Chavas, Jean-Paul; Thomas, Alban - In: American Journal of Agricultural Economics 81 (1999) 4, pp. 772-784
A dynamic model of land prices is developed. It derives arbitrage asset prices under nonadditive dynamic preferences, risk aversion, and transaction costs. The model nests as special cases risk neutrality, time-additive preferences, the static capital asset pricing model (CAPM), as well as the...