Table 3

Farmland Rental Rate Regression Results

Equation(2)(3)(4a)(4b)(5)
Organic status0.723***
(0.157)		0.354***
(0.115)		0.366***
(0.111)		0.346***
(0.102)		0.273***
(0.079)
Soil productivity1.072***
(0.097)		1.051***
(0.094)		0.821***
(0.087)
Organic farms in county0.001
(0.001)		0.001
(0.001)		0.001
(0.001)
County percent irrigated0.675***
(0.064)		0.625***
(0.064)		0.363***
(0.057)
County household income0.257***
(0.068)		0.248***
(0.068)		0.181***
(0.066)
Crop diversity Gini1.323***
(0.227)		1.192***
(0.208)
Fixed costs0.053***
(0.009)		0.004
(0.009)
Subsidy receipts0.035***
(0.005)		0.022***
(0.005)
Off-farm income0.026***
(0.003)		0.024***
(0.003)
Debt-to-asset ratio0.005***
(0.001)		0.004***
(0.001)
Operator age0.004***
(0.001)		0.003***
(0.001)
Conservation payments0.046***
(0.006)		0.018***
(0.006)
Production revenue0.295***
(0.016)
Variable costs0.118***
(0.017)
Crop insurance indemnities0.014***
(0.003)
R-squared0.0040.4850.4970.5150.560

  • Note: The dependent variable for all regressions is the cash rental rate. The sample size for all regressions is 37,535. Tables 1 and 2 provide variable descriptions. Heteroskedasticity-robust standard errors are in parentheses. We suppress output for the following sets of fixed effects that are included in regressions corresponding to columns (3)-(5): year, farm type, crop reporting district, and urban proximity index.

  • * p < 0.1;

  • ** p < 0.05;

  • ↵*** p < 0.01.