Gutierrez, Luciano; Erickson, Kenneth W.; Westerlund, Joakim - 2005
We review the constant discount rate present value model of farmland prices using non-stationary panel data analysis …. We use panel unit root and cointegration analysis to test if the present value model holds for a sample of 31 U.S. States … rejected if there is a regime shift. Thus, while the present value model of farmland prices must be rejected when the discount …