文章基本信息

标题：Farmland price bubbles: wavelet-based evidence
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作者：Power, Gabriel J. ; Turvey, Calum G.
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：2006
卷号：37
期号：SUPPL
出版社：Food Distribution Research Society
摘要：Land is the most important agricultural asset. Income risk due to farmland price volatility creates economic hardship for rural communities. Although inflation explains much of the farmland valuation problem, it remains to some extent a puzzle. We use wavelet-based statistical methods supported by econometrics to test a simple asset pricing model of land values in which a speculative price bubble is found in the real option value to land development. Theory suggests land as an asset is a good candidate for this hypothesis. The results show that a short-run speculative bubble appears to have been active in some years.