PT  - JOURNAL ARTICLE
AU  - Yang, Xinyue
AU  - Odening, Martin
AU  - Ritter, Matthias
TI  - The Spatial and Temporal Diffusion of Agricultural Land Prices
AID  - 10.3368/le.95.1.108
DP  - 2019 Feb 01
TA  - Land Economics
PG  - 108--123
VI  - 95
IP  - 1
4099  - http://le.uwpress.org/content/95/1/108.short
4100  - http://le.uwpress.org/content/95/1/108.full
SO  - Land Econ2019 Feb 01; 95
AB  - In the last decade, many parts of the world experienced severe increases in agricultural land prices. This price surge, however, did not take place evenly in space and time. To better understand the spatial and temporal behavior of land prices, we employ a price diffusion model that combines features of market integration models and spatial econometric models. An application of this model to farmland prices in Germany shows that prices on a county-level are cointegrated. Apart from convergence toward a long-run equilibrium, we find that price transmission experiences short-term adjustments caused by neighboring regions. (JEL C23, Q24)