Farmland Values Reexplored
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The selling price of agricultural land has shown an
unprecedented rise over the last 25 years, due to a
number of factors. Economists and real estate men
have attempted to appraise the role of (1) land purchases
as a hedge against inflation, (2) higher returns
per acre, (3) the need for farm enlargement, (4)
urban expansion, and (5) the equity position of
farmers. Examples of such appraisals include those
by Regan and Clarenbach (10), Scofield (11), and
Miller (8).1 This paper tries to answer in a meaningful
way the question of what has happened to the
value of agricultural land on typical commercial
farms and why it has happened. The author wishes
to thank W. Herbert Brown and William H. Scofield
for suggestions and criticisms. Edward J. Smith,
Lawrence H. Shaw, and John E. Lee were helpful
reviewers.