Elasticities of Farmland Rental Rates with Respect to Changes in Observed Variables
| Semi-elasticities | |
|---|---|
| Organic status | 0.255*** (0.070) |
| Soil productivity | 0.659*** (0.068) |
| Organic farms in county | 0.000 (0.001) |
| County percent irrigated | 0.307*** (0.049) |
| Crop diversity Gini | 0.856*** (0.148) |
| Debt-to-asset ratio | 0.004*** (0.001) |
| Operator age | 0.000*** (0.000) |
| Elasticities | |
| County household income | 0.195*** (0.060) |
| Fixed costs | 0.008 (0.475) |
| Off-farm income | 0.019*** (0.002) |
| Conservation payments | 0.003*** (0.001) |
| Production revenue | 0.300*** (0.014) |
| Variable costs | 0.129*** (0.014) |
| Crop insurance indemnities | 0.004*** (0.001) |
Note: Tables 1 and 2 provide variable descriptions. Standard errors are in parentheses. Year, farm type, crop reporting district, and urban proximity index fixed effects are included in the regressions used to compute the elasticities shown above, in addition to variables listed.
* p < 0.1;
** p < 0.05;
↵*** p < 0.01.