Average Percentage Change of Per-Acre Farmland Values across Various Ricardian Models
| Model | Log-Quadratic: Cultivated Fruit and Pastureland Use | Log-Linear: Cultivated Fruit and Pastureland Use | Weighted Least Squares: Cultivated Fruit and Pastureland Use | Log-Quadratic: All Land Uses |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) |
| Census division fixed effects | 53 | 55 | 46 | 67 |
| Census division fixed effects (proximity) | 58 | 43 | 59 | 74 |
| Provincial fixed effects | 30 | 120 | 16 | 57 |
| Provincial fixed effects (proximity) | 35 | 73 | 27 | 68 |
| Base | 70 | 125 | 32 | 65 |
| Base (proximity) | 73 | 94 | 36 | 75 |
Note: The weighted least squares model weights each parcel based on the percentage of total acres. The percentage change measures the percentage difference between predicted future and predicted historical prices. All models are pooled cross sections and use the climate scenario SSP2-4.5 for 2041–2070. The log-linear and weighted least squares model restrict the sample to cultivated fruit and pastureland uses.