Table 1

Summary Statistics for Columbia

Variable	Farmland Transferred to Nonresidents		Farmland Stay Owned by Residents		t-test/Total
Variable	Mean	Std. Dev.	Mean	Std. Dev.	P(\|T\|>\|t\|)
Agricultural ratio before treatment	0.1720	0.2654	0.1468	0.2394	0.4829
Hay ratio before treatment	0.4291	0.2829	0.4740	0.2857	0.2896
Forest before treatment	0.2742	0.2758	0.2509	0.2502	0.5336
Agricultural ratio change	−0.0027	0.3019	0.0913	0.2772	0.0237^**
Hay ratio change	−0.1334	0.3235	−0.2080	0.2840	0.0805^*
Mismatch ratio change	−0.0996	0.2744	−0.1565	0.2586	0.1406
Forest ratio change	0.1478	0.1172	0.1309	0.1346	0.3934
Vacant ratio change	0.0486	0.0639	0.0424	0.0680	0.5349
Wetland ratio change	−0.0650	0.1063	−0.0588	0.1180	0.7196
Developed ratio change	0.0047	0.0266	0.0022	0.0520	0.7426
Acreage	82.97	85.16	74.30	81.75	0.4766
Ln (total assessed value)	11.78	1.321	11.61	1.321	0.3974
Ln (assessed land value)	11.52	1.072	11.32	1.139	0.2316
Stream or pond in parcel	0.4693	0.5042	0.3941	0.4891	0.3013
Divided by road	0.0204	0.1429	0.0805	0.2722	0.1274
Close to primary road	0.4694	0.5042	0.3842	0.4868	0.2405
Ln (distance to Hudson city)	9.657	0.5705	9.764	0.5549	0.1958
Ln (average elevation)	4.723	0.5935	4.621	0.5985	0.2481
Ln (elevation range)	3.457	0.8094	3.128	1.005	0.0262^**
Annual precipitation	41.87	1.028	41.74	1.466	0.5571
Erosion %	0.4437	0.3201	0.3702	0.2983	0.0996^*
Excess water %	0.1922	0.1854	0.2330	0.2433	0.2512
Soil limit %	0.3265	0.3402	0.3637	0.3239	0.4403
Prime farmland %	0.6288	0.2837	0.6468	0.2779	0.6631
No. of observations	49		609		658

↵* p < 0.1;
↵** p < 0.05;
*** p < 0.01.