxony-Anhalt concluded between 2002 and 2010. We find an upward-sloping term structure at the beginning, that is, market participants expected increasing rental prices. For the subsequent years, however, we detect a singlehumped term structure. Hence, market participants revised their expectations and assumed a decline of land rental prices in the long-term.
    URL: Volltext  (kostenfrei)
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