<?xml version='1.0' encoding='UTF-8'?><xml><records><record><source-app name="HighWire" version="7.x">Drupal-HighWire</source-app><ref-type name="Journal Article">17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Zhang, Wendong</style></author><author><style face="normal" font="default" size="100%">Lence, Sergio H.</style></author><author><style face="normal" font="default" size="100%">Kuethe, Todd</style></author></authors><secondary-authors></secondary-authors></contributors><titles><title><style face="normal" font="default" size="100%">Are Expert Opinions Accurate? Panel Data Evidence from the Iowa Land Value Survey</style></title><secondary-title><style face="normal" font="default" size="100%">Land Economics</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2021</style></year><pub-dates><date><style  face="normal" font="default" size="100%">2021-10-08 12:41:08</style></date></pub-dates></dates><elocation-id><style  face="normal" font="default" size="100%">080820-0124R</style></elocation-id><doi><style  face="normal" font="default" size="100%">10.3368/le.97.4.080820-0124R</style></doi><volume><style face="normal" font="default" size="100%"></style></volume><issue><style face="normal" font="default" size="100%"></style></issue><abstract><style  face="normal" font="default" size="100%">Opinion surveys are the dominant method to gauge U.S. farmland values. However, there lacks a systematic evaluation of how opinions are formulated and adjust over time. Using panel data of agricultural professionals from the Iowa Land Value Survey over 2005-2015, we investigate how surveyed experts update their farmland value estimates. We find that experts almost fully correct their prior “errors” in a single period. Expert’ opinions also incorporate most of the prevailing price innovations in one period. Our Bayesian estimation technique simultaneously addresses the unobservability and non-stationarity of prevailing farmland values, and the Nickell bias in short dynamic panels.</style></abstract></record></records></xml>