A theoretical model of farmland valuation is developed to explicitly account for three effects of urban sprawl: conversion of farmland to urban uses, effect on agricultural returns, and speculative effect as represented by farmland conversion risk. This model is estimated using county-level data...

This article develops a theoretical model of farmland valuation that explicitly accounts for three effects of urban sprawl: conversion of farmland to urban uses, effect on agricultural returns, and speculative effect as represented by the probability of farmland conversion. This model is...