The Role of Peer Effects in Natural Resource Appropriation – the Case of Groundwater
In: American Journal of Agricultural Economics, Band 101, Heft 1, S. 154-171
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In: American Journal of Agricultural Economics, Band 101, Heft 1, S. 154-171
SSRN
In: Environmental and resource economics, Band 73, Heft 4, S. 1135-1163
ISSN: 1573-1502
In: Applied economic perspectives and policy, Band 43, Heft 2, S. 849-865
ISSN: 2040-5804
AbstractThe effects of the Conservation Reserve Program (CRP) on farmland values is investigated using a set of parcel‐level data for land sales in Kansas over the period 1998 to 2014. The sales data are used to estimate a hedonic model of land values that allows for the opportunity cost of CRP enrollment to vary across space and time. Factors impacting the opportunity costs include the relative productivity of land, returns to farming, and the time remaining under the CRP contracts. We find that the discount associated with having land under CRP contract averages 7%.