Investors’ impact on Czech farmland prices: a microstructural analysis

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00027251%3A_____%2F21%3AN0000001" target="_blank" >RIV/00027251:_____/21:N0000001 - isvavai.cz</a>

Výsledek na webu

<a href="https://academic.oup.com/erae/article/48/1/97/5998099" target="_blank" >https://academic.oup.com/erae/article/48/1/97/5998099</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1093/erae/jbaa029" target="_blank" >10.1093/erae/jbaa029</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Investors’ impact on Czech farmland prices: a microstructural analysis

Popis výsledku v původním jazyce

This paper analyses farmland price formation under investors’ increased demand in the Czech Republic from 2008 to 2014. We adopt a stochastic metafrontier approach to hedonic price modelling and investigate the relative differences in farm and investor pricing. Our results provide evidence of buyer group-specific land valuations, asymmetric price dispersions and their temporal changes. These changes reflect the developments of market microstructures and market-supporting institutions induced by buyer competition. While initially significantly lower due to high market and bargaining power, prices paid by corporate/cooperative farms converged with high-level investor prices over time. Individual and family farms were largely unable to compete at the new price levels.

Název v anglickém jazyce

Investors’ impact on Czech farmland prices: a microstructural analysis

Popis výsledku anglicky

This paper analyses farmland price formation under investors’ increased demand in the Czech Republic from 2008 to 2014. We adopt a stochastic metafrontier approach to hedonic price modelling and investigate the relative differences in farm and investor pricing. Our results provide evidence of buyer group-specific land valuations, asymmetric price dispersions and their temporal changes. These changes reflect the developments of market microstructures and market-supporting institutions induced by buyer competition. While initially significantly lower due to high market and bargaining power, prices paid by corporate/cooperative farms converged with high-level investor prices over time. Individual and family farms were largely unable to compete at the new price levels.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2021

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

European Review of Agricultural Economics

ISSN

0165-1587

e-ISSN

1464-3618

Svazek periodika

48

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

61

Strana od-do

97-157

Kód UT WoS článku

000637044300005

EID výsledku v databázi Scopus

2-s2.0-85100274435