Falk, Barry L.; Lee, Bong-Soo; Susmel, Rauli - Department of Economics, Iowa State University - 2001
Falk has shown that there are large and systematic deviations of real farmland prices in Iowa from their fundamental values. Falk and Lee (FL) conclude that these deviations are more easily explainable in terms of fads rather than speculative bubbles. In his comment on FL, Roche argues that the...