Econometric Study of Factors Affecting Farm Land Prices, 1940-1977
Abstract
This study is concerned with determining important factors affecting farm land values in the United States during the period 1940 to 1977. An econometric model is specified to accomplish this objective. The model is capable of expressing some factors as having effects for only one period and other factors having multiple-period effects by the use of Almon's polynomial distributed lag procedure in association with ordinary least SQUares estimation. Significant difficulty was encountered during model estimation because of multicollinearity high correlation coefficients between several of the explanatory variables. Consolidating a number of factors included in the original model reduced the multicollinearity problem.
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