%0 Journal Article %A Wendong Zhang %A Sergio H. Lence %A Todd Kuethe %T Are Expert Opinions Accurate? Panel Data Evidence from the Iowa Land Value Survey %D 2021 %R 10.3368/le.97.4.080820-0124R %J Land Economics %P 080820-0124R %X 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. %U https://le.uwpress.org/content/wple/early/2021/09/28/le.97.4.080820-0124R.full.pdf