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© 1986 Oxford University Press and the Foundation for the European Review of Agricultural Economics

research-article

Land prices and technological development*

G. VAN DIJK1, L. SMIT1 and C. P. VEERMAN2

1Agricultural University, Wageningen The Netherlands
2Graduate School of Management, Rotterdam The Netherlands

Received September 1, 1984; Revision received June 1, 1986.

Summary

Land prices in the Netherlands are strongly influenced by technological change in agriculture. These effects are described by applying the cost-push innovation hypothesis.

Land prices are the outcome of a price formation process. Market behaviour and the sampling interval of the data (annual) require the use of a simultaneous equations approach. The identification of demand and supply in such a model is discussed.

The statistical results of simultaneous models for two regions in the Netherlands are presented. The estimated parameters do not lead to proper empirical identification of demand and supply. Recursive models yield better statistical results.


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