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The Fischler Reform of the Common Agricultural Policy and Agricultural Land Prices

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  • Paul Feichtinger
  • Klaus Salhofer
Abstract
Based on 7,300 agricultural land sales transactions, we estimate the effect of the 2003 reform of the E.U. Common Agricultural Policy on land prices. As opposed to the main body of the literature on agricultural land values, we do not start from a demand-oriented net present value approach or hedonic pricing method, but derive our reduced form pricing equation from a spatial land sales market model. Our empirical model accounts for spatial dependence and endogeneity of explanatory variables. A reduction of payments by 50 €/ha would decrease land sales prices by 445 €/ha before and by 984 €/ha after the reform.

Suggested Citation

  • Paul Feichtinger & Klaus Salhofer, 2016. "The Fischler Reform of the Common Agricultural Policy and Agricultural Land Prices," Land Economics, University of Wisconsin Press, vol. 92(3), pages 411-432.
    • Handle: RePEc:uwp:landec:v:92:y:2016:i:3:p:411-432
    Note: DOI: 10.3368/le.92.3.411
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    6. Feichtinger, Paul & Salhofer, Klaus, 2016. "Decoupled Single Farm Payments of the CAP and Land Rental Prices," Discussion Papers DP-65-2016, University of Natural Resources and Life Sciences, Vienna, Department of Economics and Social Sciences, Institute for Sustainable Economic Development.
    7. Paul Feichtinger & Klaus Salhofer, 2016. "Decoupled Single Farm Payments of the CAP and Land Rental Prices," Working Papers 652016, University of Natural Resources and Life Sciences, Vienna, Department of Economics and Social Sciences, Institute for Sustainable Economic Development.
    8. Pavel Ciaian & d'Artis Kancs & Maria Espinosa, 2018. "The Impact of the 2013 CAP Reform on the Decoupled Payments’ Capitalisation into Land Values," Journal of Agricultural Economics, Wiley Blackwell, vol. 69(2), pages 306-337, June.
    9. Eugenio Demartini & Anna Gaviglio & Marco Gelati & Daniele Cavicchioli, 2016. "The Effect of Biogas Production on Farmland Rental Prices: Empirical Evidences from Northern Italy," Energies, MDPI, vol. 9(11), pages 1-23, November.
    10. Pavel Ciaian & d'Artis Kancs & Dusan Drabik, 2016. "Land Markets in Europe: Institutions and Market Outcomes," EERI Research Paper Series EERI RP 2016/10, Economics and Econometrics Research Institute (EERI), Brussels.
    11. Baldoni, Edoardo & Ciaian, Pavel, 2023. "The capitalization of CAP subsidies into land prices in the EU," Land Use Policy, Elsevier, vol. 134(C).
    12. von Hobe, Cord-Friedrich & Mußhoff, Oliver, 2020. "On the effectiveness of restricted tenders as a form of policy intervention on agricultural land markets," 60th Annual Conference, Halle/ Saale, Germany, September 23-25, 2020 305592, German Association of Agricultural Economists (GEWISOLA).
    13. Grau, Aaron & Jasic, Svetlana & Ritter, Matthias & Odening, Martin, 2019. "The impact of production intensity on agricultural land prices," FORLand Working Papers 09 (2019), Humboldt University Berlin, DFG Research Unit 2569 FORLand "Agricultural Land Markets – Efficiency and Regulation".
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    15. Marques, Felipe César & Telles, Tiago Santos, 2023. "Spatial effects are determinants of agricultural land prices in Brazil," Revista de Economia e Sociologia Rural (RESR), Sociedade Brasileira de Economia e Sociologia Rural, vol. 61(3), January.
    16. von Hobe, Cord-Friedrich & Mußhoff, Oliver, 2020. "On the effectiveness of restricted tenders as a form of policy intervention on agricultural land markets," 60th Annual Conference, Halle/ Saale, Germany, September 23-25, 2020 305592, German Association of Agricultural Economists (GEWISOLA).
    17. Olsen, Jakob Vesterlund & Panduro, Toke Emil & Jensen, Cathrine Ulla & Schou, Jesper S. & Bramsen, Jens-Martin Roikjer & Lautrup, Marie & Pedersen, Michael Friis, 2019. "Pr - Evaluating Land Prices Under Environmental Regulation," 22nd Congress, Tasmania, Australia, March 3-8, 2019 345889, International Farm Management Association.
    18. Koemle, Dieter & Lakner, Sebastian & Yu, Xiaohua, 2019. "The impact of Natura 2000 designation on agricultural land rents in Germany," Land Use Policy, Elsevier, vol. 87(C).

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    More about this item

    JEL classification:

    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy

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